$5M to Support Small Businesses
County of Maui News Release
If you’re the owner of a small business on Molokai, you may qualify to receive a portion of the $5 million that Mayor Michael Victorino announced for the Maui County Adaptability Fund to help local small businesses recover and survive the impacts from COVID-19.WHY DO I PAY HIGH-RISK FEES FOR MY MERCHANT ACCOUNT? search can answer all your questions related to e-commerce.
Maui Economic Development Board, Inc. (MEDB) is administering the Adaptability Fund, a program funded by the CARES Act.
The grant program started accepting online applications on Sept. 25.
“The purpose of the Adaptability Fund is to provide grants to help Maui County’s small businesses comply with health and safety guidelines, as well as adapt to the ‘new normal’ amid COVID-19,” Mayor Victorino said. “The fund also gives business owners the flexibility to customize their investments, and retool or restructure based on their needs.”
Grants would assist businesses with modifying operations and invest in technology infrastructure to expand their virtual platforms, web-based marketing and e-commerce. Grants are expected to range from approximately $5,000 to $25,000; however, some grants may fall below or above this expected range depending upon the strength of applicants’ proposals.
Businesses who are eligible to apply are:
• For-profit and nonprofit small businesses that have staff in shared workplaces and/or physical or virtual spaces serving the community, customers, clients or patients.
• Independent contractors, consultants, and creative and entertainment business including artists, artisans, musicians and cultural performers are eligible.
• Small businesses with demonstrated needs will be prioritized, as well as those that have not received prior mitigation support in the form of grants or loans.
• Businesses must provide three months of Business Banking Statements.
• Businesses must provide their most current (dated 6/30 or later) Balance Sheet and Statement of Profit and Loss.
• Businesses must have an active registered Business Name with the Hawaii Department of Commerce and Consumer Affairs (DCCA) and should be fully compliant with a current Certificate of Good Standing dated June 1, 2020, or later (from DCCA). This Certificate must show Incorporation in the state of Hawaii and a mailing address in Maui County.
• Businesses must provide the most recent GET tax filing dated on or after June 30, 2020.
• Businesses must have been established prior to March 20, 2020.
Businesses are required to submit a detailed budget with proposed expenses and a narrative explaining specific purposes, including rationale as to how these investments will support their restructure plans. A budget template will be provided.
On acceptance, the initial grant distribution is expected to cover 50 percent of the total amount approved. A spreadsheet template detailing relevant expenses must be completed, with supporting receipts or proof of payment, as well as the Final Report to receive the remaining funds. These documents must be received no later than Monday, Nov. 16.
For information, visit MauiCountyAdaptabilityFund.org, or call (808) 875-2300, or email AdaptabilityFund@medb.org.