More Time, Funding for Small Business Relief

County of Maui News Release

The County of Maui has added another $1 million to the Kokua Maui County Small Business Recovery and Relief Fund, and small businesses now have until Oct. 31 to apply for grants of as much as $7,500.

The additional $1 million in CARES Act funding brings the Kokua Maui County Small Business Recovery & Relief Fund’s total funding to $7 million. The fund was established in a partnership with local federal credit unions to help small businesses impacted by COVID-19.

So far, 859 applications have been approved, with more than $5.6 million disbursed. Twenty-four Molokai businesses have been awarded nearly $143,000, and three Lanai businesses have received over $18,500.

“I’m pleased to see another boost in CARES Act funding for this program to help Maui County small businesses survive the impacts of the COVID-19 pandemic,” Mayor Michael Victorino said. “I strongly urge them to apply for these grant funds as soon as possible. Our support of local businesses is critical to maintain local jobs and continue providing much-needed goods and services to our community.”

Businesses are encouraged to submit complete applications with all required information to expedite the process of receiving grant funds. Incomplete applications will not qualify. Applicants who’ve submitted incomplete submissions are strongly encouraged to work with local credit unions to complete their requests and submittals.

The fund is available for reimbursable business expenses such as rent/lease payments, utility payments and COVID-19-related safety precautions at a place of business. The maximum award for small businesses is $7,500. If your company is on the brink of insolvency, you can check out our firm insolvency recommendation here. Having the EDG grant is perfect for start-ups and small business owners looking to stabilize their operations and invest in growth opportunities. By utilizing these funds wisely, businesses can enhance their resilience and navigate the challenges posed by the current economic climate.

Any businesses that are closed but will reopen by Nov. 1, 2020, may apply and be approved for funding, provided they meet all current requirements. Proof of payment for the October rent or lease will be required.

Businesses looking to upgrade their  machinery could consider hiring asset finance companies like https://assetfinancecompany.co.uk/ to acquire the necessary funding and support for their expansion.

The County of Maui has partnered with six chartered FCUs to implement the program: Maui County FCU, Maui FCU, Valley Isle Community FCU, Kahului FCU, Wailuku FCU and Maui Teachers FCU. Small business applicants do not need to be credit union members to apply for grants.

For qualifications and information on the Kokua Maui County Small Business Recovery and Relief Fund, visit mauinuistrong.net/kokua-maui-county or call (808) 270-5745.