Hawai'i small businesses get record $39M in aid

Advertiser Staff

Hawai'i small businesses received record levels of assistance in fiscal 2002, according to the Hawai'i District Office of the U.S. Small Business Administration.

The total dollar volume for all SBA business lending was more than $39 million with 14 financial institutions. Of that number, $29.8 million was provided through the 7(a) loan program, the primary financing tool for the agency for small business loans.

The 504 fixed assets loan program accounted for another $9.5 million in 34 loans to qualified small businesses.

Hawaii Economic Development Corporation managed the lending for those larger loans. The remaining financing comprises 23 small or micro loans totaling $186,800.

"Hawai'i is about small business. At SBA, our goal is to support our local firms and find ways to help them take advantage of and create opportunities out there," said Andrew Poepoe, SBA director for the Hawai'i District, which includes Hawai'i, Guam, American Samoa and other affiliated Pacific Islands.

Through SBA's 8(a) Business Development Program, small firms have secured more than $187 million in contracts with federal agencies throughout the district — an increase of about $20 million from fiscal year 2001.

For Hawai'i, contracts totaled $158.5 million for small businesses in a variety of industries from construction to computers.

Of the total SBA supported contracting dollars in the district, $53.3 million were awarded to women-owned businesses, a substantial increase over fiscal 2001.

In 2002, the SBA said counseling and training opportunities totaled more than 15,000, including use of facilities.