In order to help micro-businesses on Maui, Moloka'i and Lanai through COVID-19, the County of Maui has partnered with the Maui Chamber of Commerce to create the Micro Business Loan Program. The purpose is to provide an urgent lifeline to businesses during this crisis and in the resulting recession.
Loans are applicable to micro businesses within Maui County with 10 or fewer employees (including owner[s] and leased employees). This is a 0% interest loan with payments deferred 1 year from the date of loan execution and borrowers will have a 5-7 year repayment period (with no prepayment penalties), depending on the amount of the loan. Loan amounts range from $7,500-$25,000.
Loans are to be used for emergency and working capital, including but not limited to: retaining staff, making lease or mortgage payments, paying for required insurance, purchasing supplies or equipment, increasing inventory, technology advancements, professional services (such as accounting, marketing, legal) and other essential needs (approved during the loan review and determination) to help keep the business alive.
Once the application is fully completed and received, it will go before the Loan Committee for approval. You will receive notice within 24 business hous of the Loan Committee's review of the determination made and next steps.
A background check and credit history may be required in the loan underwriting process. Any unsucessful applicants will be referred to various business development and other assistance programs who may be able to help.