Four Credit Unions Join City of Honolulu in Small Business Relief Fund
Tuesday, May 19, 2020
HONOLULU–Four credit unions have joined with the Honolulu Mayor’s Office in support of a new Small Business Relief and Recovery Fund. This fund will provide up to $10,000 to help local small businesses.
To qualify, businesses must have a commercial address and 30 employees or less or have an annual revenue of $1 million or less.
The mayor said if the grant is successful, the funding will be increased to $50 million
Participating are Aloha Pacific FCU, Hawaii State FCU, HawaiiUSA FCU, and Honolulu FCU. Businesses need not be members of the credit union to apply for the funds.
“The purpose of this fund is to reimburse small businesses for costs incurred from business interruption due to Emergency Proclamations and help small businesses implement safety precautions to prevent the spread of COVID-19,” the organizations said. “Funding for the program comes from the federal coronavirus relief act.”
“Using the CARES Act money to help our small businesses and get our economy back on its feet is essential,” said Mayor Kirk Caldwell. “Mahalo to the credit unions that have stepped up to offer their services to the mom-and-pop shops, senior homes, retail businesses, and restaurants across Oahu. Seeing these not-for-profit lending institutions come together during a time like this is a true indicator that the Aloha Spirit shines through and will be with us long after this pandemic is over.”
‘Record Numbers Seeking Relief’
Added Hawaii State FCU President/CEO and Hawaii Credit Union League Chairman Andrew Rosen, “Credit unions in Hawaii were established 80 years ago to serve our local community, especially in tough economic times like today. When the city asked for our assistance, my credit union colleagues and I were eager to help. We look forward to helping our small businesses and to kick starting our economy once again.”
Vince Otsuka, president/CEO of Aloha Pacific FCU, also noted, “When you think of business recovery you don’t always think of credit unions,” said Vince Otsuka, President/CEO of Aloha Pacific Federal Credit Union. “But these are unprecedented times. We are seeing a record number of our neighbors seeking relief during this crisis and we’re proud to join the other major credit unions in the state at providing a helping hand. We look forward to this opportunity to help get Oahu safely back to work.”
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