Bill > SB132

This bill establishes the Hawaii Start-Up Business Loan Program to support new businesses in the state by providing financial assistance to entrepreneurs facing challenges from the COVID-19 pandemic, supply chain issues, and inflation. The program, administered by the Department of Business, Economic Development, and Tourism (DBEDT) in coordination with the Hawaii Technology Development Corporation, will offer loans up to $50,000 to start-up businesses registered in Hawaii that have been operating for three years or less. Key provisions include a zero-interest period for the first five years of a ten-year loan term, no personal guarantee requirement, and loan forgiveness if the business files for bankruptcy within ten years. The bill creates a special fund to support the program, with initial appropriations of $500,000 for fiscal years 2025-2026 and 2026-2027, and requires DBEDT to submit annual reports to the Legislature detailing loan uses, implementation data, and repayments. The program aims to encourage entrepreneurship, create jobs, and support economic diversification by addressing the significant barrier of access to capital for new businesses.

Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=132&year=2026