Bill > SB983

This bill establishes the Hawaii Start-Up Business Loan Program within the Department of Business, Economic Development, and Tourism (DBEDT) to support new businesses in the state. The program will provide loans up to $50,000 to start-up businesses that are registered in Hawaii and have been operating for three years or less, with several key provisions: loans will bear 4% simple interest, have a maximum eight-year term, require no personal guarantees, and can be forgiven if the business declares bankruptcy within five years. The program aims to address the lack of capital access for new businesses, which the legislature notes are critical job creators. The bill creates a special fund for the loan program, funded by state appropriations and loan repayments, and requires DBEDT to submit annual reports to the legislature detailing the program's activities. Additionally, the bill appropriates funds to implement the program, hire a full-time business loan officer, and upgrade loan processing systems. The program will be administered by DBEDT's Business Development and Support Division in coordination with the Hawaii Technology Development Corporation, with the goal of encouraging entrepreneurship, promoting economic diversification, and creating jobs in the state.

Budget and Finance, Business and Industry

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=983&year=2026