U.S. Sen. Mazie Hirono (D-HI) recently confirmed that the U.S. Department of the Treasury has approved $62 million in federal funding for Hawaii's small businesses.
The funding comes as a component of the American Rescue Plan Act (ARPA) and will be utilized to provide funding and credit to Hawaii's small businesses and invest in businesses operating in important sectors, such as renewable energy and supply chain management.
“The COVID-19 pandemic has been extremely challenging for Hawaii’s small businesses, which are critical to the strength of our state’s economy,” Hirono said, according to her website. “We passed the American Rescue Plan last year to help our communities weather and rebuild from this pandemic, and that’s exactly what this funding will do."
Since ARPA was put into effect, the Hawaii Technology Development Corporation (HTDC) has been cooperating with local stakeholders to find out how the State Small Business Credit Initiative funds can best be utilized to improve access to capital throughout the communities in Hawaii. The plan will also go to support loans. As a member of the Senate Small Business Committee, Hirono has worked to secure federal support to Hawaii’s small businesses throughout the COVID-19 pandemic.
In general, Hirono believes coronavirus relief should be prioritized in federal spending.