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Aloha State Sees $13 Million In SMB Lending

Written by Ken Gaebler
Published: 5/27/2011

An influx of $13 million in federal grants is expected to increase private lending to $130 million over the next seven years.

Hawaii is known for its beautiful black sand beaches and tropical weather - great for vacationers. But now the state has some good news for entrepreneurs, as it has received $13 million to help fund small businesses.

Hawaii Small Business Lending

The funds are part of a larger project through the U.S. Department of Treasury to increase lending to small businesses. The state expects the $13 million to be the catalyst to increase private lending to $130 million over the next seven years.

During a press conference announcing the funds, Hawaii Governor Neil Abercrombie said he sees a few key areas that should benefit from the money right away.

"The two most pressing ones, from my point of view right now, will be in energy, and in food security, and support for small business, transportation, etc.," he said.

States across the country have been benefiting from the Treasury's funding for small businesses recently. Earlier this week Maryland announced it was receiving $23 million in funding to increase lending to small businesses in that state.

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