SBA Welcomes New Microlender for Hawaii – Council for Native Hawaiian Advancement (CNHA)
News Release Number: HI 21-0226 from SBA, February 26, 2021
HONOLULU, Hawaii – The U.S. Small Business Administration has awarded $250,000 in new funds to a new microlender for the State of Hawaii – Council for Native Hawaiian Advancement (CNHA). Effective March 1, 2021, CNHA is authorized to implement the SBA Microloan Program, a partnership that will have an increased impact in delivering loan capital to small businesses having difficulty with access to financing.
Funds from SBA’s Microloan Program are used by intermediaries such as CNHA to make small loans from under $500 up to $50,000 to help small businesses and certain not-for-profit childcare centers start up and expand. The average microloan is about $13,000. The microloan program also provides business-based training and technical assistance to micro-borrowers to help them start or grow their businesses.
“SBA is proud to welcome the Council for Native Hawaiian Advancement as an SBA Microlender partner and to help provide much-needed resources that help small businesses,” said District Director T. Mark Spain. “The SBA Microloan Program is especially helpful to the local business community as our country is in the midst of recovering from impacts of the coronavirus. The SBA’s lending partners not only help entrepreneurs increase and diversify their customer base; they also help to create and retain local jobs.”
“We thank the U.S. Small Business Administration for their dedication to expanding this important program to the State of Hawaii,” added CNHA President/CEO Kuhio Lewis. “We have an experienced staff in place who are ready to assist small businesses, especially those that work from home, with access to capital, financial education and individualized financial counseling services.”
CNHA has also been approved by the SBA and Treasury as a direct non-bank lender for the Paycheck Protection Program (PPP). CNHA is a member-based 501(c)3 non-profit organization with a mission to enhance the cultural, economic, political, and community development of Native Hawaiians. Headquartered in Kapolei, CNHA is a Native Community Development Financial Institution (CDFI) certified by the U.S. Department of the Treasury, as well as a HUD-Certified Housing Counseling agency. Their primary focus is to provide access to capital, financial education, and individualized financial counseling services to low- and moderate-income families.
Beginning March 1st, small businesses interested in applying for a microloan or PPP loan may contact CNHA directly at (808) 596-8155.
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
PBN: SBA awards microlender status to Council for Native Hawaiian Advancement