Friday, July 10, 2020
Hawai'i Free Press

Current Articles | Archives

Thursday, May 26, 2011
After raising taxes on poor, Abercrombie announces $13M Crony Capitalist Giveaway
By News Release @ 12:40 PM :: 5471 Views :: Energy, Small Business, Tax Credits


News Release From

Honolulu – The State of Hawai'i has been awarded $13 million in federal funds to support Hawai'i’s small businesses through an investment program. These funds are expected to be matched 10-to-1 by private investors over seven years, resulting in $130 million in new funding for small businesses in Hawai'i.

“Now is the time for us to invest in industries that will move Hawai'i’s economy forward,” Governor Neil Abercrombie said. “We have tremendous opportunities and potential in our clean energy, film, high-tech and other innovative industries. We must take advantage of these opportunities that will create good paying jobs for our local families, lead our drive toward self-sufficiency and bring dollars into our economy.”

The U.S Department of the Treasury has approved Hawai'i’s application to the State Small Business Credit Initiative (SSBCI). The SSBCI program was established by the Federal Small Business Jobs Act of 2010 and provides participating states with federal funds for programs that leverage private funds to help small businesses and access the capital they need to expand their operations, invest in new equipment, and create new jobs.

”The program provides a powerful incentive for new private lending to small businesses, which will help spur additional job creation and economic growth throughout Hawai'i,” said U.S. Treasurer Rosie Rios.

The Hawai'i Strategic Development Corporation (HSDC) will use the funds for its venture capital investment program. HSDC is an attached agency of Hawai'i Department of Business, Economic Development, and Tourism (DBEDT) that supports economic development in Hawai'i by investing in local business ventures in partnership with private funds.

“This award from the U.S. Department of the Treasury is another example of our agencies maximizing opportunities to seek and receive all federal funding available to Hawai'i,” said Lt. Governor Brian Schatz, who oversees the Hawai'i Fair Share Initiative, a program working to secure and expend external sources of funding for our state. “These funds will provide a much-needed boost to our most innovative start-up companies.”

“We need to create an environment in Hawai'i for innovative industries to thrive. This investment will raise productivity and create good jobs in all areas of the economy and for all people,” said Richard Lim, DBEDT Director.

HSDC will use this investment to commercialize innovative technologies developed at the University of Hawai'i, strengthen the angel investment community in Hawai'i (individuals who have invested more than $30 million in various companies and have played a significant role in Hawai'i's start-up community), and to develop new investment programs that mentor entrepreneurs and help start-up companies successfully compete for follow-on venture capital to grow their businesses. HSDC is developing a plan to best deploy these funds for worthy businesses.

“Venture capitalists play a critical role in supporting the growth of small businesses and job creation in Hawai'i,” said Danton Wong, HSDC Chairman. “This opportunity will empower local entrepreneurs to grow their businesses and build a stronger economy for Hawai'i.”



TEXT "follow HawaiiFreePress" to 40404

Register to Vote


808 Silent Majority

808 State Update AM940


ACA Signups Hawaii



Alliance Defending Freedom

Aloha Life Advocates

Aloha Pregnancy Care Center

American Council of Trustees and Alumni

American Mothers of Hawaii



Antonio Gramsci Reading List

A Place for Women in Waipio

Astronomy Hawaii

Audit The Rail

Ballotpedia Hawaii

Better Hawaii 

Blaisdell Memorial Project

Broken Trust 

Build More Hawaiian Homes Working Group

CAFR Hawaii

Castaway Conservative

Children's Alliance Hawaii

Children's Rights Institute

Christian Homeschoolers of Hawaii

Citizens for Recall

Cliff Slater's Second Opinion

Coffee Break

CSIS Pacific Forum

DAR Hawaii

DVids Hawaii

E Hana Kakou Kelii Akina

E Māua Ola i Moku o Keawe

Farmers For Choice Hawaii


Fix Oahu!

Follow the Money Hawaii

Frank in Hawaii

Front Page Magazine

Frontline: The Fixers

Genetic Literacy Project

Get Off Your Butts!

God, Freedom, America

Grassroot Institute

Hawaii Aganst Assisted Suicide

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii Coalition Against Legalized Gambling

Hawaii ConCon Info

Hawaii Credit Union Watch

Hawaii Crime Victims' Rights

Hawaii Crop Improvement Association

Hawaii Debt Clock

Hawaii Defending Marriage

Hawaii Defense Foundation

Hawaii Family Advocates

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii Firearm Community

Hawaii Fishermen's Alliance

Hawaii Future Project

Hawaii Gathering of Eagles

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii March for Life

Hawaii Meth Project

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Right to Life -- Big Island

Hawaii Right to Life -- Oahu

Hawaii Shield Law Coalition

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

Heritage Foundation

HI Coalition Against Legalized Gambling



Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Homeless Crisis

Honolulu Navy League

Honolulu Traffic

Horns of Jericho Blog

House Minority Blog

House Republican Caucus YouTube


Hump Day Report

I Vote Hawaii

If Hawaii News

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

Iowa Meets Maui

Jackson v Abercrombie

Jihad Watch

July 4 in Hawaii

Kahle v New Hope

Kakaako Cares

Kau TEA Party

Kauai Co GOP

Keep Hawaii's Heroes


Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Malulani Foundation

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

Mauna Kea Recreational Users Group

Middle East Forum--The Legal Project

Mililani Conservatives for Change

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

Muslim Brotherhood in America

NAMI Hawaii


National Christian Foundation Hawaii

National Parents Org Hawaii

National Wind Watch

New Hawaiian

New Zeal

NFIB Hawaii News

No GMO Means No Aloha

Northwest Economic Policy Seminar

Not Dead Yet, Hawaii

Now What I Really Think

NRA-ILA Hawaii

Oahu Alternative Transport

ObamaCare Abortion Hawaii


OHA Lies

Opt Out Today

Pacific Aviation Museum

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Pritchett Cartoons 

Pro-GMO Hawaii


Rental by Owner Awareness Assn

Republican Party -- Hawaii State

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

Save Dillingham Airfield

School Choice in Hawaii

SIFE Remington

SIFE W. Oahu 

Sink the Jones Act

Smart About Marijuana--Hawaii

St Marianne Cope

State Budget Solutions Hawaii

State Policy Network

Statehood for Guam

Tax Foundation of Hawaii

The Harriet Tubman Agenda

The Long War Journal

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

Truth About Trade & Technology - Hawaii

UCC Truths

Union Members Know Your Rights

US Tax Foundation Hawaii Info

Valor in the Pacific

VAREP Honolulu

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii