Establishes the Hawaii Start-Up Business Loan Program to support new businesses.
The bill establishes the Hawaii Start-Up Business Loan Program to support new businesses by providing loans for working capital, facility improvements, and equipment. The program is administered by the business development and support division of the Department of Business, Economic Development, and Tourism. The bill appropriates $500,000 for fiscal years 2025-2026 and 2026-2027 to fund the program and upgrade loan processing systems. It also creates a special fund for the program, with loans bearing simple interest at a rate of four percent per year and a maximum term of eight years.
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