The Hawaiʻi Small Business Capital Program (HI-CAP) has secured an additional $20.5 million in federal funding from the U.S. Treasury under the State Small Business Credit Initiative (SSBCI), part of the American Rescue Plan Act of 2021. This latest investment brings the program’s total federal funding to $40.3 million, reinforcing efforts to support Hawaiʻi’s small businesses and nonprofits.
Co-administered by the Hawai‘i Technology Development Corp. (HTDC) and the Hawaiʻi Green Infrastructure Authority (HGIA), HI-CAP was created in response to the economic challenges posed by the COVID-19 pandemic. By working with venture funds, banks, and Community Development Financial Institutions (CDFIs), the program aims to enhance access to capital and stimulate economic growth statewide.
Four Key Initiatives Under HI-CAP:
HI-CAP Collateral – Provides cash collateral to help small businesses secure loans through participating financial institutions.
HI-CAP Loans – Funds businesses undertaking transformative projects in areas such as renewable energy, dual-use technology, and innovation.
HI-CAP CDFI Loan Program – Provides capital to CDFIs to support small business lending.
HI-CAP Invest – A venture capital program that backs high-quality investment managers who mentor and invest in local entrepreneurs.
Eligibility and Economic Impact
HI-CAP is open to Hawaiʻi-based small businesses with fewer than 500 employees, spanning industries such as technology, renewable energy, manufacturing, and agriculture. By expanding access to capital, the program aims to fuel job creation, innovation, and long-term economic sustainability.
“This additional funding reinforces our dedication to empowering Hawaiʻi’s small businesses,” said Gwen Yamamoto Lau, Executive Director of HGIA. “By providing access to capital, we are fostering innovation, creating jobs, and strengthening the economic fabric of our state.”
Related Topics:
Indigenous Business Sector Grows Amidst Challenges and Opportunities
10 Essential Automation Tools for Small Business Efficiency
Vietnam Embraces Digital and Green Transformation for Sustainable Growth
