POSTED: 12:31 p.m. HST, May 25, 2011
Some $13 million in federal funds has been awarded to Hawaii to support the state's small businesses through an investment program to be administered by the Hawaii Strategic Development Corp. of the state Department of Business, Economic Development & Tourism.
The money is expected to be matched, 10-to-1, by large private investors over seven years for a total of $130 million in funding for small businesses seeking startup funding.
Gov. Neil Abercrombie, along with HSDC President Karl Fooks and other state officials outlined the program at a late-morning news conference today. The time frame for small businesses to apply for investor funding will be announced in the near future.