Right to Left: Shane Castillo, C &C Tropicals owner, with Treasury Officials: Treasurer Chief Lynn Malerba, Fatima Abbas, and Emery Real Bird. (courtesy HTDC / HGIA news release)
(BIVN) – U.S. Treasurer Chief Lynn Malerba was recently on the Island of Hawai‘i to “gain insights on the impacts of Treasury’s State Small Business Credit Initiative (SSBCI) program.”
Malerba joined the director of Treasury’s Office of Tribal and Native Affairs Fatima Abbas, and policy advisor Emery Real Bird, for the tour of East Hawaiʻi.
From a Hawai‘i Technology Development Corporation / Hawai‘i Green Infrastructure Authority news release:
In response to the economic hardships caused by the COVID-19 pandemic, Congress reappropriated funds to increase access to capital for small businesses and nonprofits nationwide. Hawai‘i’s SSBCI program, known as Hawai‘i Capital Access Program (Hi-CAP), was allocated $62 million and will be administered through a partnership between the Hawai‘i Technology Development Corporation (HTDC) and the Hawai‘i Green Infrastructure Authority (HGIA).
Chief Lynn Malerba, Treasurer of the United States and Chief of the Mohegan Tribe, along with Fatima Abbas, Director of Treasury’s Office of Tribal and Native Affairs, and Emery Real Bird, Policy Advisor, toured two Native Hawaiian-owned small businesses supported through HGIA’s Hi-CAP Community Development Financial Institutions (CDFI) Loan Program.
During their visit, officials toured Big Island Moonbow Farms, a small-scale beekeeping venture in Pa‘auilo on the Hāmākua coast of the island. The farm processes and produces its acclaimed Wai Meli brand Jun Kombucha, which is now prominently featured in various upscale retail outlets, and their honey has become a sought-after ingredient for local households and businesses.
The delegation then visited C & C Tropicals, which recently acquired Pacific Floral Exchange, a packing facility in Kea‘au. C & C Tropicals has grown significantly over the past five years, expanding to 35 acres of production across three sites in Hawaiian Acres, Pāhoa, and Kea‘au.
“Kutapatotamawush; mahalo to Wai Meli and C & C Tropicals for opening their doors and allowing us to tour their growing businesses in beekeeping and tropical flower farming,” said Malerba. “Small businesses are the backbone of our economy, and supporting them is a top priority of the Biden-Harris administration. I’m glad to see how Treasury’s SSBCI program is helping businesses and entrepreneurs in Hawai‘i and across the nation. I look forward to their continued success.”
“On behalf of Hawai‘i’s small businesses and nonprofits, we are grateful for the $40 million SSBCI program investment under the Hi-CAP credit programs, as well as our participating lender partners for their tremendous work in collectively helping us bridge the access to capital gap for Hawai‘i’s small businesses. Together, we have been able to support many eligible organizations, which in turn are providing good jobs in our communities,” said Gwen Yamamoto Lau, HGIA executive director.
The group was hosted by Eric Bowman from the Feed the Hunger Fund (FTHF), a participating lender in the Hi-CAP CDFI Loan Program. FTHF’s mission is to provide entrepreneurs with access to capital, technical assistance, and networks that help increase their income and build assets. The organization aims to create healthy, equitable, and sustainable food systems that nourish everyone.
The state of Hawai‘i’s Hi-CAP funds are designed to provide essential capital assistance to Hawai‘i’s small businesses, startups, and entrepreneurs. Funded by Treasury under the American Rescue Plan Act of 2021, SSBCI aims to empower small businesses and stimulate economic growth across the state.
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