REPORT FROM OHA – In the latest example of efforts to help Native Hawaiians earn a living from their passions, the Office of Hawaiian Affairs today rolled out a new program aimed at helping its beneficiaries expand their businesses.
Tracy Poepoe, president of Trace Industries in Mapunapuna, is the first Native Hawaiian entrepreneur to benefit from OHA’s new Hua Kanu Business Loan program, which is administered through Pacific Rim Bank.
The 43-year-old entrepreneur said the $200,000 loan will enable his construction business to better compete for federal contracts from the Army Corp of Engineers, U.S. Army Garrison Hawaii and U.S. Coast Guard.
“Right now, we can only compete for federal projects in the $1.5 million to $2 million range,” said Poepoe, who established his seven-employee business in 2004. “The loan gives us the ability to bid on larger projects in the $2 million to $4 million range.”
Poepoe is one of seven Native Hawaiian entrepreneurs who have been approved through the program for $2.4 million collectively to expand their businesses. Their individual loan amounts range from $150,000 to $1 million. A key feature of their seven-year loans includes a 4 percent interest rate.
“My business is my passion and the loan from OHA is encouraging my drive to make it successful,” Poepoe said.
For more information about the new Hua Kanu Business Loan program, contact OHA’s Native Hawaiian Revolving Loan Fund Program at 594-1924.
So he has a loan to bid on bigger government contracts, but has 7 employees. Obviously this business sub-contracts out the actual work keeping a massive profit for themselves and I just talked myself into bidding on government contracts and sub-contracting out the actual work.
I find this a very good initiative and I'm sure that will help many people to earn from their passion. A few years ago I started to sell ballscrew replacement parts but at that time I had to do everything alone without any help.
When I started my business, I also had money problems but I never gave it up. Thanks to USACashServices.com I managed to put my business on the wave.
These new loans will definitely help businesses to expand but for that they must modernize the IT side also and hire companies which are offering analytics modernization services including big data analytics.
These new loans are definitely a help for businesses to expand but they need more than that. For example they could invest in a little bit more in publicity, doing some brochure printing, that way people would know them better.
Their individual loan amounts range from $150,000 to $1 million. A key feature of their seven-year loans includes a 4 percent interest rate.
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