U.S. Department of Commerce Invests $1 Million to Establish New Small Business Revolving Loan Fund in Hawaii
Contact: EDA Public Affairs Department, (202) 482-4085
October 5, 2017
WASHINGTON – U.S. Secretary of Commerce Wilbur Ross today announced that the Department’s Economic Development Administration (EDA) is awarding a $1 million grant to the Feed the Hunger Foundation of San Francisco, California, to establish a new Revolving Loan Fund in Hawaii that will provide loans to new and expanding small businesses. According to grantee estimates, the project is expected to create or retain 120 jobs, and generate $4 million in private investment.
“We commend the Feed the Hunger Foundation for their focus on aiding small businesses, ensuring that they have access to the capital they need to develop and thrive,” said Secretary of Commerce Wilbur Ross. “This Revolving Loan Fund will be a catalyst for business growth in local communities across Hawaii.”
This project supports Feed the Hunger Foundation's business lending programs by complementing an existing EDA-funded Revolving Loan Fund. The investment will have an immediate and long term impact on the state of Hawaii through enhanced access to credit capital and technical assistance to new and expanding small businesses, which will lead to small business job creation and diversification, and contributes to the development of a growing, self-sufficient food system.
About the U.S. Economic Development Administration (www.eda.gov)
The mission of the U.S. Economic Development Administration (EDA) is to lead the federal economic development agenda by promoting competitiveness and preparing the nation's regions for growth and success in the worldwide economy. An agency within the U.S. Department of Commerce, EDA makes investments in economically distressed communities in order to create jobs for U.S. workers, promote American innovation, and accelerate long-term sustainable economic growth.