Maui Business

OHA’s New Loans Intended to Help Businesses Expand

November 28, 2012, 8:22 AM HST
* Updated November 28, 9:05 AM
Listen to this Article
1 minute
Loading Audio... Article will play after ad...
Playing in :00
A
A
A

General contractor Tracy Poepoe, (right), and his wife, Shareen, receive loan from OHA to help expand their Native Hawaiian-owned small business. Photo courtesy of OHA.

By Sonia Isotov

In the latest example of efforts to help Native Hawaiians earn a living from their passions, the Office of Hawaiian Affairs has rolled out a new program aimed at helping its beneficiaries expand their businesses.

Tracy Poepoe, the 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, US Army Garrison Hawaii and US Coast Guard.

“Right now, we can only compete for federal projects in the $1.5 million to $2 million range,” said Poepoe, in a written statement. “The loan gives us the ability to bid on larger projects in the $2 million to $4 million range.”

ARTICLE CONTINUES BELOW AD

Poepoe established his seven-employee business in 2004. He 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% interest rate.

ARTICLE CONTINUES BELOW AD

“My business is my passion and the loan from OHA is encouraging my drive to make it successful,” added Poepoe.

For more information about the new Hua Kanu Business Loan program, contact OHA’s Native Hawaiian Revolving Loan Fund Program at (808) 594-1924.

E-Mail Newsletters Receive daily or weekly updates via e-mail. Subscribe Now
News Alerts Breaking news alerts on your mobile device. Get the App

Comments

This comments section is a public community forum for the purpose of free expression. Although Maui Now encourages respectful communication only, some content may be considered offensive. Please view at your own discretion. View Comments