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Hawaii to Receive More than $1.6 Million for Community-Based Financial Institutions

Press Release

Location: Honolulu, HI

Hawaii will receive more than $1.6 million to support education programs and community-based financial institutions that cater to small businesses, Native Hawaiians and low income families, Senator Daniel K. Inouye, Senator Daniel K. Akaka, U.S. Representative Mazie K. Hirono and U.S. Representative Colleen Hanabusa announced today.

The money comes through a series of five grants totaling $1.661 million administered by the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Development Fund's Native Initiatives and the Native American CDFI Assistance Program (NACA).

"These investments are needed to fortify the financial institutions in our community that provide much needed assistance to Native Hawaiians, low-income families, small businesses and other customers that are often overlooked. The money will help these institutions create jobs, fund education initiatives and facilitate home ownership and business startups. I would like to thank the administration for supporting Hawaii's economy by investing in the future of our Native Hawaiian and small business communities," said Senator Inouye.

"The investments announced today will help our island communities by supporting organizations that create jobs, educate our keiki, and allow families to achieve the dream of responsible home ownership. These resources will help Native Hawaiians access affordable renewable energy loans, small business loans, home construction and improvement loans, as well as home purchasing assistance to families statewide. These investments also include support for Native Hawaiian charter schools and targeted housing assistance for low-income families. The CDFI and NACA programs provide much-needed support for investments in our Native Hawaiian and low-income communities, helping to build a healthy and sturdy economy in Hawaii," said Congresswoman Hirono, a member of the House Education and the Workforce Committee.

"These awards will help Hawaii develop important economic resources in our communities, and encourage us to build sound, community-based financial institutions that foster security and self-reliance. As we have seen over the past few years, the stability and responsibility of Hawaii's home-grown banks and credit unions have helped protect us from some of the worst consequences of the nation's financial crisis. I want to thank the Treasury Department for supporting our long tradition of working together to support our neighbors," said Congresswoman Hanabusa.

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