The U.S. Small Business Administration’s Hawaii office lent $73.6 million to 343 small businesses in the fiscal year that ended on Sept. 30, setting a record.
Hawaii’s previous high was in 2004, when the SBA lent $63.6 million here.
"The record loan volume is a great sign," said Jane Sawyer, SBA district director. "Each loan makes a big difference to our economic and employment outlook."
The SBA also announced awards for lender of the year in three categories. Top honors in the large-bank category went to Bank of Hawaii, which made 80 guaranteed loans for $8.98 million. The midsize lender of the year was American Savings Bank with 36 approvals for $3.69 million. Hawaii National Bank captured the top award in the small-bank category with 13 loans for $3.6 million.
HEDCO, a certified development company that works with the SBA, provided more than $28 million for 54 small business ventures, a record performance in its program’s history. First Hawaiian Bank was honored as the most active participant in this program in 2011, making 30 loans. These loans provide long-term, fixed-rate financing to help expanding firms acquire land, buildings, machinery and equipment for building, modernizing or renovating facilities.
"I applaud our lenders for working diligently with borrowers to deliver the financing needed to keep their businesses viable and moving forward," said Sawyer.
The Hawaii SBA also presented Holomua Awards to several organizations that assisted the small-business community, including:
» The Hawaii Chapter of SCORE for its expanded training and outreach to veteran-owned small businesses.
» Ohana Pacific Bank for its steady increase in SBA loans in 2011.
» The Honolulu Star-Advertiser business section for the "Akamai Money" column, which provides information for small businesses.
» Central Pacific Bank for its fast response and pace of SBA lending.
» The Hawaii Small Business Development Center Network for its work with financial institutions to support borrowers in developing and revising financing plans and strategies.
