Feed The Hunger Foundation Announces Investment of $1 Million to Establish a New Small Business Revolving Loan Fund in Hawaii.
Patti Chang, President & CEO of Feed The Hunger Foundation, expressed her appreciation today to the Economic Development Administration (EDA) for a new $1 million grant awarded to the Feed The Hunger Foundation to establish a new Revolving Loan Fund that will provide loans to new and expanding small businesses in Hawaii. “We are grateful for the tireless work of Gail Fujita and the entire EDA Team, along with our partners, the hardworking local farmers and entrepreneurs. We’re thrilled that grant will support the creation and retention of 120 jobs, and generate $4 million in private investment.” – Patti Chang.
Every day Feed The Hunger Foundation (FTHF) works to build communities, connect entrepreneurs to financial resources and support, and provide technical assistance to help food businesses thrive. Based in Honolulu and San Francisco, we focus on reducing poverty and hunger while increasing individual and community economic development through a comprehensive program of providing small business loans and technical assistance.
As Hawaii evolves from the mono cropping of pineapple and sugarcane, FTHF is proud to support farmers in today’s new agricultural age in Hawaii. “We are delighted to be part of a movement in Hawaii building food security, and are honored to have provided more than $1.6 million in small loans ranging from $3,000 to $200,000 to Hawaiian businesses such as Waimanalo Co-op Market, Naked Cow Dairy, Paradise Meadows, and to farmers in the Waimea Homestead Association,” Chang noted.
With our eye on aiding small businesses, FTHF ensures that entrepreneurs have access to the capital they need to develop and thrive. Our lending and technical assistance products are designed for low-income individuals, and our interest rates are below-market with more favorable terms than most financial institutions. Our products are especially designed to support start-ups and first time business owners. We provide technical assistance throughout the life of every loan, and individualized business development consulting during the critical early stages of the development of a new business.
This EDA award supports our 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 for new and expanding small businesses, which will lead to small business job creation and diversification. This new Loan Fund highlights the very reason we created FTHF, to contribute to the development of a growing, self-sufficient food system, and to be a catalyst for business growth in local communities across Hawaii.