Mayor Michael Victorino announced today the launch of the Maui County Adaptability Fund to help local small businesses recover and survive the impacts from COVID-19.
Maui Economic Development Board, Inc. (MEDB) is administering the Adaptability Fund, a program funded by the CARES Act and proposed by Mayor Victorino’s MauiCARES Task Force. The County has allocated $5 million to the Adaptability Fund.
The grant program will be accepting online applications starting September 25, 2020.
“The purpose of the Adaptability Fund is to provide grants to help Maui County’s small businesses comply with health and safety guidelines, as well as adapt to the ‘new normal’ amid COVID-19,” Mayor Victorino said. “The fund also gives business owners the flexibility to customize their investments, and retool or restructure based on their needs.”
Grants would assist businesses with modifying operations and invest in technology infrastructure to expand their virtual platforms, web-based marketing and E-commerce.
Grants are expected to range from approximately $5,000 to $25,000; however, some grants may fall below or above this expected range depending upon the strength of applicants’ proposals.
Businesses who are eligible to apply are:
- For-profit and non-profit small businesses that have staff in shared workplaces and/or physical or virtual spaces serving the community, customers, clients or patients.
- Independent Contractors, consultants, and creative and entertainment business including artists, artisans, musicians and cultural performers are eligible.
- Small Businesses with demonstrated needs will be prioritized, as well as those that have not received prior mitigation support in the form of grants or loans.
- Businesses must provide three (3) months of Business Banking Statements.
- Businesses must provide their most current (dated 6/30 or later) Balance Sheet and Statement of Profit and Loss.
- Businesses must have an active registered Business Name with the Hawaii Department of Commerce and Consumer Affairs (DCCA) and should be fully compliant with a current Certificate of Good Standing dated June 1, 2020, or later (from DCCA). This Certificate must show Incorporation in the state of Hawaii and a mailing address in Maui County.
- Businesses must provide the most recent GET tax filing dated on or after June 30, 2020.
- Businesses must have been established prior to March 20, 2020.
- Businesses will be asked to certify whether they have received loans or grants from other programs. Businesses that have received LOANS from other programs are eligible. Business that have received GRANTS must demonstrate that their application needs exceed the amount of that previous grant or loans. In any event, priority will be given to businesses that have not received prior loans or grants.
- Businesses are required to submit a detailed budget with proposed expenses and a narrative explaining specific purposes, including rationale as to how these investments will support their restructure plans. A budget template will be provided.
Businesses and expenses that are NOT eligible:
- Nationally or internationally-owned chains, however, locally-owned franchises are eligible.
- Expenses incurred prior to March 20, 2020.
- An unpaid invoice is not proof of payment and does not qualify.
- Taxes other than sales tax on purchases are not reimbursable.
- Expenses not related to COVID-19 mitigation are ineligible.
- Should an applicant not be able to provide required documentation, the application will be considered incomplete.
On acceptance, the initial grant distribution is expected to cover 50 percent of the total amount approved. A spreadsheet template detailing relevant expenses must be completed, with supporting receipts or proof of payment, as well as the Final Report to receive the remaining funds. These documents must be received no later than Monday, Nov. 16, 2020.
According to Leslie Wilkins, MEDB’s President and CEO, “Since the onset of the COVID-19 pandemic and the mandatory closure of many Maui County businesses and visitor industry activities, health and safety protocols have required costly investments for Maui County businesses to operate safely to conduct business, re-tool operations, and expand customer markets. The Maui County Adaptability Fund was established to help our local businesses support and adapt to this new economic environment.”
For information on the Maui County Adaptability Fund, visit www.MauiCountyAdaptabilityFund.org, or call (808) 875-2300, or email AdaptabilityFund@medb.org.
Maui Economic Development Board, Inc. (MEDB) is a 501c (3) non-profit organization that has been a catalyst for innovative economic development in Maui County since its founding in 1982. The driving force in establishing MEDB was/and continues to work towards ways to strengthen and diversify Maui County’s economic base. MEDB envisions lives fulfilled in a vibrant economy, with the mission to lead and inspire innovation in business, education and community. Our work delivers on a myriad of programs that seek to transform lives and businesses around a more balanced economy.