LT. GOVERNOR HIGHLIGHTS NATIVE HAWAIIAN BUSINESSES
November 13 - Speaking
to Native Hawaiian business owners in Maui, Lt. Governor Aiona focused on
the need to facilitate greater exchange and cooperation between Native
Hawaiian firms across the state.
The Lt. Governor's remarks came during Business Fest, an event organized by
the Maui Native Hawaiian Chamber of Commerce to promote partnerships amongst
Native Hawaiians.
"Our Administration remains committed to keeping Hawai`i open for
business," Lt. Governor Aiona said. "We have cut the cost of doing business
and economic figures continue to grow, but we have much more work to do,
especially in the Native Hawaiian business community."
The Lt. Governor pointed to figures that show there are roughly 8,000
Native Hawaiian firms in the state, making up approximately 8 percent of the
state’s business community. However, those firms yield only 2 percent of
sales in the state.
Additionally, the total per-capita income of Native Hawaiian firms in
relation to non-Native Hawaiian firms is about 60 percent, meaning that
Native Hawaiian firms are 40 percent less profitable than non-Native
Hawaiian firms.
“To help bridge those gaps, we’re trying to get more capital and credit
into the hands of Native Hawaiian-owned businesses so they can better
compete in the marketplace,” said Lt. Governor Aiona.
He pointed to a new program provided by the Office of Hawaiian Affairs to
provide low interest loans and grant programs to Native Hawaiian businesses
throughout the state. Administered through First Hawaiian Bank, the program
provides five-year, 5 percent loans of up to $75,000 for eligible consumers
and businesses.
The Lt. Governor also pointed to the role of science, technology,
engineering and mathematics (STEM) education in helping Native Hawaiians
compete in the global marketplace.
"Hawai`i’s indigenous people found new, innovative ways of farming,
fishing, exploring and navigating across the Pacific," Lt. Governor Aiona
said. "By focusing on STEM education, we're helping younger Hawaiians regain
their footing in an innovation economy and better compete in the global
marketplace."
“I have no doubt that we will be successful if we continue to work together
for the future of Hawai`i.”
