Ka Wai Ola - Office of Hawaiian Affairs, Volume 21, Number 1, 1 January 2004 — Business class opens doors for entrepreneurs [ARTICLE+ILLUSTRATION]

Business class opens doors for entrepreneurs

By Sterling Kini Wong As part of the continuing effort by OHA's Native Hawaiian Reolving Loan Fund (NHRLF) to expand its services to Native Hawaiian entrepreneurs, a business training class co-sponsored by the fund is onee again being offered from Feb. 3 to March 23. The Entrepreneurial Training Program was created in January

2002 as a collaborative initiative between the NHRLF and Kapi'olani Community College. The eightweek class affords prospective business owners the foundation for starting a business, covering such topics as business planning, pricing, marketing and how to file taxes. The class meets every Tuesday and Thursday, 5:30-8:30 p.m. The class fulfills an education and training requirement that must be completed in order to apply for an NHRLF loan. Loan officer Dean Oshiro said that the requirement was added to ensure that applicants are aware of the dedication needed in starting a business. Pointing out that many people who attend the first day of class do not graduate, Oshiro explained that lots of people are interested in starting a business, but not all of them are ready to commit to the demanding process. The NHRLF, whieh is administered by OHA and federally funded by the Administration for Native Americans, was created in 1988 to provide lending to Native Hawaiian entrepreneurs who have failed to obtain loans from at least two other financial institutions. Since its inception, the NHRLF has disbursed 357 loans totaling

$15.7 million and provided training and technical assistance to more than 4,000 beneficiaries. The NHRLF has the capacity to lend over $22 million dollars (with OHA matching all federal funds), more than any other alternative program in the state. The fund also has 11 contracted consultants that provide statewide coverage for training and technical assistance. Although prospective entrepreneurs make up the bulk of students who take the class, recent graduate Chris Jellings said that even people who already own a business should enroll. "It helps you refresh your mind and connects you with avenues to get knowledge that you never knew about," said Jellings, who owns Custom Mohile Creations, a company that specializes in electronics, including car stereos and alarms. Jellings said the class taught him a variety of business skills, such as bookkeeping, a task that he would otherwise have contracted out to another company. He explained that doing his own books will not only save him money, but he won't have to trust someone else with that facet of his business. Former student Cheryl Pohina

said that before she took the class she had no elue where to access entrepreneurial resources, like the Small Business Development Center, to help her start her elderly day-care business. "But onee I started taking the class," she said, "lo and behold, all these doors started opening up for me." Pohina praised the textbooks used in the training for being informative and easy to follow, and the instructor for taking time after class to break everything down into detail. Two weeks after she graduated from the class, Pohina completed the business plan for her company, another NHRLF loan application requirement. Pohina's loan, as well as a loan for another graduate of the most recent class, whieh was held in the fall, is currently up for review by the NHRLF board. "The fact that the board is already reviewing two loans from students in that class speaks to the success of the program," Oshiro said. The cost of the class is $204, but that money is reimbursed by the NHRLF onee students submit a loan application. For more information, eall the Kapi'olani Community College Information Office at 734-9211. ■

NHLRF-KCC Entrepreneurial Training Program • Feb. 3 - March 23 • Tuesdays & Thursdays, 5:30-8:30 p.m. • Manono Building, room 110, KCC • Fee: $204, refundable upon submission of a NFHRLF loan applieahon For information, eall 734-9211.

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