Ka Wai Ola - Office of Hawaiian Affairs, Volume 30, Number 1, 1 Ianuali 2013 — New OHA loan intended to help businesses expand [ARTICLE+ILLUSTRATION]

New OHA loan intended to help businesses expand

By Harold Nedd n the latest example of efforts to help Native Hawaiians earn a living from their passions, the Office of Hawaiian Affairs on Nov. 27 rolled out a new program aimed at helping its beneficiaries expand their businesses. Tracy Poepoe, president of Trace Industries in Mapunapuna, is the first Native Hawaiian entrepreneur to benefit from OHA's new Hua Kanu Business Loan program, whieh is administered through Pacific Rim Bank. The 43-year-old entrepreneur said the $200,000 loan will enahle

his construction business to better compete for federal contracts from the Army Corp of Engineers, U.S. Army Garrison Hawai'i and U.S. Coast Guard. "Right now, we ean only eompete for federal projects in the $1.5 million to $2 million range," said

Poepoe, who established his sevenemployee business in 2004. "The loan gives us the ability to bid on larger projects in the $2 million to $4 million range." Poepoe is one of seven Native Hawaiian entrepreneurs who have been approved through the program for $2.4 million collectively to expand their businesses. Their individual loan amounts range from $150,000 to $1 million. A key feature of their seven-year loans includes a 4 percent interest rate. "My business is my passion and the loan from OHA is encouraging my drive to make it successful," Poepoe said. ■

HUA KANU The next round of Hua Kanu Business Loans is expected to begin in the spring and will be announced in Ka Wai Ola, on oha.org and via 0HA's social media outlets.

j HO'OKAHUAWAIWAI ^ > EC0N0MIC SELF-SUFFICIENCY /

General contractor Tracy Poepoe, right, and his wife, Shareen, left, receive a loan from OHA to help expand their Native Hawaiian-owned small business. Presenting the eheek is OHA Native Hawaiian Revolving Loan Fund Manager Winfred Cameron, second from left, and Austin Iwamum, CE0 of Pacific Rim Bank. - Photo: Jerry Taniyama