Hawaiçi lenders have begun providing short-term small business loans under a recently implemented program through the U.S. Small Business Administration.

Loans up to $35,000 are available to viable, qualified for-profit businesses that need short-term help making payments on existing debt over six months.
Bank of Hawaii approved the first loan under the SBA’s American Recovery Capital Loan program last month. More lenders are gearing up to participate, the SBA said.
The program was launched on June 15, and nationally has produced 2,715 loans valued at more than $88 million. More information is available at sba.gov/recovery.
More broadly, SBA lending has ballooned under the agency’s two largest loan programs since the American Recovery and Reinvestment Act reduced fees and raised guarantees on SBA loans.
The agency said average weekly lending during the seven weeks prior to the act going into effect on Feb. 17 was $165 million, but since then has risen 67 percent to $275 million. Lending in September totaled $1.9 billion, which was the highest single month since August 2007.