Hawaii First FCU Gains Critical SBA Approval
Credit union receives authorization to provide PPP loans for area small businesses.
HILO, HAWAI’I – In keeping with its efforts to support local members and businesses, Hawaii First Federal Credit Union announced that it has been approved as a Payroll Protection Program (PPP) lender by the Small Business Administration (SBA).
The Paycheck Protection Program, which is backed by the U.S. Small Business Administration, is a specialized support program designed to help small businesses keep their workforce employed during the COVID-19 crisis. After running out of funds in its initial two weeks, the program was reauthorized and relaunched on Monday, April 27, to provide an additional $310 billion in loans to small businesses nationwide. The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
“The PPP approval process has proven, once again, that our Hawaii First team is committed to doing whatever it takes to help our members secure their financial futures,” said Laura Aguirre, CEO/President of Hawaii First FCU. “When the first round of funds ran out, our team worked quickly and tirelessly to get our PPP lender application approved. Then, they focused on getting the web application up for our community members to apply, as we were hopeful that more funds would be made available.” Aguirre added, “Now that we are approved and our members getting the support they need, I am proud to report that Hawaii First has already been able to approve more than $1M in PPP loans! That is a million dollars that will help our Hawaii island recover from the financial impact of COVID-19.”
For additional information on the programs and services offered at Hawaii Federal Credit Union, visit www.hawaiifirstfcu.com.
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About Hawaii First Federal Credit Union
Hawaii First Federal Credit Union (HFFCU) is a low-income designated Community Development Financial Institution (CDFI), which was organized in 1956. Today, Hawaii First continues to provide a wide array of no-cost financial services that encourage community revitalization and economic development in Hawaii County. HFFCU proudly serves the Island of Hawaii through its multiple branches and programs such as the Hawaii First Community Resource Centers.