S.B. 983 Summary

• Establishes the Hawaii Start-Up Business Loan Program administered by the Business Development and Support Division in coordination with the Hawaii Technology Development Corporation.

• Defines eligible start-up businesses as those registered in Hawaii, in operation for three years or less, and meeting division-established qualifications.

• Sets loan parameters including maximum loan amount of $50,000, maximum term of eight years, fixed interest rate of 4% per year, and prohibition on personal guarantees as a loan condition.

• Creates the Hawaii Start-Up Business Loan Program Special Fund to be deposited with legislative appropriations, loan repayments, and interest payments, with unencumbered moneys not lapsing to the general fund.

• Requires the Department of Business, Economic Development, and Tourism to submit annual reports to the legislature beginning in 2026 describing program activities, implementation data, and loan repayments; appropriates funds for program implementation, direct loans, one full-time business loan officer position, and loan processing system upgrades.