HI-CAP Program

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What is HI-CAP?

The State of Hawaii’s HI-CAP Program provides capital assistance to Hawaii’s small businesses, start-ups and entrepreneurs.  It is funded by the U.S. Treasury under the American Rescue Plan Act of 2021 (“ARPA”) for the State Small Business Credit Initiative (SSBCI).

The program is jointly managed by the Hawaii Technology Development Corporation (HTDC) and the Hawaii Green Infrastructure Authority (HGIA), both state agencies attached to the Department of Business, Economic Development, and Tourism (DBEDT).

What capital assistance offerings are available?

1. HI-CAP Collateral (Administered through local financial institutions)

Suited for small businesses and nonprofits where additional collateral is needed to be approved for a loan.  HGIA will work with Participating Lenders to provide cash collateral to eligible borrowers to help support the requested loan.  For more information on HI-CAP Collateral, click here.

2. HI-CAP Loans (Administered through HGIA)

Suited for businesses spearheading transformative projects which accelerate the State’s economic development goals and provide significant impact to small businesses within our communities. HGIA will blend a maximum of 50% of the total project costs of its capital with private capital to help bring eligible projects to reality.  Projects considered transformative include (but are not limited to) those in renewable energy, innovation, local agriculture, dual-use technology, manufacturing, or creative industry projects that spur economic development. For more information on HI-CAP Loans, click here.

3. HI-CAP CDFI Loan Program (Administered through a network of non-depository CDFI partners)

Suited for Hawaii’s non-depository Community Development Financial Institutions (CDFIs) to access low-cost loan capital to re-lend to eligible small businesses. For more information on the HI-CAP CDFI Loan Program, click here. 

4. HI-CAP Invest (Administered through HTDC)

Suited for managers of venture capital (VC) funds. This “Funds-of-Funds Venture Capital” program is designed to invest in high-quality investment managers with the capacity to mentor and advise entrepreneurs and facilitate follow-on investments. Click here for a list of requirements.

If you are a VC fund interested in being considered for Hi-CAP Invest, contact them at [email protected] with the following:

      1. Company information (please include website, areas of focus)
      2. State current venture-capital related activities taking place within Hawaii
      3. If from out of state, specify reasons for your interest in the Hawaii market