Hawaii banks make lending strides

11/29/2011

Hawaii financial institutions set state records in Small Business Administration loans during the most recent fiscal year, the Republic reports.

The SBA's Hawaii office lent $73.6 million to 343 small businesses in FY 2011, trumping its previous high dollar amount of $63.6 million set in 2004.

Honolulu-based Bank of Hawaii led the way by dispersing 80 guaranteed loans for $8.98 million.

American Savings Bank, also headquartered in Honolulu, was the most successful mid-sized institution, awarding 36 loans for $3.69 million, while the small bank category award was granted to Hawaii National Bank, based in Honolulu, which provided 13 loans for $3.6 million.

"Each loan makes a big difference to Hawaii's economic and employment outlook," said SBA district director Jane Sawyer, as quoted by the news source.

One Hawaiian company that benefited from an SBA loan was Honolulu-based general contractor Kaikor Construction Company, the SBA's website notes. Nearly a decade ago the company's CEO obtained a 504 loan which helped in the purchase of its current office and warehouse in Kalihi.