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Are you looking for Hawaii’s best business loans & startup financing companies? If you run a small business in Aloha State, you can access different loans to meet your financial needs. You just have to carefully check the offerings and eligibility requirements of various lenders. It’ll help you choose the ideal startup financing option for your Hawaiian business.

Did you know that almost 141.5k small businesses operate on different islands of Hawaii? Some 272,000 Hawaiians have jobs because of these local startups. That’s why different lenders offer conventional and non-traditional loan/financing options to these companies.

Understand the unique features and benefits of different loan types to empower your business. That’s how you choose the best lender for your startup in the modern-day business landscape. Also, look into no-credit equipment financing options if you can’t get a business loan via traditional means.

Consider these 11 business loans & startup financing options in Hawaii to get started:

1. Swoop Funding

Swoop Funding is every Hawaii-based small company’s top startup financing option. It will offer entrepreneurs a range of funding solutions to meet their needs. You can access many loan types including traditional term loans and innovative financing options with a simplified funding process. Whether you need half a grand or up to $10 million, Swoop Funding has your back!

2. Liberty Capital Group

If you are looking for business loans in Hawaii via non-traditional means, then get in touch with the Liberty Capital Group. This lender has been empowering local businesses for the past 20 years! Your Hawaiian startup can get short-term loans, small business loans, invoice factoring, and a lot of other services at this lender. Moreover, the Liberty Capital Group has a simplified loan process.

You apply online so the lender can check your creditworthiness. Then, you get in touch with an experienced funding advisor after which the lender shares multiple loan offers with you. You will choose an option that aligns with your current and future business needs.

3. Bank of Hawaii

The interest rate here is 4.44% (on average). Also, the average payout sum is around $125,000. That’s why this bank is #3 on this list. Also, the Bank of Hawaii is an SBA preferred lender. You should choose this lender because the business loans it provides are guaranteed by the federal government. Don’t forget that this lender also provides longer repayment schedules.

4. Five Star Bank

This lender has a pretty high interest rate (6%). However, the average payout amount here is a little over $190,000. But we recommend this lender and rate the Five Star Bank at #4 because of these two loan options that it gives you:

• SBA: Amounts go from $50k to $2 million with the term length being 25 years (max).
• SBA 504: Amounts go up to $5 million (used for commercial real estate financing)

5. First Hawaiian Bank

This lender offers you an interest rate of 5.75% with the average loan amount being $247,000. If you take out a business loan of up to $75k, the term length can go to 5 years. Since the amount of loan the First Hawaiian Bank offers you goes up to $250k, the average loan amount is proof of this lender’s openness and flexibility. Also, both secured & unsecured loan types are offered here.

6. Commonwealth Business Bank

This lender has a pretty low interest rate (3.25) and the average amount of loan approved by it is around $280,000. If you apply for SBA 7(a) loan programs throughout CBB, you can borrow up to $5 million for your Hawaiian startup with the term length being 10 to 25 years. Moreover, you’ll get variable rates and the funds can be used for practically anything business-related.

7. Central Pacific Bank

This lender is quite famous in Hawaii, offering loans at various locations on Hawaiian islands. Loan amounts range from $10k to $500k depending on your commercial needs. Keep in mind that the terms are 5 years for express business term loans (determined by your eligibility and creditworthiness). Moreover, you can get fast approvals for loans up to $50,000 in just 1 day.

8. Hawaii National Bank

This bank favors Hawaiian businesses by offering them business term loans at flexible rates. If you apply for a business loan at the Hawaii National Bank, you may use it for office or building improvements, equipment purchases, or business expansion. Moreover, you can get loans on both secured & unsecured basis. With flexible repayment terms, this lender emerges as a fair option for Hawaiian startups looking for business financing.

9. American Savings Bank

At the American Savings Bank, you can apply for various loan types to either start your new business or find working capital for an established one. You may apply for SBA loans, savings secured loans, business term loans, or something else. This lender can also help you with your Small Business Administration Paycheck Protection Program (SBA PPP), too.

10. Hawaii Community Federal Credit Union

Hawaii Community FCU is yet another loan provider that helps your small startup take baby steps and grow to become a unicorn. With flexible rates and lightning-fast approval rates, you’ll easily get your business idea funded by this loan provider. This FCU offers mortgage, land, construction, small business, educational, personal, auto, and credit card loans.

11. Headway Capital

We mentioned this lender when discussing how to get a business loan in Alaska. You can also get ample funding for your Hawaiian startup via Headway Capital as well. You can open a line of credit up to $100k. This lender will give you 24/7 access to your working capital; you’ll withdraw any amount from up to $500. You request, choose, and borrow at your convenience.

Hawaii Government Resources

Check out these government resources about business grants/funding and startup financing options in Hawaii:

• Business Resources on Kauai
• County of Hawaii Research and Development | Government Grant Opportunities
• Business Incentives and Programs | Hawaii State Trade Expansion Program (HiSTEP)

Top Cities in Hawaii for Business Loans

Curious to know which Hawaiian cities, towns, or census-designated places (CDPs) are the best for business loans & startup financing? If you live in any of these 30 cities, then you can easily access SBA loans or other nontraditional financing means to embark on your entrepreneurial journey:

1. Honolulu
2. Hilo
3. Kailua
4. Kaneohe
5. Kapolei
6. Waipahu
7. Pearl City
8. Aiea
9. Lahaina
10. Kahului
11. Wailuku
12. Makakilo
13. Mililani Mauka
14. Ewa Beach
15. Kahului
16. Lihue
17. Waimea (Kauai)
18. Koloa
19. Hanalei
20. Pahoa
21. Kealakekua
22. Kamuela (Waimea)
23. Puna (District)
24. Hana
25. Molokai (Kaunakakai)
26. Lanai City
27. Waimanalo Beach
28. Makena
29. Napili-Honokowai
30. Pukalani

Conclusion

Whether you’re a startup owner or founded a well-established business years ago, you have to choose the right financing partner and lender. That’s how you keep your business vessel afloat and key commercial operations running in Hawaii.

Choose a reliable lender that offers you flexible loan terms and interest rates. Check their online reputation, customer service, interest rates, and other factors.

Contact Sophisticated Investor to learn how to get your entrepreneurial dreams funded quickly.