Deadline: 6-Nov-20
The Maui Economic Development Board, Inc. (MEDB) is administering the Adaptability Fund, a program funded by the CARES Act and proposed by the Maui County Mayor’s Economic Recovery Task Force.
The purpose of the Adaptability Fund is to provide grants to eligible Maui County Small Businesses to support costs required to conduct business in compliance with health and social distancing guidelines, to modify operations, and to invest in technology infrastructure to expand their virtual platforms, web-based marketing, and E-commerce. The fund is intended to allow flexibility to customize investments to retool and restructure for their unique business needs.
Funding Information
- Grants may range from $5,000 to $25,000.
- On acceptance, the initial grant distribution is expected to cover 50% of the total amount approved. A spreadsheet template detailing relevant expenses must be completed, with supporting receipts or proof of payment, as well as the Final Report to receive the remaining funds.
Businesses & Expenses not Eligible
- Ineligible businesses are nationally or internationally-owned chains. Locally owned franchises are eligible.
- Expenses incurred prior to March 20, 2020, are not eligible.
- An unpaid invoice is not proof of payment and does not qualify.
- Taxes other than the sales tax on purchases are not reimbursable.
- Expenses not related to COVID-19 mitigation are ineligible.
- Should an applicant not be able to provide the required documentation, the application will be considered incomplete.
Eligibility Criteria
- For-profit and non-profit small businesses are eligible that have staff in shared workplaces and/or physical or virtual spaces serving the community, customers, clients, or patients.
- Independent Contractors, consultants, and creative and entertainment business including artists, artisans, musicians and cultural performers are eligible.
- Small Business with demonstrated need will be prioritized, as well as those that have not received prior mitigation support in the form of grants or loans.
- Business must provide 3 months of Business Banking Statements.
- Business must provide their most current (dated 6/30 or later) Balance Sheet and Statement of Profit and Loss.
- Business must have an active registered Business Name with the Hawaii Department of Commerce and Consumer Affairs (DCCA) and should be fully compliant with a current Certificate of Good Standing dated June 30, 2020, or later (from DCCA). This Certificate must show Incorporation in the state of Hawaii and a mailing address in Maui County.
- Business must provide the most recent GET tax filing dated on or after June 30, 2020.
- Business must provide a Schedule F (if applicable)
- Business must have been established prior to March 20, 2020.
- Business will be asked to certify whether they have received loans or grants from other programs. A business that received LOANS from other programs is eligible; however, a business that received prior GRANTS must demonstrate that their application needs exceed the amount of that previous grant or loans, to assure no duplication. Priority will be given to businesses that have not received prior loans or grants.
- Business is required to submit a detailed budget with proposed expenses and a narrative explaining the specific purpose for each expense, including a rationale as to how these grants will support their business restructuring plans. A budget template will be provided.
For more information, visit https://www.mauicountyadaptabilityfund.org/