Aloha Friends:
The first stimulus part of the Obama economic recovery plan was signed into law on Tuesday. For details go to http://recovery.gov. There will be $678 million in infrastructure projects in Hawaii. See this Pacific Business News article with a break down from Sen. Inouye.
Keep in mind that the infrastructure part of the $787 billion stimulus is only 14%, with tax cuts representing the largest portion, or 36%. Also remember that the stimulus plan is only part of the broader recovery plan with probably double the stimulus money going to get the financial system moving including helping with mortgages. The first part of this, or TARP (Troubled Asset Relief Program), passed last October also provided for alternative energy tax credits that many in Hawaii will benefit from.
Part of the stimulus package includes provisions to make it easier to get SBA loans. Fees for the 7(a) and 504 loans are eliminated for, I believe, 1.5 years; guarantees are increased, and rules adopted making it easier for the banks to get money that they can then lend to small businesses. You still have to have decent credit and a business plan.
The stimulus also allows businesses to immediately expense purchases up to $250k (equipment, leasehold improvements, etc.) You can also apply 2008 (and '09?) losses to earlier years when you had a profit (up to five years back) and I assume get a refund. We will see if we can get a CPA to do a webinar on this ASAP. See this Inc. Magazine summary.
Check out this story from yesterday's NY Times on how this is a time where many entrepreneurs are seeing this as a good time to start new ventures.
Event Reminders:
Maui Enterprise Forum - March 4th - 10:30 am - 1:30 p.m. at the Maui Arts & Cultural Center. At our November event we attracted 60 entrepreneurs, investors, business service providers, and others interested in Maui businesses engaged in innovation. Learn in-depth about the evolving business strategies of three companies, share your expertise and ideas, meet others that you might want to collaborate with. The cost is $30 and includes a delicious lunch in a wonderful Maui setting. Register here Go to http://coolprojectsmaui.com to see November's event.
The theme is going to be Innovation in Community Learning Technologies and feature three Hawaii companies: UBoost.com (John Bower), and The Big Idea (Lynn Rasmussen) and TribeGameStudios (Jim Langford). All three companies are Hawaii QHTB's.
The Maui Enterprise Forum is co-sponsored with the Maui Economic Development Board, the Hawaii Venture Capital Association, the Maui Chapter of Hawaii Angels, the Maui Chamber of Commerce, and Levin & Hu, LLP Certified Public Accountants.
Tonight is the last night in the Focus Green Lecture Series sponsored by the Dowling Company at the Maui Arts & Cultural Center. Tonight's presenter is Phoenix Motorcars. The lectures are being videotaped and will be online at http://dowlingco.com/greenbuilding/
Next Week:
There is workshop on Web 2.0 applications and how you can use them as part of your marketing strategy on February 24th see http://bizwiz20.ning.com.
On the next day, February 25th, by the Maui Economic Development Board is a broader workshop on marketing and e-commerce co-sponsored by the High Tech Development Corporation, Boeing, the Air Force Research Labs, and Maui's own Beth Holiday of Inner Dynamics. Go to http://www.medb.org for more information.
The Maui Chamber of Commerce has rescheduled "Managing in Tough Times" workshop for February 25th. This is the morning workshop at MEO that was cancelled due to the storm on January 16th. Call the Chamber at (808) 871-7711 for more information and to register. Their website is http://mauichamber.com.
On Oahu, on Thursday, February 26th the Hawaii Venture Capital Association hosts its monthly lunch with a guest panel on "What Angel Investors are Looking For".
Online:
The U.S. Small Business Administration has a great series of free short online, on-demand workshops covering basics that you can take advantage of at your convenience go to http://www.sba.gov/services/training/onlinecourses/index.html
I imagine that this site will be updated shortly with tutorials relating to the stimulus.
Call me or send me e-mail if you need help updating your business plan and/or would like help thinking about getting bank or other financing.
David Fisher
Maui Center Direct
Hawaii SBDC Network
PS. Call Pat Diaz at 875-2402 if you would like an appointment.
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