About this programme
HI-CAP (Hawaii Capital Access Program) is built on $62 million in federal funding secured to expand access to capital for small businesses, startups, and entrepreneurs in Hawaii over a seven-year window running through 2030. It is jointly managed by the Hawaii Technology Development Corporation (HTDC) and the Hawaii Green Infrastructure Authority (HGIA), both under the Department of Business, Economic Development and Tourism, and it is funded through the U.S. Treasury's State Small Business Credit Initiative (SSBCI).
Rather than a single fund, HI-CAP is a set of related programs, each aimed at a different way businesses raise or secure capital: collateral support through banks, direct loans for transformative projects, venture capital matching, and microloans through community lenders.
How it works
HI-CAP Invest, administered by HTDC, pairs HTDC capital with private investor capital for venture capital fund managers: the fund invests an amount equal to HTDC's capital in Hawaii businesses, with private capital structured as pari passu or junior to the SSBCI investment. Applicants need active on-the-ground operations in Hawaii and a minimum 1:1 matching capital commitment, and the program favors state priority sectors: agtech, biosecurity, food security, dual use/defense, energy, ocean, AI, and climate.
HI-CAP Collateral is a credit enhancement program run by HGIA. When a Participating Lender's underwriting turns up a collateral shortfall for a small business or nonprofit borrower, the lender submits a HI-CAP Collateral Loan Enrollment request to HGIA. If approved, HGIA deposits cash collateral into a Collateral Deposit Account to back the lender's loan; the deposit covers a default or can be recycled to support another borrower.
HI-CAP Loans, also run by HGIA, funds businesses and organizations behind transformative projects with community impact. The program can fund up to 50% of total project costs, and that funding must be leveraged with a minimum of 50% in non-federal funds. HGIA underwrites the request alongside other capital providers, reserves approved funding for up to 90 days, and funds its share at loan closing in line with the project's progress-payment schedule.
The HI-CAP CDFI Loan Pool provides microloans through partner community development financial institutions (CDFIs) for small businesses needing smaller amounts of capital.
Who can apply
Most Hawaii businesses qualify if they meet U.S. Treasury SSBCI guidelines, with priority given to small businesses and Socially and Economically Disadvantaged Individual (SEDI) owners.
HI-CAP Collateral is open to most for-profit corporations, sole proprietorships, LLCs, partnerships, nonprofits, and cooperatives, for eligible business purposes such as start-up costs, working capital, franchise fees, and the acquisition of equipment, inventory, or services. It excludes passive real estate investment, purchase of securities, lobbying, pyramid schemes, speculative activities, illegal products or activities, and gambling.
HI-CAP Loans is open to businesses and organizations leading transformative, community-impact projects in Hawaii.
HI-CAP Invest is for venture capital fund managers, not individual startups, and requires active Hawaii operations plus a 1:1 matching capital commitment.
How to apply
- For HI-CAP Collateral: your bank identifies a collateral shortfall during underwriting and discusses the program with you; you complete a Borrower Application and Certification; the lender submits a Loan Enrollment Packet to HGIA for SSBCI eligibility review; once approved, HGIA reserves funding for up to 60 days; at loan closing, the lender submits the executed loan documents, Cash Collateral Deposit Agreement, and Certificate and Agreement of Borrower.
- For HI-CAP Loans: complete and submit a HI-CAP Loans Program Application, resume(s), and Personal Financial Statement forms describing the project, then submit supporting documents via secure email (or request a Dropbox if secure email is not available).
- For HI-CAP Invest: the fund's general partner e-signs a Technical Proposal Qualifier (TPQ) form, then completes and submits a Request for Information (RFI) application form; both are submitted digitally through HTDC's online portals.
- For general questions on which track fits, contact the HI-CAP team by email or phone.
Documents you’ll typically need
- HI-CAP Collateral: Borrower Application and Certification, Cash Collateral Deposit Agreement, Certificate and Agreement of Borrower
- HI-CAP Loans: HI-CAP Loans Program Application, resume(s), Personal Financial Statement
- HI-CAP Invest: Technical Proposal Qualifier (TPQ) form, Request for Information (RFI) application form
Frequently asked
What is HI-CAP funded by?
It draws on $62 million in federal funding secured through the U.S. Treasury's State Small Business Credit Initiative (SSBCI), running through 2030.
Who can apply for HI-CAP?
Most Hawaii businesses that meet SSBCI guidelines qualify, with priority for small businesses and Socially and Economically Disadvantaged Individual (SEDI) owners.
Do I apply to HTDC directly?
It depends on the track. HI-CAP Collateral is arranged through a participating bank, HI-CAP Loans goes through HGIA, and only HI-CAP Invest (for venture capital fund managers) is handled directly by HTDC.
Is HI-CAP only for startups?
No. It also supports established small businesses and nonprofits, particularly through the Collateral and Loans tracks.
How much of a project can HI-CAP Loans cover?
Up to 50% of total project costs, and that amount must be matched with at least 50% in non-federal funds from other sources.
Who are the current HI-CAP Collateral participating lenders?
Afterglow Climate Justice Fund, Central Pacific Bank, Feed the Hunger Fund, and Mission Driven Finance, with HGIA enrolling more lenders on an ongoing basis.
More funding in Hawaii
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Scalable tech startups get up to $250,000 in tiered investment plus a 12-week mentor-driven accelerator based in Honolulu.
Community-Based Economic Development (CBED) Loan Program
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Get a $50,000 to $125,000 state loan for a Hawaii small business in agriculture, food production, manufacturing, or wholesaling.
Enterprise Zones (EZ) Partnership Program
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Mana Up Accelerator
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Hawaii-based product companies get six months of mentorship, leadership development, and retail or global market access through House of Mana Up.
Hawaiʻi Small Business Innovation Research (HSBIR) Grants
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Get up to $75,000 in state matching funds if you already hold a federal SBIR or STTR Phase I award and work in Hawaii.
Manufacturing Assistance Program (MAP)
Hawaiʻi Technology Development Corporation (HTDC) · Hawaii
Hawaii manufacturers get up to $100,000 reimbursed, 20% of qualified costs, to boost productivity and competitiveness.
Reviewed 2026-09-25. Programmes change, so check eligibility, amounts and deadlines on the official page before you apply. CapEasy is a private firm and is not part of any government body.