It seems like all of us have had to adapt in some way — or many ways — during the COVID-19 pandemic of 2020. For small businesses, that’s not always easy to afford. But the Adaptability Fund was made for precisely that reason.
Here in Maui County, the program made possible by the CARES Act provides grants for eligible local businesses. Mayor Michael Victorino has approved $5 million for the fund, which is administered by the Maui Economic Development Board.
According to the Maui County Adaptability Fund’s website, its purpose is to “mitigate the effects of COVID-19 on businesses located in Maui County. The fund is intended to allow flexibility to customize investments to retool and restructure for their unique business needs.”
How the Adaptability Fund Helps
Adapting can mean different things to different businesses. So, the goal is 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.”
Grants range from $5,000 to $25,000. Upon acceptance, the initial distribution should cover 50% of the total amount approved. Businesses can apply online until Friday, November 6th.
So who can apply? For-profit and non-profit businesses located in Maui County, established prior to March 20, 2020. Independent contractors and consultants; along with creative and entertainment businesses including artists, artisans, musicians and cultural performers are also eligible.
The website notes that priority will be given to small businesses with demonstrated need, and to those that have not received previous support in the form of grants or loans.
Applying for the Adaptability Fund
The application process is fairly simple, though there are some documents that businesses will need to provide, including…
- Three months’ worth of Business Banking Statements
- Most current (dated 6/30 or later) Balance Sheet and Statement of Profit and Loss
- Active registered Business Name with the Hawai‘i Department of Commerce and Consumer Affairs (DCCA)
- Current Certificate of Good Standing dated June 30, 2020 or later (from DCCA). This must show incorporation in the state of Hawai‘i and a mailing address in Maui County
- Most recent GET tax filing dated on or after June 30, 2020
Submitting a Budget
As far as proposed expenses, you can download and fill out a budget template to make it easier. This outlines what your business needs, whether it’s plexiglass dividers, an updated website, marketing videos or social media action plans. You’ll list a proposed price quote (if you need one, feel free to contact us!) along with an explanation of the expense.
Finding Service Providers
There’s also a handy directory of local service providers called Ho‘oulu Maui Nui. That way, you know where to find the support your business needs. We’re honored to be listed in the categories of videography/photography, marketing, public relations, social media and more. With more than 20 years in the business of brand management and video production, we’re here to help if you need us! #ExpandYourMauiBrand