Central Pacific Bank finished fiscal 2024 as the top lender in Hawaii with 113 7(a) loans totaling $9,526,500, according to data released Wednesday by the Hawaii District Office of the U.S. Small Business Administration.
In the 12 months that ended Sept. 30, SBA provided 244 loans to small businesses in Hawaii and Guam for a total of $72,850,400 to be used for equipment purchase, expansion, inventory, working capital and other eligible business purposes. The 7(a) loan program is SBA’s primary business loan program for providing financial assistance to small businesses.
Overall, the Hawaii SBA recorded 230 7(a) loans totaling $55,573,400. First Hawaiian Bank was 11th with three loans totaling $355,000 while Hawaii National Bank was 19th with one loan for $584,600.
In the 504 loan category, Hawaii SBA said its lenders issued 14 loans, which are fixed-rated, long-term loans for small businesses that support small-business growth and job generation. Bank of Hawaii, First Hawaiian Bank and Central Pacific Bank all issued three loans while Hawaii National Bank and American Savings Bank each issued one. Bank of Hawaii-Guam also issued one loan.