Hawaii’s economy is expected to continue positive growth in 2019 and 2020. This outlook is based on the most recent developments in the national and global economies, the performance of Hawaii’s tourism industry, labor market conditions, and the growth of personal income and tax revenues. Tourism may come to mind when many people think of industries in Hawaii, and while it is the strongest industry in Hawaii, the state’s economy is rather diverse.
Community and personal services are the top ranked in Hawaii’s service industry, followed by government services and finance.
There is much to be said for the burgeoning business owner. You’ve chased your dream, organized a plan, executed it and now your business is up and running. Now what?
Well, for many business owners, the goal is growth. But growth can be hard to come by without the proper tools. And yes – money is a tool.
As a small business owner, you probably don’t have extra cash just lying around. Your money is either being invested back into your growing company or being used to maintain it.
Business owners in smaller states like Hawaii know what it’s like to deal with circumstances out of their control, and surely have a few ideas of what they would do with some extra capital should it happen to come their way.
Tourism is the top industry in the state of Hawaii. Centrally located between the U.S. and Japan, Hawaii entertains tourists from around the world. People visit the state to enjoy the vast beaches and pleasant climate. The island of Oahu, also home to Waikiki Beach, is considered the main tourist area.
Defense is a large part of Hawaii’s economy. Several Army, Navy, Marine, Coast Guard, and Air Force bases are located in the state. With so many military personnel stationed in the state, the government also has its own military newspapers, golf courses, and accommodations for its employees.
Manufacturing is another strong industry in Hawaii and is primarily concentrated on Oahu Island. Products being produced include apparel and cotton-based products that are exported off the island.
The service industry thrives in Hawaii, including hotels, private healthcare, finance, and real estate.
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Hawaii has long been considered one of the premier destinations on the face of the planet. This beautiful collection of islands is one of the world’s top tourist destinations. But as you’re well-aware, Hawaii isn’t just for visitors – there are plenty of full-time residents on the islands as well. Many of these residents are small business owners who take advantage of the local tourism industry on the island. In fact, aside from the military, the tourism industry is most definitely the main driving force behind the Hawaiian economy.
As the islands are small, there aren’t many major cities within the state. If you want to start a business in Hawaii, you’ll have to choose between a select few metro areas. Below we will explore the top cities in Hawaii and supply you with the information you need to choose the right local funder in each city! Remember, the funders available locally in Hawaii are quite limited, so there may not be many options for some of the smaller cities in the state.
Honolulu is by far the largest city in the state of Hawaii. The area is home to the state’s only major airport. It’s also home to the US Navy base and many related tourist attractions. Honolulu is just a short drive from many of the state’s most famous and popular beaches. First Down Funding is one of the top funders in the area.
Hilo, Hawaii is on the largest island in Hawaii. The small city is mainly a settlement for the surrounding nature park and reservation area. First Hawaiian Bank have a firm understanding of the local economy in the region. If you are thinking to start a business in Hilo you should consider First Down Funding.
Kahului is the island of Maui’s largest city. It has a small regional airport, some industrial areas, and retail space. It’s a good alternative to Honolulu if you’re looking for something a little bit low-key First Down Funding is one of the top funders in Kahului.
Lihue, Hawaii is a very small city in the state – it has only just over 5,000 residents. If you want to start a business in the area, you’ll need to be aware of local regulations. If you are thinking to start a business in Lihue you should consider First Down Funding.
There are a few variables to consider when determining the right small business funding for your company. Think about whether a long-term or short-term funding option is best for your needs. If you just need funding to fulfill a large order or take advantage of a one-time opportunity, funding with shorter terms are probably best. If you need to purchase a piece of machinery that will last 20+ years, a long term funding is more cost effective.
To Improve Terms on a Larger Funding.
Probably the most obvious reason to consider small business funding is to invest in an expansion opportunity for your business.
Learn more about what your business qualifies for with First Down Funding.
Funding Provided To Small Businesses For Various Purposes By First Down Funding.
Qualifying for business funding has become increasingly difficult over the years, not just in Hawaii, but throughout the United States. With the number of new business owners in Hawaii rapidly increasing, there has been a falling out between banks and small business owners, leading them to look elsewhere for the small business funding they need to grow.
Alternative funders provide just that.
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To better understand the difference between these two types of funders, here is a quick comparison of what each funder looks for in an applicant:
For business owners, acquiring the right funding is always a struggle. For owners of small businesses, this struggle can be even more severe. This is because financial institutions are often unable or unwilling to provide the funding that they need.
However, things are changing, and alternative funding providers such as First Down Funding are proud to be leading this shift. Companies looking for small business funding now have the options they need, which is good news for these businesses and good news for our country’s economy as a whole.
Apply for small business funding if your business needs cash to:
We know how frustrating it can be to be denied for business funding in Hawaii, business funding in Virginia, or anywhere else – that’s why we’ve dedicated our time so you can stop wasting yours.
We Help Small Businesses With Working Capital Funding For Short & Long Term Projects
Small business funding application is different from personal funding. If your company is older and well-established, you should have no problem taking out a funding. You’ll need documentation of sales and expenditures associated with your company. This lets First Down Funding know if you’ll have the funds to pay back the funding.
Apply online in just a few minutes
Our system evaluates your business and typically provides a decision in minutes
Sign your contract and receive money in as fast as 24 hours
We’ve designed our process to provide businesses with the funding they need safely, securely and easily:
Fast & Simple Experience: Our online application and approval processes are straightforward and highly effective. With our easy application process and fast approval rates, we make it so that you can get the funding you need, when you need it.
Focused on Working Capital: Working capital is the financing your business needs on-demand to proceed with day to day options. We make it so that you can attain these funds within 72 hours of your approval.
Service & Support: Our business financing services are personalized so that your business’s unique needs are met. We work with you personally to ensure you are supported at every turn.
Honolulu is located at the crossroads of transpacific cargo carriers, and its port has extensive shipping facilities. The port also serves local industries, including pineapple canneries, sugar refineries, and clothing factories.
Tourism brings between $8 billion and $9 billion to the state each year, or about 55 percent of all income. The military contributes about 19 percent while services and merchandise contribute about 26 percent. During 1998–99, while the mainland United States was thriving economically, Honolulu and the rest of Hawaii were in an economic downturn. Hawaii is highly dependent on Japanese tourism,