HONOLULU – The Hawaii Technology Development Corporation (HTDC) has announced a significant allocation of grant funding aimed at empowering local businesses and cultivating an environment of innovation. The funding, totaling millions of dollars, is designed to strengthen key sectors of the Hawaiian economy.
The Manufacturing Assistance Program (MAP) is set to receive $1.7 million. The program’s core objective is to enhance the global competitiveness of Hawaii’s manufacturers by providing financial assistance for equipment upgrades, workforce training initiatives, and access to valuable resources. MAP grants will reimburse up to 20% of eligible expenditures, capped at $100,000.
In addition to the MAP funding, the Hawaii Small Business Innovation Research (SBIR) program will receive $2 million. This funding will provide crucial support to qualified small businesses, particularly those that have previously received grants from the federal Small Business Innovation Research program.
Furthermore, HDTC will continue its support of local entrepreneurs through the 2024 Accelerator and Small Business Program. A total of $1.9 million has been awarded to this program, which offers comprehensive training and resources tailored to the needs of local businesses.
“Congratulations to awardees of the MAP, SBIR, and Accelerator grants. These grants are set to be the catalysts that propel the awardees’ endeavors, stimulating growth and nurturing innovation within our local sectors,” said Wayne Inouye, Interim Executive Director of HTDC, in a recent press release. “The infusion of funding is a pivotal step toward sustainability and prosperity of Hawaii’s small businesses.”
The allocation of funds from HDTC aims to facilitate the development of a robust local technology ecosystem. This initiative is expected to stimulate economic growth and expand opportunities within the local business community as a whole.
For more information about HTDC and its grant programs, please visit www.htdc.org.
