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Bank of Hawaii Awards $5,000 Each to Small Businesses in CNMI

Introduction

Tupu Cane Juice, Kumoi Farms, Tasi to Table, El Bishu, and Stemify CNMI were recently awarded $5,000 each by Bank of Hawaii through its Kinometi Para I Kumunid├Ñt I Isl├Ñ-taÔÇöSmall Business Revitalization and Development Grant program. This initiative aims to provide financial assistance and resources to small businesses that have demonstrated exceptional potential and a commitment to making a positive impact amongst other small businesses, as well as encouraging new businesses to emerge.

Selection Process

Among the 82 applicants, five companies were chosen through a rigorous evaluation process led by the bank. The evaluation criteria included factors such as business viability, innovation, and community engagement. Additionally, all grant applicants were required to participate in a seminar conducted by the CNMI Small Business Development Center at the Northern Marianas College.

Impact on Community

Rose Sumor, vice president and branch manager for Bank of Hawaii CNMI, expressed excitement about the growing interest in the grant program within the community. She hopes to further spread its intent and goal for the grant, which is to see small businesses thrive and revitalize the economy in their unique ways, ultimately benefiting the lives of the community through their products and services.

Diverse Recipients

The grant program received an overwhelming response from businesses across various sectors, reflecting the vibrant entrepreneurial ecosystem in CNMI. The grant recipients represent industries such as livestock and agriculture, localized and organic beverages, women-owned confectionery products, education services in sustainable lifestyles, and robotics and automation.

Utilization of Grant

The grant recipients have diverse plans for utilizing the funds. Cameron Atalig, the owner of Tupu Cane Juice, intends to support community projects and initiatives. Simon Deleon Guerrero, the owner of Kumoi Farms, aims to obtain certification for processing and packaging, expanding their offerings to local small businesses and restaurants. Gene Weaver, owner of Tasi to Table, Inc., aims to elevate fishing culture and provide life skills to the youth. Arnel Gruspe, owner of Stemify CNMI, will invest in robotics and automation training for the CNMI’s youth. Cassandra Deleon Guerrero, co-owner of El Bishu, plans to expand and improve operations to deliver better products.

Support from CNMI SBDC

The CNMI SBDC Network director, Nadine Deleon Guerrero, commended the grant recipients and emphasized the significance of access to capital for small businesses. The CNMI SBDC Network will continue to provide assistance to the recipients and all small businesses, aiming to foster a business-friendly economic infrastructure.

Bank of Hawaii’s Commitment

This grant program reflects Bank of Hawaii’s ongoing commitment to nurturing emerging businesses and fostering collaboration and growth. By supporting these businesses, Bank of Hawaii aims to contribute to the long-term sustainability and success of the local economy. The CNMI SBDC Network, partially funded by a cooperative agreement with the U.S. Small Business Administration and the Northern Marianas College, plays a crucial role in supporting small businesses by providing technical assistance, counseling, training, and support.

(PR)

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In the context of the Bank of Hawaii Small Business Revitalization and Development Grant program, the AI legalese decoder can help small business owners comprehend the terms and conditions of the grant, ensuring they fully understand their rights and obligations. This can prevent potential misunderstandings and minimize legal risks.

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