• Editor’s note: This is the third installment of an eight-part series diving into the county’s efforts for economic recovery.
LIHU‘E — An educational series to help the public with financial coaching, budgeting and retirement savings is now available in part through the work accomplished by the Kaua‘i Economic Recovery Strategy Team’s Financial Sector Committee.
Led by Reiko Matsuyama, county finance director, the team met weekly through the month of April and “sporadically” last month, Matsuyama said. They came up with three recommendations for Mayor Derek Kawakami, all of which have come to fruition.
The first, an educational webinar for businesses and individuals interested in federal-stimulus packages, like the Paycheck Protection Program and Economic Injury Disaster Loans.
The panel included local financial institutions, the Kaua’i Chamber of Commerce, U.S. Rep. Tulsi Gabbard, Kawakami and representatives from the county’s Office of Economic Development and Department of Finance. Over 200 people attended virtually on April 28.
The team also suggested creating a finance plan through the Kaua’i Government Employees Federal Credit Union in addition to the educational web series.
“We are happy to report that all of our recommendations have been approved and implemented with the help of the Finance Sector Committee,” Matsuyama said on Tuesday.
“All of our recommendations were short-term in nature, but took coordination and planning by the committee members. Everyone was responsive and acted in quick regard to ensure that community needs were met.”
The COVID-19 Financial Counseling Program web series, “How to Financially Weather COVID-19,” is available to all Kaua‘i residents on KGEFCU’s website.
“The financial crisis caused by the COVID-19 pandemic is unlike anything the world has experienced. The best way our island residents can weather this financial crisis is to educate themselves, take the appropriate action steps, and lean on the resources available to our island,” Monica Belz, CEO of KGEFCU, said in a statement.
The team also suggested a loan plan to allow residents to “quickly access cash while waiting for other supports,” according to the report on KauaiForward.com.
KGEFCU already has an emergency loan program with 5% interest rates, but with the county’s help, interest rates “could be lowered or eliminated, and they could begin issuing cash payments of up to $10k for people waiting for their federal funds and support,” the report says. This KGEFCU Community Partnership Emergency Funds Loan assistance was exhausted in May.
Additionally, a subset committee continues to meet on a program to stimulate local businesses with Coronavirus Aid, Relief, and Economic Security Act funds, Matsuyama said.
“The Finance Sector Committee was dominated by the banking industry, and so the combined resources that we had available made these recommendations realistic and feasible,” Matsuyama said, giving credit to the financial institutions for creating loan and payment-deferral programs up to its own financial constraints. “What they could offer was their heart and their time, which led to the recommendations that were proposed,” Matsuyama said.
The Finance Team includes: Leland Kahawai (Kaua‘i Region Manager, First Hawaiian Bank); Belz; Sonia Topenio (Bank of Hawai‘i); Matsuyama; Dean Toyofuku (Mokihana Insurance Agency); Mark Tanaka (Kaua‘i Realty); Dan Fort (Workforce Investment and Opportunity Act, County of Kaua‘i); Nalani Brun (county Office of Economic Development) and Tess Shimabukuro (Gather Federal Credit Union).
More information on the financial program can be found at kgefcu.org/wellness.
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Sabrina Bodon, public safety and government reporter, can be reached at 245-0441 or sbodon@thegardenisland.com.
