Sunday, June 23, 2024

Kauai Government Employees Federal Credit Union

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Ppp First Draw Loan Applications Are Now Closed

Hawaii Federal Credit Union

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. First Draw PPP Loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

Loan Details

SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.

  • PPP loans have an interest rate of 1%.
  • Loans issued prior to June 5 have a maturity of two years. Loans issued after June 5 have a maturity of five years.
  • Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrowers loan forgiveness amount to the lender. If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrowers loan forgiveness .
  • No collateral or personal guarantees are required.
  • Neither the government nor lenders will charge small businesses any fees.
Who can qualify?
  • Any business with a NAICS code that begins with 72 that has more than one physical location and employs less than 500 per location
  • How to apply?

    Calendar For Community Outreach

    For in person online application assistance, please visit these locations on these dates and times.

    In-person applications are for persons that need extra assistance to fill out their online applications. If you are able to access the internet and can sign on and apply on your own, we encourage that so that we respectfully reserve the space for those that need the help.

    Mahalo for your cooperation.

    **Personal face mask is required and practice safe social distancing. Please do not come if you are experiencing any COVID-19 symptoms.

    • 8th, 9am – 1pm: Kapaa Skate Park Pavilion
    • 9th, 4pm – 7pm: Kapaa Skate Park Pavilion
    • 18th, 2pm 5pm: Ho`omana Thrift Store
  • 16th, 9am – 1pm: Hanapepe Neighborhood Center
  • 17th, 9am – 1pm: Kauai Federal Credit Union Kilauea Branch
  • 18th, 9am – 1pm: Kalaheo Neighborhood Center
  • 19th, 9am – 1pm: The Hanalei Initiative
  • 15th, 9am – 1pm: The Hanalei Initiative
  • 26th, 9am – 1pm: Piikoi Building in Lihue
  • May
  • 11th, 9am – 3pm: Piikoi Building in Lihue
  • 19th, 9am – 3pm: Waimea Neighborhood Center
  • 26th, 9am – 3pm: Kauai Federal Credit Union Kilauea Branch
  • 27th, 5pm – 7pm: Lihue Neighborhood Center
  • Pacific Islander Intake Assistance
  • More General Ppp Information

    What is the Paycheck Protection Program?

    Paycheck Protection Program

    What is the maximum loan amount?
    • The maximum loan amount is determined based on criteria set forth by the SBA. Generally, the maximum loan your business qualifies for will be based on your average monthly payroll over the prior 12 months and multiplying that number by 2.5.
    • For sole proprietors, independent contractors, and self-employed individuals, the sum of any compensation that is a wage, commission, income, or similar compensation. .
    What is the interest rate?

    The interest rate for the loan is set by the SBA and is currently 1.00%.

    What are the terms?
    • Loan allows for deferred payments up to 6 months
    • Repaid over a 2 year term
    • Portions of the loan principal amount may be forgiven by the SBA based on the rules and requirements set by the SBA
    • No collateral or personal guarantees are required
    • Terms and conditions are subject to change
    Is my credit affected?
    Does the PPP offer loan forgiveness?
    • Borrowers may be eligible to have their loan forgiven based on rules established by the SBA. Should you intend to seek full or partial loan forgiveness, you and your legal advisors should consult with SBA to confirm you are in compliance with any loan forgiveness requirements.

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    Kauai Federal Credit Union Donates To Christmas Fund

    • Dennis Fujimoto/The Garden Island

      Chantal Zarbaugh and board member Roberta Charles of the Kauai Federal Credit Union, formerly known as the Kauai Government Employees FCU, presents a $200 award to Cyndi Ayonon, chair of the Zonta Holiday Fund.

    The Morgans are an elderly couple that is trying their best to stay afloat living on a fixed income. The pandemic has affected the supplemental income they were earning to help with monthly expenses. Although they have a very supportive family, they are unable to help out with expenses, including meals.

    Over the past few months, their health has been in decline, adding an additional layer of stress on the couple. With the holiday fast approaching, the Morgans would be grateful for anything that would help them be able to contribute and celebrate the season with family and friends.

    The Christmas Fund can also help Turner, a 56-year old gentleman who found himself homeless for 4 years and was camping at various beaches on Kauai.

    Recently, Turner was able to secure a one-bedroom rental with the help of a permanent supportive housing program. With a roof over his head, he is now able to focus on his substance abuse issues.

    It would be a wonderful welcome home gift if he was presented with a lamp and lamp table for his bedroom. Turner is a very humble man and does not ask much for himself and is very happy that he has a roof over his head this holiday season.

    Kauai Government Employees Federal Credit Union Statement Of Financial Condition

    Local Heros, Kaua

    Then NCUA provides quarterly using accounting and statistical information from each credit union.The Call Report includes Balance Sheet, Income Statement and more.

    Statement of financial condition for KAUAI GOVERNMENT EMPLOYEES FEDERAL CREDIT UNION as of: September 30, 2021.Charter Number: 5487

    2. Cash on Deposit 14,329,465
    3. Cash Equivalents 0
    8. Deposits in commercial banks, S& Ls, savings banks 2,490,000
    9. Loans to and investments in natural person credit unions 995,000
    12. All other investments in corporate credit unions 0
    15. Loans Held for Sale 0
    17. Less: Allowance for Loan & Lease Losses 1,574,580
    18: Less: Allowance for Credit Losses on Loans & Leases 0
    19. Foreclosed and Repossessed Assets 0
    22. NCUA Share Insurance Capitalization Deposit 1,070,383

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    Why A Kauai Credit Union

    Being a Kauai credit union means we are rooted where we live. We invest in financial education, training, and information for the people of this island. We are committed to growing and building our community through charitable efforts here on Kauai. Alongside our ohana, neighbors, and friends, we will make this happen together.

    Notice: Exclusivity Period For The Very Smallest Businesses & Other Changes

    A 14-day exclusivity period for businesses and nonprofits with fewer than 20 employees will begin on Wednesday, February 24, 2021, at 9 am ET and end on Tuesday, March 9, 2021, at 5pm ET.

    All applications already submitted by lenders to the SBA before the start of the exclusivity period will still be processed by SBA. During the two-week period, SBA will not accept new applications from lenders for businesses and nonprofits with 20 or more employees, so that lenders can focus on serving smaller companies. Once the exclusivity period ends, lenders will be able to submit PPP loan applications for all eligible businesses and nonprofits again.

    Reapplying and loan increases

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    Kgefcu Is Now Accepting Applications For Ppp Second Draw Loans Through Our Online Portal

    To apply, members login to the portal and click the green Apply for PPP Second Draw Loan button in the top right corner.

    PPP Second Draw Loan borrowers who have already taken out a PPP loan may be eligible for a second draw if they meet the following criteria:

    • 300 or fewer employees
    • Sustained a 25% revenue loss in any quarter in 2020 compared to 2019 and
    • Have used or will use the full amount of the first PPP loan.

    Make The Right Decisions Today To Prevent Regrets Down The Road

    CU Difference Monica Belz of Kauai Government Employees FCU

    If you look forward to a pension in retirement, you have several options for how youll be able to access that money and what you want to use it for. Typically, you can choose between taking a lifetime of monthly payments or a one-time lump sum. There are pros and cons to each. You also have to make decisions about Social Security supplements and survivorship options.

    Once you make a choice, theres no going back, so you have to think carefully about the opportunities and consequences of each option. These decisions can feel overwhelming and even paralyzing, especially because there is no one right option for every Kauai employee. At INPAC, we guide you through a thorough analysis of your unique situation and the impacts of each option to help you make decisions that are right for you, your family, and your future goals.

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    Kauai Government Employees Federal Credit Union

    Business operations may be affected due to COVID-19. Please contact the business directly to verify hours.

    Most Recent Comments

    • May 2020 I just cant tell you how proud I am of the entire KGEFCU team. What they do daily. The smiles and stalwart effort every day…And yes, a smile shows even behind the masks! Mahalos to Cyndi Ayonon for so many beautiful styles!
    • Best credit union/bank I have ever been a member of. And that is including on the mainland. I have been a member of quite a few banks and it’s not close. Everyone here is really helpful from the tellers all the way to the loan officers. If you can get it I recommend it

    From Kauai Government Employees Federal Credit Union

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    A Short History Of Kauai Government Employees Fcu

    Since its inception in 1947 the Kauai Government Employees Federal Credit Union has been serving its members in the Lihue, Hawaii area with exceptional financial products. You can find their current interest rates on used car loans, new car loans, 1st mortgage loans and interest rates on both fixed and adjustable mortgages here on these pages. Currently led by Corinne King, the Kauai Government Employees FCU has grown its membership to over 7,259 with assets of more than $118,898,234. They have a main office and 1 branch offices. Please see the credit unions website or contact them by phone at 245-2463 or email them at [email protected] to get exact details . There are many other credit unions in the local area. See them all here. .

    Congratulations To Kauai Government Employees FCU

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    On Kauai A Tiny Credit Union Lifted A Heavy Load: Helping Hundreds Of Businesses Stay Afloat

    HONOLULU, Hawaii – Throughout the pandemic, the Kauai Government Employees Federal Credit Union has been there for small businesses.

    CEO Monica Belz said the tiny bank stepped up big time.

    We really just positioned ourselves to say, Lets work with the community. Lets figure out how to access these funds, and lets get it out to Kauai as soon as possible, she said.

    Aid came through a small business boost program, rent relief and emergency loans. Partnering with other organizations, KGEFCU distributed about $11 million.

    That really helped the business owners just take a breath of fresh air, and say, I can at least just get through this next month. I can at least make my rent payment, Belz said.

    The credit union even infused capital into small business startups.

    Justine Bender opened her online company, Ekahi Ahi, in the midst of the pandemic.

    They provided me with an opportunity to use grant money that I never would have had and keep it local. I got marketing supplies and everything I needed to get my business going in a time when it was really tough, she said.

    Belz estimates the credit union helped more than 300 small businesses navigate the COVID crisis, including gaining access to the federal Payroll Protection Program.

    They werent able to get into the really busy banks. So they came to us, honestly, lots of them in tears just begging for help, she said.

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    Existing Ppp Borrowers That Did Not Receive Loan Forgiveness By December 27 2020 May:

    • Reapply for a First Draw PPP Loan if they previously returned some or all of their First Draw PPP Loan funds, or
    • Under certain circumstances, request to modify their First Draw PPP Loan amount if they previously did not accept the full amount for which they are eligible
    Second Draw Loan Details

    The Paycheck Protection Program now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

    Loan Forgiveness Terms

    Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

    • Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan
    • The loan proceeds are spent on payroll costs and other eligible expenses and
    • At least 60 percent of the proceeds are spent on payroll costs.
    Maximum Loan Amount

    For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5 times the average monthly 2019 or 2020 payroll costs up to $2 million.

    How to apply for a Second Draw PPP Loan?

    Kgefcu Shortens Name To Kauai Federal Credit Union

    • Dennis Fujimoto/The Garden Island

      Kauai Federal Credit Union vice president Sean Kaley, Christian Iloreta, Seungjoon Lee, and Maureen Valdez invite people to get the Turkish Beach Towel for a donation to the food bank at the newly-logo-ed Lihue Branch.

    LIHUE Beginning Monday, the Kauai Government Employees Federal Credit Union will simply be known as the Kauai Federal Credit Union.

    Weve learned over the past few decades that KGEFCU can be hard to say and hard to remember, CEO and President Monica Belz said in a news release. While government employees will always be central to our mission, we serve all of Kauai and everyone can be eligible to join.

    First founded in 1947 as the Kauai T& C Federal Credit Union, the credit union had a hand in financing some of the islands first police cars. Known for its commitment to serving kupuna and legacy members, the credit union has continued to grow to include new members and strengthen its core base of government employees with new services and products.

    Over the years, this commitment has translated to a vibrant model of ohana-based banking that starts with their first $25 deposits.

    Kauai FCU has been nationally recognized as a strong disaster relief partner, joining forces with essential service workers to come to the aid of the North Shore in 2018 with mobile banking solutions, transporting food and supplies in dry packs on jet skis.

    Housing stability is a key priority for 2022.

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    Become A Lkahi Partner

    Take care of your employees by giving them membership and all of its benefits

    Extend membership into the Kauai FCU family to your employees with our Lkahi Partners Program. Its free to participate and your employees get full access to all of our products and services. Financial Wellness involves learning how to successfully manage expenses. Money plays a critical role in our lives. At Kauai FCU, we provide personalized financial coaching to empower, encourage and support you in achieving your financial goals.

    Money management/budgeting tools

    • Customized workshops for employers, organizations and businesses-with Inpac wealth solutions
    • Financial coaching with tools on budgeting and credit report review during loan applications.
    • We collaborate with the YWCA to provide free education on financial empowerment. See upcoming workshop schedule at

    Contact us today to add us to your employee benefits package.

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    A 401 plan is a great tool for retirement planning because its easy to set up automatic contributions directly from your paycheck. Plus, you gain the added benefit of employer contributions. Properly investing your 401 funds is another story.

    You have several fund and investment options available to you within your 401 plan, but the fund selection you choose is only one small component of your overall retirement planning. To help you make sure youre investing wisely and planning for your other needs in retirement, the team at INPAC leverages its unique experience working with Kauai employees to find strategies that are right for your future.

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    Loan Forgiveness Application Steps

    We are currently accepting forgiveness applications from our PPP borrowers. Due to changes made by the SBA, our SBA PPP Forgiveness Portal was temporarily closed. You must apply for your forgiveness or re-apply if you previously applied and did not receive forgiveness.

    First Draw PPP Loan Forgiveness Terms

    First Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

    • Employee and compensation levels are maintained
    • The loan proceeds are spent on payroll costs and other eligible expenses, and
    • At least 60 percent of the proceeds are spent on payroll costs

    PLEASE NOTE: The following steps reflect the forgiveness application process based on the current legislation. We are continuing to monitor the status of proposed changes that may alter the process, documentation requirements, and application forms. The following information below is for your reference only.

  • Access KGEFCUs Loan Portal below

  • Validate or update the existing application information

  • Complete all required fields

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