The Pacific Asian Center for Entrepreneurship

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All classified University of Hawaii students are eligible to apply. 

Primary signatory must be 18-years-old.

Students may apply for a loan of up to $5,000. Loan monies should be used for working capital, supplies, equipment, and inventory. The loan fund does not provide for any type of salary or compensation for the business founders.


The microloan interest rate is 5%. Interest is computed on a 365/366 simple interest basis; that is, by applying the ratio of the interest rate over the number of days (366 during leap years), multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. 


  1. Write an Executive Summary.
  2. Write a Business Plan OR complete the Business Plan Form and Cash Budget for 2 years.
  3. Download your Credit Scores (free from [PDF].
  4. Complete the online Application Form and submit the following documents as PDF FILES. You may upload them to the end of the application form or email them to Submitted documents will not be returned.
    1. Executive Summary
    2. Business Plan OR Business Plan Form and Cash Budget (2 years)
    3. Credit Score
    4. Proof of Student Status (copy of valid student ID card or registration receipt)
  5. After submitting loan applications, applicants will be interviewed by the student Microloan Committee (approx. 15 minutes).
  6. In addition to review by the committee, loan applicants must give a 5-minute pitch of the business idea to the Hoku Scientific Microloan Board, a panel of professionals from engineering and business. Students should be prepared for Q&A.
  7. Applicants will be notified of the loan decision within one week of meeting with the Hoku Scientific Microloan Board.
  8. Loan agreements should be completed within the following day of notification.  Full loan amount will be provided to loan recipient within four weeks of loan agreement signing.


See Timeline.


See Judging Criteria.


The Microloan recipient is responsible for the following throughout the loan period:

  • Maintain monthly contact with PACE and complete the online Microloan Monthly Report by the end of each month
  • Attend one Professional-in-Residence or Virtual Professional-in-Residence consultation per quarter
  • Provide quarterly progress report on business (income statement) or product development and interview
  • Inform the PACE staff of any change in student status, address, email, or phone number
  • Give a formal presentation at end of loan term to the Microloan Committee and Hoku Scientific Microloan Board.