TL;DR: Pacific Business Funding (PBF) helps small businesses get off to a running start. From securing capital to getting equipment and real estate financing, PBF walks small business owners through the hectic process of starting a business in Hawaiʻi. Their personalized service and commitment to providing accessible financial resources has helped more local businesses achieve sustainable, long-term growth. We sat down with PBF’s founder, Jason Zeager, to discuss how he got started and where he plans to go from here.
Starting a business in Hawaiʻi can be daunting; between all the local business regulations and tax laws, not to mention the task of getting money to run your business, small business owners can feel overwhelmed with all that they have to do. But luckily, Pacific Business Funding is here to relieve some of that stress with their personalized service and creative solutions. They work closely with business owners and tailor their approach to match the business’s current needs, helping them grow towards their long-term goals. We spoke with Jason Zeager, PBF’s founder. With over 20 years of experience, we asked him how his company got started and how he managed to carve a niche for himself, along with discussing some of his future plans.
Q: What makes your services special compared to other businesses’ services?
A: “We take a more holistic approach to helping small businesses. Whereas some financial companies will only push one product or service, Pacific Business Funding looks at where the business is at now and works with them to get where they want to be. We ask ourselves, ‘How can we increase or maximize the impact of our services?’ For many small businesses, they sometimes lack the critical structures and foundations necessary for long term business health. We try to address those issues first before working on securing funding. We also try to leverage our network of business professionals such as lawyers and CPAs that can be of use to small business owners. We do our best to connect small businesses to the resources they need. Most importantly, we care about our clients and want to help them succeed.
Q: Why did you decide to start your own financial services business?
A: “I got started with equipment financing. I worked at several companies and had some partnerships before coming to Hawaii. A lot of the places I worked at were focused on making money; only the bottom line mattered. I used to think like that too. But when I reached my financial goals, I felt depressed. I found out that just making money didn’t make me happy. I needed something more fulfilling. I began to think, ‘maybe I can use my financing knowledge and networking skills to help people in a more meaningful way.’”
Originally from California, Jason has been to Hawaiʻi many times and became familiar with the local culture.
“I’ve noticed that it’s more community-focused here,” he says. “I also learned that you just can’t keep taking all the time; you have to give back too.”
When Jason came to Hawaiʻi, he noticed a gap in small business funding. He also noticed a lack of financial education available to business owners, so many didn’t know how to structure their businesses properly.
“Many are guilty of commingling,” explains Jason, “which is the mixing of personal accounts with business accounts. Often, small business owners will use their personal credit for their business, which is bad because it can seriously damage their personal credit. You instead want to keep your personal credit and business credit separate by using a business tax ID number. If you have good personal credit, we can work with you to secure business credit.”
He stresses the importance of structuring your business correctly in the beginning to help reduce headaches later on when you want to scale up or expand. But many starting business owners aren’t aware of that.
“Hawaiʻi is actually one of the toughest states to run a business in,” he says. “There’s a lot of regulations and tax laws that are different here than they are on the mainland. Not to mention the fact that we’re isolated from the rest of the world. I basically identified a need that was overlooked by other lending companies and even the local banks. This was my chance to give back. So now I work mainly with Hawaiʻi-based businesses to help them secure funding as well as educating them on the best financial practices for their business.”
Q: What was the hardest part of starting your business?
A: “Wearing all the hats and figuring out everything as I went along. I had to do everything myself in the beginning: marketing, accounting, dealing with regulations and taxes, and so on. It was stressful, but I found support in my previous network on the mainland. That support helped me to network here in Hawaiʻi to find those that were more familiar with the local business landscape. Eventually, I was able to hire my own crew, and I grew a local network that brought in a lot of clients, because word of mouth spreads quickly in the islands.”
Q: How has Pacific Business Funding impacted the local community?
A: “One of the things we’ve contributed to is job creation.” Jason notes that their therapist clients have been able to expand their practices and hire office staff thanks to the funding PBF helped them secure.
“Another way we’ve helped the local community is by making it more welcoming for families and children. We’ve helped after-school programs secure funding to build bigger facilities that provide resources for families and activities for keiki. This hits close to home for me, because I actually take my kids to one of the programs we’ve helped. Thanks to our collaboration, this after-school program is able to host fun art activities for our kids and is now better-equipped to serve more families.”
Lastly, Jason states that they’ve helped businesses get more exposure. “Pacific Business Funding has social channels (Instagram, Facebook, YouTube) where we highlight some of the businesses we’ve worked with. Not only does this draw attention to our business, but it also brings more attention to local businesses.”
Q: What are your future plans?
A: “Currently, we’re in high demand. We’re concentrating on expansion and growth as we put more people and systems in place. We’ve seen more mainland businesses seek out our services, but our number one priority right now is serving Hawaiʻi businesses.”
Q: What is the best advice you can give to aspiring entrepreneurs?
A: “Aside from using a business tax ID number to set up business credit, I would say utilize the power of partnerships and collaborations. I’m a firm believer that you can’t and shouldn’t do everything yourself. Find people that can do the things you’re weak at or don’t want to do, and build relationships where you mutually add value to each other.”
Q: How has Hawaiiverse impacted your business?
A: “So far, our partnership with Hawaiiverse has given us more exposure. We’ve learned different things from each other, and we’ve tagged Hawaiiverse in our events. We’re excited to continue working with Hawaiiverse and using their platform to reach more people.”
At the end of the day, Pacific Business Funding’s main goal is to make running a business easier for business owners. “We’re dedicated to helping people who are good at what they do,” says Jason. “We want them to keep doing the things they’re good at — the passions that drive their business. We help them with the business things they’re not so good at, like figuring out business credit.”
Ultimately, Jason’s own passion for helping others and giving back his time and knowledge to the business community is what drives him.
“We love collaboration,” he says. “By working together, we can elevate each other to create bigger things.”
Written By: Lori Doctor
