Women Entrepreneurs Encouraged To Think Bigger About Financing.

Hawaii Is A Great Place For Women

ENTREPRENEURS. The U.S. Census Bureau shows our state is number one in the nation for the percentage of women-owned businesses. And what’s more, women business owners are major contributors to our economy.

Central Pacific Bank’s Susan Utsugi understands this well and is a leader in promoting women entrepreneurship.

“Statistics show that while more than 40% of businesses are owned by women, revenue levels do not scale as quickly as their male counterparts,” says Utsugi. “Capital fuels growth, and what we're finding is that access to capital can sometimes be an obstacle. It's not that they aren’t getting approved at the same rate as men, but based on research we see, women entrepreneurs are more cautious about taking on debt because of the perceived risks debt can bring. As such, we recommend they consult with a banker early on to get the best financing program for their needs.”

Utsugi admits that taking out a loan can feel daunting, and so there is hesitation. Or when applying for a loan, many scale back on the amount that they really need.

“But at the end of the day, debt to fund smart growth is a good thing,” Utsugi explains. “We encourage business owners to work with their banker to advise how best to do so, so they will feel comfortable, equipped and confident as entrepreneurs.”

In its continued efforts to support women entrepreneurs, CPB has developed the WE by Rising Tide program, which provides tools on financial management for access to capital, as well as access to markets and access to networks. The program is in partnership with the Patsy T. Mink Center for Business and

Leadership, funded by CPB Foundation and aio Foundation. The program is currently underway in its second year with 19 women entrepreneurs.

To learn more about CPB ’s business services, visit cpb.bank/ business-banking. To learn about WE by Rising Tide, visit risingtidehawaii.com.

In the next 10 years, what do you hope to see in your industry?

Nationally, the electric utility industry is starting to be looked upon as an important nexus for societal transformation to combat climate change—to both prepare for it and slow the current trajectory.

Hawai‘i has been moving in this direction for over a decade, and last year Hawaiian Electric voluntarily set a goal to reduce our carbon emissions by 70 percent by 2030. This goes beyond the U.S. economy-wide target of 50 percent. We see this as a down payment to kick-start the decarbonization of the rest of Hawai‘i’s economy. We have also proposed plans to improve the resilience of our grids to be ready for more frequent and severe storms.

However, on both fronts, everyone plays a part in the rate of success we will have because it requires alignment of public policy, customer choices and behaviors, community priorities and equitable and affordable pathways to get to the end goal. Everyone can be and must be a part of this and success means no one gets left behind.

In this decade, we all have to act, not just plan and study. We have a window of time to both change the course of climate change and prepare for what is already in motion, but science tells us time is running short. The key is that we all have to have the resolve to do our part and work together.

What do you love most about your job?

I love that I have the opportunity to lead Hawaiian Electric in this critical time, to work alongside others who inspire me every day and to work collectively toward a stronger and more sustainable future for Hawai‘i. We serve almost every family and businesses in Hawai‘i, and we have big goals to achieve that will improve the well-being of the people, economy, and natural resources of our state. That’s both humbling and fulfilling.

What are some of the biggest challenges facing your industry?

In Hawai‘i, one of the biggest challenges is we have many priorities with finite resources. For example, we need largescale solar farms. We also need more affordable housing, agricultural lands so we can grow our own food and also land that’s preserved for conservation. That’s why we need to look at more holistic planning and at the big picture to find a way this all fits together rather than being limited by either/or choices.

What has been the biggest sacrifice you’ve made for your career? What has been the biggest reward?

Some would say that I have made sacrifices for my career, but I would reframe that. I have made sacrifices for the work that I believed could play a part in shaping Hawai‘i’s and my children’s future, outcomes that I thought had a meaning much bigger than the work itself. One of the greatest sacrifices I have made is time. I believe time is one of life’s greatest treasures and we must be very careful how we spend it.

At any point in your life, you want to be able to look back and feel good about how you spent your time. With that in mind, I often questioned the time I spent on work that took away from family time, yet always believing that my work was ultimately benefiting my family. The biggest rewards are actually the little hints in life that you’re making the right choices. A recent example is when I found out that my 18-year old daughter had to write an essay about her most inspirational teacher and it would be about “Mom.” Or when a young dad told me he shared my story with his daughter so she can see what’s possible for a local, public school girl. It’s those kinds of things that are the greatest rewards.

As you reflect back on your life and career, would you change anything personally or professionally?

I wouldn’t want to change anything, really. Everything happens for a reason. The mistakes I’ve made have shaped me, made me wiser, drove me to be better, and allowed me to laugh at myself even though some mistakes require a bit of time to get to that point! The many choices and decisions I make each day, especially after those missteps, define my long-term success in work and life.

Julie Yunker

DIRECTOR OF SUSTAINABILITY, GOVERNMENT AND COMMUNITY RELATIONS

Hawaii Gas

In the next 10 years, what do you hope to see in your industry?

It’s such an exciting time to be in the energy sector! Particularly as someone who embraces change, I love the transformation to a decarbonized future. At Hawaii Gas, due partly to our isolation in the middle of the Pacific Ocean, innovation has long been the company’s mantra. A little-known fact locally: HG is a global leader in the use of hydrogen in our pipeline fuel mix, a carbon neutral fuel that’s been an integral part of our business for decades. We continue to develop our hydrogen and renewable natural gas initiatives and see it as a major part of our clean energy future. Our SNG is another example—recycling a byproduct that had no useful value and creating synthetic natural gas over 20 years ago, long before recycling waste products was commercially viable. When you live and work on an island, you figure out how to make it work.

What do you love most about your job?

I’m one of those people who embraces change. I get bored otherwise! The energy and utility sectors are in the midst of major and vitally important change, and I’m honored to be at some of those tables. Being there as we cultivate new renewable energy innovations, as we take a hard look at our sustainability and figure out what changes we can make, what markers we need to meet, advancements that can be made to meet the state’s clean energy goals, and so much more. In life, sometimes it’s only in hindsight that we realize we were in the midst of something major. In energy and environment right now, we know it in real time. We’ve got to get this right.

I’ve been fortunate enough to work for a wonderful female CEO who has really supported me in leading the charge for developing and releasing the first annual Sustainability Report by Hawaii Gas. It’s definitely been one of the biggest and most important projects I’ve ever undertaken, and I’m incredibly proud of the company and the final report we’ve released.

What has been the biggest sacrifice you’ve made for your career?

I’m like most of us. I’m balancing life and family and career and still trying to keep all the balls in the air at all times. Early in my career when we lived in San Diego, I received a huge promotion, which of course I was thrilled about. But it soon became obvious I couldn’t do it all. My son, now 15, was still very young, and my career was dramatically and adversely impacting our family life. So I did what I knew was right—I stepped down from that promotion to have more of me for my family. I’ve never regretted that decision. All these years later, I know now what I didn’t know then. Our careers have a long runway, often paved by the women who’ve come before us. We may not be able to do everything all at once, but we can make meaningful and important impacts in both our jobs and our families.

What failure taught you the biggest lesson?

It’s not a failure per se, but a life event. While I was on the Big Island for a business conference, our house on O‘ahu burned to the ground. My husband called me of course, to report that he, our son, and our dogs were fine, and I caught the first plane home. My initial reaction was similar to my husband’s—we’re all fine. I’m fine. We’ve got this. But it was a lot to process, and I wasn’t the same high-functioning professional or wife or parent than I normally was.

During that entire period, so many women friends, including my core group of amazing girlfriends and my newly fostered sisters in the Patsy Mink

Leadership Program reached out, offered help, introduced valuable resources, and sometimes just made me laugh. I realize now those “amazing women” helped me navigate one of the hardest challenges I’ve ever faced. Women know. They understand. And even in the most elevated, prestigious leadership positions in the state, we are still moms and wives and sisters and daughters.

As you reflect back on your life and career, would you change anything personally or professionally?

This is something I think about all the time—what would I have done differently. You can constantly think about how you could have done this or that better. But this is one where I stop myself and look around at the life I have built. I have a wonderful husband, and amazingly smart, resilient and well adjusted son, great friends and a wonderful community. I live in one of the most beautiful places on earth with a great job that constantly challenges me. If I had done things differently, I wouldn’t be here now. Being in Hawai‘i has really made me appreciate where I am now and the importance of giving back.

What scares you about the future?

I’m a big believer in leaving the world better than we found it. I’m outdoorsy— water sports, hiking, camping—and I’m constantly awed by nature, its resiliency, and its fragility. I worry that the divisiveness that seems to have taken over much of the world in recent years is doing so much damage to our natural resources, our common purpose, and our shared commitment to leave this place better than we found it.