This content was created by Alan Akina. This content was uploaded by Alan Akina. This is a YouTube broadcast clip titled "101 Financial on KGBM 9 - Making Inc. 500" (Sunrise at 6:16) dated 2010-08-02. The excerpt is an interview-style conversation between a host (Speaker A) and Alan Akina, founder of 101 Financial, discussing the company making Inc.'s list of fastest-growing small businesses, its growth since late 2002 (now ~300 employees), services focused on financial education (budgeting, banking, debt management, credit building), geographic reach across Hawaiian islands (Kauai, Maui, Kona/Big Island), and local impacts of foreclosures and subprime mortgages.
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Welcome back to Sunrise at 6:16. Inc. Magazine puts out an annual list of the nation's 500 fastest-growing small businesses, and as we told you a couple days ago, Alan Akina's 101 Financial is only the 3rd Hawaii company to make the list ever. And the company has been growing for the very good reason that it offers financial advice, and that's something that people really need right now.
Absolutely. Financial education, especially the basic financial literacy things, they— people need that more so than ever.
Yeah, this is the kind of stuff that the Hawaii Council on Economic Education has been trying for like more than a decade to get taught in school. People are growing up and finding that they now they've got to learn this stuff.
Absolutely. That's where we fill in that niche. We focus on basic budgeting, banking. We also focus on debt management and then building credit.
When did you found the company? How long has it been?
At the end of 2002, so almost 7 years.
Okay. And initially it was just a handful of people, but how many employees have you got now?
We have over 300 that cover the entire state of Hawaii.
Are there any parts of the state where you have a lot of business, and does it correspond with areas where we know some folks are in trouble?
You know, I think it just relates to the word-of-mouth referrals that we've been getting. We have a lot of clients on Kauai, Maui, and I think because they're small areas, they were able to spread faster.
Right. The Coconut Wireless is very strong today on the neighbor islands. What about the Big Island where We understand the foreclosure rate has been going up faster than in some other places.
Absolutely. We're seeing a huge surge on the Kona side of the Big Island with the way the economy is and the hotel industry, construction shutting down. I think more people need help there.
Well, Hilo always traditionally had higher unemployment, but the Kona office has had more claims in the past year or so, so that jibes with that.
That's absolutely right.
Are you running into locals who got into subprimes and now they're trying to figure out how to get out?
Yes, we are. We have quite a few of those that got mortgages that they didn't really know what it was. I think that was the problem, is the lack of education starting out with their finances.
Yeah, a hard sell from somebody they thought they could trust.
Absolutely.
If somebody wants to contact 101 Financial, you're on the web?
Absolutely, go to 101financial.com. They can find out everything they need there.
Okay, fast-growing business and for good reason. It's Alan Akina.
