Revolving Loan Program
Revolving Loan Program
PURPOSE OF THE PROGRAM
The purpose of the Revolving Loan Program is to provide expanded opportunities for residents of Maui, Kauai, and Hawaii Counties to increase their ownership, employment, and income from local economic enterprises. To accomplish this purpose, the program provides direct loans at a reasonable cost and seeks to coordinate and leverage its resources with those of other government agencies and private sources.
ELIGIBLE ACTIVITIES
- The program provides assistance for a broad range of businesses and community development projects.
- The primary place of business must be located in Maui, Kauai, and Hawaii Counties.
- Loans from the program to a recipient may be used only for the creation of a new business or the expansion of an existing business.
- Loans generally will not be made for refinancing existing debts of borrowers.
- Priority is given to businesses, which are likely to provide increased income, ownership and employment opportunities for low-income residents. As a requirement the loan recipient will employ low-income persons and members of families with incomes below the poverty guidelines, to the maximum extent possible.
ELIGIBLE APPLICANTS
Requirements are that an applicant:
- Shall be a citizen of the United States of America or a legally registered alien;
- Must submit a business plan;
- Must submit a letter of rejection from a financial institution, as we do not compete with the banks, and must contribute from other resources 25% of total cost of project.
Applicants will be screened by the Lokahi Pacific Loan Committee to determine that there is:
- A reasonable assurance of loan repayment;
- A potential for broadening the employment base for the low-income residents within Maui, Kauai and Hawaii Counties;
- A sufficient amount of collateral to secure the loan;
- An availability of other funds to assist in the financing of the project.
TERMS AND CONDITIONS OF LENDING
Current loan limits are:
| - Minimum | $10,000.00 |
| - Maximum | $250,000.00 |
| - Current interest rate is 10% per annum (subject to change) | |
Every effort is made to meet the needs of the borrower; therefore specific loan terms are flexible.
For more information contact Robyn Delima at 808-242-5761 extension 21.
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This application is delivered in PDF format. If your computer has
the appropriate software, it should open automatically for you to print. |
