Revolving Loan Program
Revolving Loan Program
A. PURPOSE OF THE PROGRAMThe 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 and loan guarantees at a reasonable cost and seeks to coordinate and leverage its resources with those of other government agencies and private sources.
B. ELIGIBLE ACTIVITIES- The program provides assistance for a broad range of business and community development projects.
- The primary place of business must be located in Maui, Kauai, and Hawaii Counties.
- Loans and loan guarantees 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 and loan guarantees 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 is to the maximum extent possible use labor of low-income persons and members of families with incomes below the poverty guidelines.
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 the total cost of the project.
- 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.
Current loan limits are:
- $10,000 - minimum
- $250,000 - maximum
- 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.
Please contact our office at (808) 242-5761 and ask to speak with our Loan Officer. You can also email us at for further assistance.
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