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Hawaii Revised Statutes Division 1. Government § 211D-3

Current as of January 01, 2025 | Updated by Findlaw Staff

(a) The department shall establish a capital access program to assist a participating financial institution in making loans to businesses and nonprofit organizations that face barriers in accessing capital.

(b) The department shall use money in the fund to make a deposit in a participating financial institution's reserve account in an amount specified by this chapter to be a source of money the institution may receive as reimbursement for losses attributable to loans in the program.

(c) The department shall determine the eligibility of a financial institution to participate in the program and may set a limit on the number of eligible financial institutions that may participate in the program.

(d) To participate in the program, an eligible financial institution shall enter into a participation agreement with the department that sets out the terms and conditions under which the department will make contributions to the institution's reserve account and specifies the criteria for a loan to qualify as a capital access loan.

(e) To qualify as a capital access loan, a loan shall:

(1) Be made to a small or medium-sized business or to a nonprofit organization;

(2) Be used by the business or nonprofit organization for any project, activity, or enterprise in Hawaii that fosters economic development; and

(3) Meet any other criteria provided by this chapter.

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Cite this article: FindLaw.com - Hawaii Revised Statutes Division 1. Government § 211D-3 - last updated January 01, 2025 | https://codes.findlaw.com/hi/division-1-government/hi-rev-st-sect-211d-3/

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