2011 Hawaii Code
DIVISION 1. GOVERNMENT
TITLE 13. PLANNING AND ECONOMIC DEVELOPMENT
211D. Capital Access Program
§211D-3 Capital access program.


HI Rev Stat § 211D-3 (2011 through Reg Sess) What's This?

[§211D-3] Capital access program. (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. [L 2000, c 290, pt of §2]

Disclaimer: These codes may not be the most recent version. Hawaii may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.