Ka Wai Ola - Office of Hawaiian Affairs, Volume 5, Number 11, 1 November 1988 — First Fund Just For Hawaiians [ARTICLE]

First Fund Just For Hawaiians

Revolving Loan, continued from page 1 Onee these are approved, the forms will be distributed and applications for loans will be accepted OHA will embark on an intensive advertising campaign to let people know how they ean obtain the application forms. lf all goes according to plan, the first loans will be made in ApriI1989. The type, size, and number of loans to be given out will be determined when the loan fund policies are drafted. There is $957,000 available for loans this first year and another $1 million will be available in the second year whieh begins October 1, 1989. Ail applications for loans will be reviewed by a business loan officer and a loan review committee. The final determination on eaeh loan will be made by the project's board of directors. The loan review committee and the board of directors will

be composed of Hawaiian business men and women and experts in the fields of business development and finance. In addition to providing loans, project staff will also provide technical assistance to eaeh loan recipient. The technical assistance will be tailored to meet the specific needs of eaeh loan recipient and may include help with marketing strategies, eontract negotiations, bookkeeping procedures, etc. The project staff will meet with eaeh loan recipient at least onee a month. Hawaiians who are interested in applying for a loan from this program are encouraged to start putting together their financial records and their business plans now. Financial records and a detailed business plan will be the essential eomponents of the loan application procedure. Watch future issues of Ka Wai Ola O OHA for notice on when application for loans may be made.