Ka Wai Ola - Office of Hawaiian Affairs, Volume 7, Number 12, 1 December 1990 — Business loans still in demand [ARTICLE]

Business loans still in demand

The Office of Hawaiian Affairs Native Hawaiian Revolving Loan Fund project continues to elicit a strong response from the Hawaiian businesscommunity according to OHA eeonomie development officer Linda Colburn. Over 2,800 loan inquiries have been logged since the program's ineephon. Eight new pre-application questionaires were received in October requesting a total of $327,800. The total dollars requested for this program as of October now exceed $23,398,000.

Requests for financing for fixed asset acquisition requests make up51 percentofthe loanapplications received to date. Working capital requests constituted 49 percent of the inquiries received so far. The average dollar amount of loan requests received to date is $49,780. Fifty percent of the requests received so far focus on securing capital for new ventures. The remaining 50 percent of loan requests reflect loan expansion proposals. Loans have been approved for all islands (except Lana'i) as follows:

Forty-two loans accounting for $1,561,900 have been disbursed to date of the 59 loans approved. Twelve loans totalling $447,100 are awaiting disbursement. The NHRLF staff will be joined by a

new loan officer within the next 45 days to assist in rendering more timely technical assistance and more responsive evaluation of loan applications submitted. There are presently 97 loan requests pending review valued at $4,488,812. The NHRLF has just received its last $1 million increment of loan pnneiple from the Administration of Native Americans.

Island No. (%) Amount O'ahu 29 57% $1,139,300 Hawai'i 12 25% 488,400 Maui 3 6% 64,700 Kaua'i 3 6% 122,500 Moloka'i 3 6% 98,500 Lana'i 0 Total 50 100% $1,913,400