Ka Wai Ola - Office of Hawaiian Affairs, Volume 32, Number 4, 1 April 2015 — OHA loan helps Papakōlea home go green [ARTICLE+ILLUSTRATION]

OHA loan helps Papakōlea home go green

By Karin Stanton When Corinne Pokipala wanted to install a photovoltaic system on her O'ahu home, she had all the usual trepidation about beginning a home improvement project. In addition to researching solar companies and contractors, Pokipala also needed to fund the rooftop project on her Papakōlea home. "We were investigating putting the photovoltaic system on our home and my sister-in-law recommended a good solar company,"

Pokipala said. "But she also said, 'Oh, by the way, did you hear about the OHA

loan program/ That led Pokipala to apply for a Mālama Loan, whieh is funded by the Native Hawaiian Revolving Loan Fund (NHRLF) and administered by the Office of Hawaiian Affairs through First Hawaiian Bank. Loan applications are approved by the NHRLF board of directors. "It was a very, very easy process," Pokipala said. "We went to the bank, filled out the papers and worked with the loan officers. And we had it within a eouple of days. It was quite fast and I was surprised." The loan funds were given directly to Pokipala, whieh helped ease her mind. "That way I had a little bit of control over how

the vendor was paid," she said.

Pokipaia said her expenence has prompted her to spread the word about the Mālama Loan program. For example, her stepchildren are using the program to install a photovoltaic system on their Maui home and several nieces have used it to further their education. Created in 2007, the Mālama Loan program is designed to provide enhanced access for Native Hawaiians to credit, capital and hnaneial services and skills, whieh helps create jobs, weahh and eeonomie and social well-being within the eommunity. Since its ineephon, the program has given out more than $34 million to nearly 2,000 borrowers. Loans up to $19,999 may be used for busi-

ness startup or expansion, a home improvement project, education or debt consolidation. "The interest rate is just too good to not take advantage of it," Pokipala said. For home improvement, education or debt consolidation the loan features a 6.25 percent APR, fixed interest rate, amortized over a seven-year term. Business loans set a 4 percent APR, fixed interest rate, amortized over same seven-year term. "We have that all paid off," Pokipala said. "It was a seven-year term and we had it paid off in 3- 1/2 years. All the money we saved on electric bills went to pay off the loan."

Because she had such a positive experience, Pokipala said she is in the process of

appiying tor a second home improvement ioan. This one will go toward new flooring, upgrading the electrical system in the home and "other touch ups," she said. Pokipala said she would recommend the Mālama Loan to anyone seeking to start a business, further their education or improve their home. "My home is a never-ending project," Pokipala said. "It's important that I take care of it so it takes care of me." ■ Karin Stanton, afortner reporter/editor at West Hawai'i Today, works for the Associated Press, Reuters and Hawai'i 24/7.

ŪHA Mālama Loan For more information about the Mālama Loan program, contact Robert Crowell at (808) 594-1924 or email robertc@oha.org. Loan applications are available at any branch of First Hawaiian Bank or by calling (808) 643-L0AN (5626). For business loans, visit: www. fhb.com/en/business/loans/ specialty-loans/oha-malama/ For personal loans, visit: www. fhb.com/en/personal/loans/ specialty/oha/

Corinne Pokipala. - Courtesy photo