OHA set to launch micro-loan program to help Hawaiians

The Maui News reports that "The Office of Hawaiian Affairs will launch a micro-loan program on Monday for Native Hawaiians, offering consumer and emergency loans with a lower interest rate and lower monthly payments than most commercial financial institutions, OHA has announced."

The Advertiser also has a story on the program which offers "money to ease temporary cash-flow problems and underwrite career-advancement opportunities."

And the Pacific Business News also has a story.

The Maui News
Sunday, March 14, 2004

HONOLULU - The Office of Hawaiian Affairs will launch a micro-loan program on Monday for Native Hawaiians, offering consumer and emergency loans with a lower interest rate and lower monthly payments than most commercial financial institutions, OHA has announced.

The Consumer Revolving Micro-Loan Pilot Program is scheduled for a one-month trial run, after which OHA's board of trustees will review the project and determine whether to extend it.

But the OHA board has allotted up to $500,000 for the project intended to help families deal with financial emergencies such as a vehicle breakdown or a home repair.

Loans also would be provided for personal development, such as a certification class in a professional specialty, or materials or equipment needed for a career training program.

Micro-loans will be limited to $7,500 per individual for a maximum term of five years at a fixed interest rate of 5 percent. In order to serve the needs of applicants in financial emergencies, OHA loan officer Gilbert Fernandez said the program is designed to assess an applicant and provide a loan in less than a week.

"We understand that most of the applicants will need this money immediately," he said.

The program was created to address a gap in the financial services provided to the Native Hawaiian community, Fernandez said. OHA currently supports two programs administered by Alu Like Inc. providing assistance for emergency situations and career development. However, many Hawaiians did not qualify for the two Alu Like programs.

For information on the micro-loan program, call Fernandez at (808) 594-1829.

OHA's Native Hawaiian Revolving Loan Fund staff will manage the program. For information on OHA's Hawaiian Registry Program, visit www.oha.org.

Copyright © 2003 — The Maui News

Posted: Sun - March 14, 2004 at 08:16 PM

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OHA set to launch micro-loan program to help Hawaiians

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