Ka Wai Ola - Office of Hawaiian Affairs, Volume 6, Number 10, 1 ʻOkakopa 1989 — NHRLF awards $484,100 in loans [ARTICLE]

NHRLF awards $484,100 in loans

By Ann L. Moore The Native Hawaiian Revolving Loan Fund received over 1,700 loan inquiries representing a total of $14,762,951 in requests as of Aug. 31. Fourteen loans have been approved for a total of $484,100. Funds will be given out as soon as in- ! ternal documentation procedures are completed. Completion is expected by Oct. 1. The average loan request was for $52,725. Requests for loans from the islands, through August, are: • O'ahu, 155 requests with 10 approved, for a total of $380,600; • Hawai'i, 64 requests with three approved, for a total of $95,000; • Moloka'i, 13 requests with one approved for $8,500. • Maui requests totalled 29 and Kaua'i 19, none were approved. No requests eame in from Lana'i. Retail loans led the list of loan requests with 63 received. Other requests for funds broke down as follows: 14 for agricultural/farming, 19 for eom-

mercial fishing, 32 for construction and related activities, three for distribution/wholesaIing, 19forrestaurant or food outlets, 27 for professional services, 20 for tourist related services, 24 for trucking, 51 for miscellaneous services and eight for other businesses not covered by the list. Of the types of loans requested, $7,551,886 (or 51 percent) were for fixed asset acquisition and $7,211,065 were for working capital. The requests represent loan applications for 119 new businesses as opposed to 161 applications to expand existing businesses. The figures quoted were given to the Office of Hawaiian Affairs Board of Trustees programs committee at their Sept. 7 meeting by Eeonomie Division Officer Linda Colburn. Just over a half million dollars in revolving loan funds remains available, Colburn told the trustees. And, she added, the NHRLF has been granted funds to continue its work for an additional year.