Ka Wai Ola - Office of Hawaiian Affairs, Volume 28, Number 6, 1 June 2011 — OHA's Mālama Loan now offering debt consolidation, lower interest rate [ARTICLE+ILLUSTRATION]

OHA's Mālama Loan now offering debt consolidation, lower interest rate

By Harold Nedd n a quest to improve the eeonomie well-being of Native Hawaiians, the Office of Hawaiian Affairs has moved aggressively to enhanee its Mālama Loan Program. Native Hawaiians seeking loans from the program to pay for qualified business and education expenses as well as cover home-improvement costs have been benefiting from a series of significant changes to the program that went into effect April 29. Among them is the loan-repayment period that has been extended to seven years from five years, said Leatrice Kauahi, Manager of the Native Hawaiian Revolving Loan Fund at the Office of Hawaiian Affairs. In addition, the interest rate for Native Hawaiian borrowers has been

lowered to 4 percent from 5 percent, Kauahi said. At the same time, up to $25,000 is now available to eligible Native Hawaiian consumers burdened with debt and interested in applying for a debt-consohdation loan to lower their monthly payments. The new debt-consolidation loan is available to Native Hawaiian borrowers with at least a 650 credit score, Kauahi said. "The enhancements made to the program are intended to help increase the number of qualified applicants, ease their access to low-cost financing and strengthen the eeonomie well-being of Native Hawaiians," Kauahi said. The program is being administered through all branches of First Hawaiian Bank. It allows qualified Native Hawaiian

homeowners, for instance, to take out loans to install solar energy systems on their homes, upgrade a kitchen, bathroom or even add a bedroom. Similarly, they ean obtain the loan for such education expenses as the tuition for day care, private school or college. Additionally, the loan is available to qualified Native Hawaiians trying to get a new business off the ground or looking to expand an existing one. The loan is also available to business owners who, for instance, want to purchase equipment or increase their cash flow. ■ For more information about the Mālama Loan Program, eall OHA's Native Hawaiian Revoh>ing Loan Fund at (808) 594-1835 or visit any First Hawaiian Bank branch.

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Leatrice Kauahi, Manager of the Native Hawaiian Revolving Loan Fund, with staff Robert Crowell, Thomas Atou and Jerry Taniyama. - Photo: LisaAsato