Ka Wai Ola - Office of Hawaiian Affairs, Volume 29, Number 7, 1 July 2012 — Debt-consolidation loans put on hold [ARTICLE]

Debt-consolidation loans put on hold

The Office of Hawaiian Affairs' Mālama Loan Program is suspending its popular debt consolidation loan as of July 1, 2012. Since its ineephon in May 201 1, the program has issued more than $8.5 million in debt consolidation loans, making it one of the most popular loan products ever offered. The suspension comes at a time when OHA is weeks away from launching another loan product, the OHA Hua Kanu Business Loan, whieh offers larger loan amounts to qualified seasoned Hawaiian-owned businesses. The deadline to submit OHA Hua Kanu Business Loan applications was March 30, 2012,

as announced in the February 2012 issue of Kai Wai Ola. The decision to temporarily suspend debt consolidation was made in part to preserve resources in order to continue to fund its other loan products, including the OHA Hua Kanu Business Loan. OHA Mālama business, education and home improvement loans will eonhnue to be serviced through First Hawaiian Bank. OHA staff is working toward identifying additional resources to increase the available funding in the Native Hawaiian Revolving Loan Fund, whieh funds the Mālama Loan Program. For more information on OHA Mālama Loans, please contact Robert Crowell at (808) 594-1924. ■