Section 15-2-5 - Eligibility requirements Consideration for loans under this chapter shall be extended only to applicants who meet the following requirements:
(1) The applicant is a small business concern authorized to do business in the State;(2) The applicant is not able to obtain the desired loan on reasonable terms from the financial institutions principally dealt with;(3) The applicant furnishes information to show that the applicant has the ability to repay the loan out of income from the business;(4) The applicant shall have enough equity invested or to invest so that if the loan is approved, it can operate on a sound financial basis;(5) Adequate collateral is required to reasonably protect the State's interest. The amount of Collateral needed, considered along with other credit factors, is determined on a case-by-case basis; and(6) The purpose of the loan is in conformity with provisions of section 15-2-3.[Eff. 7/6/81; am and comp DEC 21 1989] (Imp: HRS § 210-5, § 210-6)