Current through November, 2024
Section 15-3-6 - Limitations on department contribution to reserve account(a) The amount deposited by the department into lenders' reserve account for any single loan recipient may not exceed $100,000 during a three-year period.(b) The maximum amount the department may deposit into a reserve account for each capital access loan made under this chapter is the lesser of $35,000 or an amount equal to: (1) Eight percent (8%) of the loan amount if: (A) The borrower is an enrolled enterprise zone business under chapter 209E, HRS; or(B) The borrower is a small or medium-sized business or a nonprofit organization that operates or proposes to operate a child care facility or adult residential care home; or(2) Six percent (6%) of the loan amount for any other borrower.[Eff. ] (Auth: HRS §§ 211D-2 and 211D-4) (Imp: HRS § 211D-7)