Section 15-24-44 - Eligibility requirements Consideration for loans under this section shall be extended only to applicants who meet the following requirements:
(1) The applicant is a small business registered to do business in the State;(2) The applicant furnishes information to show that the applicant has the ability to repay the loan out of income from the business;(3) The applicant shall have enough equity invested or to invest so that if the loan is approved, it can be repaid in a timely manner;(4) Adequate collateral may be 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;(5) The purpose of the loan is in conformity with provisions of § 15-24-42;(6) The applicant plans to relocate from its current location within the Kakaako community development district and reestablish elsewhere within the State of Hawaii; and(7) The applicant has been at its current location for at least one year prior to the date of the application for loan; or if less than one year, had been located within the Kakaako community development district for at least one year immediately prior to its current location.[Eff 2/11/91] (Auth: HRS §§ 206E-4, 206E-10.5) (Imp: HRS §§ 206E-4, 206E-10.5)