Haw. Rev. Stat. § 211D-7

Current through Chapter 253 of the 2024 Legislative Session
Section 211D-7 - Limitations on state contribution to reserve account
(a) The amount deposited by the department into a participating financial institution's 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 per cent of the loan amount if:
(A) The borrower is an eligible enterprise zone business located in an area designated as an enterprise zone under chapter 209E; or
(B) The borrower is a small or medium-size business or a nonprofit organization that operates or proposes to operate a child care facility or adult residential care home; or
(2) Six per cent of the loan amount for any other borrower.

HRS § 211D-7

L 2000, c 290 , pt of §2