HAR §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)