HAR §15-2-6. Application procedure

(a) Before applying to the department, an applicant shall make every effort to obtain the loan from a financial institution, including the SBA. If the applicant is unable to obtain the loan from a financial institution or other source, the applicant shall ascertain whether a financial institution or other source, or both; would be willing to make the loan in participation with the department. (b) All persons applying for loans shall utilize the department's loan application form or the appropriate SBA forms which may be obtained from any commercial bank or the local SBA office. (c) Copies of the application form shall be submitted first to the applicant's financial institution principally dealt with. If a loan is not available, or if the financial institution declines to make a participation loan, the application shall then be submitted to at least one other financial institution before it is submitted to the economic development division of the department. (d) All financial statements submitted by an applicant shall show the applicable date of the information given and shall be signed and certified by the proprietor, partner, or public accountant. The department may require an audited statement. The department may also require that financial statements accompanying applications include balance sheets and profit and loss statements for the past five tax years and a year-to-date interim financial statement dated no later than 90 days of application date. [Eff. JUL 6 1981; am comp DEC 21 1989] ( Auth: HRS §210-4, §210-5) (Imp: HRS §210-5)