(a) The department shall adopt rules relating to the implementation of the program and any other rules necessary to accomplish the purposes of this chapter. The rules may:

Terms Used In Hawaii Revised Statutes 211D-4

  • Department: means the department of business, economic development, and tourism. See Hawaii Revised Statutes 211D-1
  • Financial institution: includes a bank, trust company, banking association, savings and loan association, mortgage company, investment bank, credit union, or nontraditional financial institution. See Hawaii Revised Statutes 211D-1
  • Loan: includes a line of credit. See Hawaii Revised Statutes 211D-1
  • Medium-sized business: means a corporation, partnership, sole proprietorship, or other legal entity that:

    (1) Is domiciled in this State;

    (2) Is formed to make a profit; and

    (3) Employs one hundred or more but fewer than five hundred full-time employees. See Hawaii Revised Statutes 211D-1

  • Nonprofit organization: means a private, nonprofit, tax-exempt corporation, association, or organization listed in section 501(c)(3), Internal Revenue Code of 1986, as amended, that is domiciled in this State. See Hawaii Revised Statutes 211D-1
  • Program: means the capital access program. See Hawaii Revised Statutes 211D-1
(1) Provide for criteria under which a certain line of credit issued by an eligible financial institution to a small or medium-sized business or nonprofit organization qualifies to participate in the program; and
(2) Authorize a consortium of financial institutions to participate in the program subject to common underwriting guidelines.
(b) To qualify for participation in the program, a line of credit shall:

(1) Be an account at a financial institution under which the financial institution agrees to lend money to a person from time to time to finance one or more projects, activities, or enterprises that are authorized by this chapter; and
(2) Contain the same restrictions, to the extent possible, that are placed on a capital access loan that is not a line of credit.
  Previous
Next  
 Chapter 211D Contents