(a) The department of business, economic development, and tourism may make loans to development companies incorporated in the State for the purpose of supplementing the funds required to be forthcoming to qualify development companies to receive financial assistance under Title V of SBIA. The loans shall be subject to terms and conditions established by the department as similar as possible to applicable terms and conditions prescribed by regulations adopted by SBA.

Terms Used In Hawaii Revised Statutes 210-7

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Department: means the department of business, economic development, and tourism. See Hawaii Revised Statutes 210-1
  • Director: means the director of business, economic development, and tourism. See Hawaii Revised Statutes 210-1
  • SBA: means the Small Business Administration of the United States Government. See Hawaii Revised Statutes 210-1
  • SBIA: means the Federal Small Business Investment Act of 1958, as amended. See Hawaii Revised Statutes 210-1
(b) Subject to the availability of funds, a request from the Hawaii technology development corporation for a transfer of funds to supplement appropriations for small business innovation research grants shall be granted expeditiously. If available funds are inadequate for a transfer to the development corporation, the director shall advise the development corporation that a transfer will be made when sufficient funds are available in the Hawaii capital loan revolving fund.

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