New low-interest loan program available for native Hawaiians
Qualifying native Hawaiian consumers and businesses now have access to a unique fixed, low-interest loan that can be used for home improvement, education or business expansion.
The Office of Hawaiian Affairs Malama Loan program at First Hawaiian Bank was unveiled yesterday. The program will be the primary feature of the restructured Native Hawaiian Revolving Loan Fund, which has given out about $18 million in loans since its inception and has pledged another $3 million in loan commitments.
While the Native Hawaiian Revolving Loan Fund board of directors will retain loan approval authority for the Malama Loan Program, First Hawaiian Bank will serve as a strategic lending partner to originate and service OHA clients. The fund will continue to promote economic activities that will result in expanded opportunities for native Hawaiians.
"Native Hawaiian borrowers will be well-served by the greater flexibility of the loan and the speed and ease of loan approvals," said Quanah Stamps, commissioner of the Administration for Native Americans, who approved the loan structure.
The OHA Malama Loan features a 5-year, 5 percent fixed interest rate on borrowed amounts up to $75,000 for eligible businesses and consumers. Loans will be approved and disbursed within five days for eligible applicants.
First Hawaiian Bank was selected as the fund's lead partner because of the bank's distribution network and its commitment to customer service, OHA said in a statement.
Loan applications are available at all 58 of First Hawaiian Bank's branches.