The little-known Consuelo Foundation and its partnership with American Savings Bank has kicked off a new way to help families on their way to self-sufficiency. Two young and struggling Oahu families last week closed on auto loans they were unable to obtain by traditional means.
Foundation and bank
firm families footing
In one, the young father works in a fast food restaurant "and wants to do more job-hunting and maybe work two jobs, but didn't have transportation," said Ways to Work family loan program manager David Washburn.
"The bus system is great, but it doesn't have the flexibility a lot of families need," he said.
Before obtaining their car loan, the second family spent two hours on the bus on one leg of their morning commute, in order to take two young daughters to separate daycare facilities.
The program as administered by the Consuelo Foundation "helps low income (families) keep jobs, get better jobs and stay in school," Washburn said.
"The foundation guarantees loans that are over 60 days past due. Any bank is going to have its limits on risk and exposure and that's where we come in," Washburn said.
"We're the lender of last reasonable resort -- we're charging 8 percent," unlike the high rates charged by some other institutions.
Founded in the name of Consuelo Zobel Alger, and funded by her family's Philippine industrial fortune, the foundation headed by President and CEO Patti Lyons serves disadvantaged children and families in Hawaii and the Philippines. The bank and foundation began their partnership through the Ke Aka Hoona self-help housing program on Hookuikahi Street in Waianae several years ago.
Celebration, not funeralLifelong radio personality and programmer Jay Stone will be laid to rest in Nevada Oct. 28, but Hawaii friends and colleagues are invited to celebrate his life at 3 o'clock this afternoon at Murphy's Bar & Grill on Merchant Street.
"We're going to have a book and people can put their names and messages in it and we'll send the book along with Jay's personal belongings back to his son," said Austin Vali, longtime friend and Cox Radio Hawaii vice president and general manager.
Stone died of an apparent heart attack in a single-car crash Monday afternoon in Hawaii Kai.
Erika Engle is a reporter with the Star-Bulletin.
Call 529-4302, fax 529-4750 or write to Erika Engle,
Honolulu Star-Bulletin, 500 Ala Moana Blvd., No. 7-210,
Honolulu, HI 96813. She can also be reached