Establishes a micro-lending credit enhancement program to expand access to small business loans in Hawaii.
The bill establishes the Hawaii micro-lending credit enhancement program within the Department of Business, Economic Development, and Tourism. This program aims to expand access to small business loans by providing credit enhancement mechanisms such as loan loss reserves and first-loss reserves. These mechanisms are designed to encourage local lenders to offer micro-loans to qualified borrowers, thereby retaining financial activity within the state and reducing reliance on higher-risk borrowing options.
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