Section 15-4-7 - Eligibility for loans Loans may be made to individuals, partnerships, corporations, cooperatives, or other business associations, but only if the applicant suffered loss of or damage to property in a rehabilitation area as a result of a state disaster. In addition, the following requirements shall be met:
(1) For a personal loan, the applicant shall provide evidence that the applicant has reasonable ability to repay the loan, and shall present a suitable program for meeting necessary expenses and satisfying the serious needs of the applicant and the applicant's family;(2) For a commercial loan, the applicant shall provide the following written evidence: (A) That the applicant had operated an industrial, manufacturing, processing, wholesaling or retailing business, or professional or service business, or building rental business, immediately before the disaster;(B) That the applicant has a suitable program for rehabilitation or reestablishment of the applicant's business to the same level as it had been before the disaster.(C) That the applicant has reasonable ability to repay the loan; and(D) That the United States Small Business Administration has denied the applicant financial assistance under its disaster loan program or reduced the amount of loan requested and such denial or reduction was not due to the applicant's having sufficient financial resources to rehabilitate the applicant's business; or, in the alternative, that the applicant cannot secure any loans from the Small Business Administration disaster loan program and the applicant is not able to secure loans from financial institutions and does not have sufficient financial resources to rehabilitate the applicant's business.[Eff. JUL 6 1981] (Auth: HRS § 209- 26) (Imp: HRS § 209-29)