HAWAI?we ISLAND – The system will offer you economic guidance and loans to “ALICE” residents (Asset Limited, Income Constrained, Employed) residents who reside on the Big Island and who possess lost income due to COVID-19. (BIVN) – The County of Hawai?i on Wednesday announced the launch of the new Emergency Resilience Loan Program designed to help specific residents who’ve been economically influenced by the COVID-19 pandemic.
The County wrote in a news launch:
This program will offer you counseling that is financial loans to ALICE (asset limited, income constrained, employed) residents who reside on Hawai’i Island while having lost income due to COVID-19. Maximum loans quantities is going to be $2,500 for specific employees and $5,000 for self-employed people. Local community development nonprofits Hawaiian Community Assets (HCA) and Hawaiian Community Lending (HCL) will administer the system on behalf of the County. HCL will provide the loans, while HCA will deliver financial counseling to every debtor.
On the web applications is going to be made available [here], starting May 27th at 8am. People who have no or access that is limited internet or even a computer may phone 808-934-0801 for a paper application or complete an application on the phone. Funds goes to qualified candidates on a first-come, first-serve basis.
Mayor Kim noted, “During this many difficult time for our working families and self-employed, the County is pleased to manage to partner with Hawai’i Community Foundation, Hawaiian Community Assets and Hawai’i Community Lending to produce monetary support and counseling. By working together as being a grouped community, we shall cope with this and thrive once more.” Hawai’i County Council Member, Ashley Kierkiewicz led the cost by introducing Resolution 599-20, calling for establishment of this system after learning regarding the Kauai that is successful County Loan Program that recently got $275,000 to 72 employees and entrepreneurs influenced by COVID-19. Kierkiewicz brought County and community stakeholders together to create this product suite for Hawai’i Island and secured $250,000 in County funds to kick-start the program.
“Hawai’i’s economy has been obliterated, and our residents and business owners are experiencing a financial discomfort that is made more stark using the slow and uneven disbursement of federal and state relief advantages,” said Council Member Kierkiewicz. “The Emergency Resilience Loan Program helps offer immediate relief while many wait for government benefits to come through. Additionally lays a critical foundation for exactly how we being a County can leverage public-private partnerships and distribute incoming CARES Act money to support community revitalization and data recovery.”
HCA and HCL implemented the Kauai County crisis Loan Program in April, processing 284 applications and approving 72 borrowers in only 10 days. The loan support reached an overall total of 184 Garden Isle young ones and adults in debtor households. The loan that is innovative has helped support multi-sector partnerships between federal government, philanthropy, wellness, and nonprofit community development organizations to bring affordable loans to folks loans with bad credit who are not able to qualify at credit unions or banking institutions.
Resolution 627-20 awarded $250,000 from Hawai’i County to HCA and HCL for loan money, while Hawai’i Community Foundation committed $69,000 for program operations and also to buy the interest rate down of each system loan so borrowers will probably pay 0% in interest.
This system targets individuals considered ALICE before COVID-19 and combats the usage of high-interest, predatory financial loans like pay day loans which replenish to 460per cent APR. In line with the ALICE: research of Financial Hardship in Hawai’i report, 45% of households on Hawaii Island are thought ALICE – living one paycheck away from financial hardship. People without internet access or a computer ought to phone 808.934.0801 to request a paper application or to complete a credit card applicatoin over the phone.