HAWAI?I ISLAND – The program will offer you economic guidance and loans to “ALICE” residents (resource Limited, Income Constrained, Employed) residents who reside on the Big Island and who have lost income as a result of COVID-19. (BIVN) – The County of Hawai?i on Wednesday announced the launch of the new Emergency Resilience Loan Program built to assist specific residents who’ve been economically influenced by the COVID-19 pandemic.
The County wrote in a news launch:
This program will offer counseling that is financial loans to ALICE (asset limited, earnings constrained, employed) residents who reside on Hawai’i Island while having lost income as a result of COVID-19. Maximum loans amounts is $2,500 for individual workers and $5,000 for self-employed persons. Local community development nonprofits Hawaiian Community Assets (HCA) and Hawaiian Community Lending (HCL) will administer the program with respect to the County. HCL provides the loans, while HCA will deliver economic guidance to every borrower.
On line loan applications are made available [here], starting May 27th at 8am. People who have no or restricted access to internet or perhaps a computer may phone 808-934-0801 for a paper application or complete an application within the phone. Funds goes to qualified applicants on a first-come, first-serve foundation.
Mayor Kim noted, “During this many difficult time for our working families and self-employed, the County is very happy to manage to partner with Hawai’i Community Foundation, Hawaiian Community Assets and Hawai’i Community Lending to give financial support and counseling. By working together as being a grouped community, we will get through this and thrive again.” Hawai’i County Council Member, Ashley Kierkiewicz led the cost by launching Resolution 599-20, calling for establishment of the system after learning of this successful Kauai County crisis Loan Program that recently got $275,000 to 72 workers and entrepreneurs relying on 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 this program.
“Hawai’i’s economy happens to be obliterated, and our residents and business owners are feeling a financial discomfort that is made a lot more stark with all the slow and uneven disbursement of federal and state relief advantages,” said Council Member Kierkiewicz. “The Emergency Resilience Loan Program may help offer instant relief while many wait for www.guaranteedinstallmentloans.com/payday-loans-mn/ government advantages to come through. It also lays a critical foundation for exactly how we as being a County can leverage public-private partnerships and circulate incoming CARES Act money to guide 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. A total was reached by the loan assistance of 184 Garden Isle young ones and grownups in borrower households. The revolutionary loan program has helped support multi-sector partnerships between government, philanthropy, wellness, and nonprofit community development organizations to bring affordable loans to people who are struggling to qualify at credit unions or banking institutions.
Resolution 627-20 granted $250,000 from Hawai’i County to HCA and HCL for loan capital, while Hawai’i Community Foundation committed $69,000 for system operations and also to buy the interest rate down of each system loan so borrowers will probably pay 0% in interest.
The program targets individuals considered ALICE before COVID-19 and combats the usage of high-interest, predatory financial loans like pay day loans which charge up to 460% APR. Based on the ALICE: a scholarly study of Financial Hardship in Hawai’i report, 45% of households on Hawaii Island are believed ALICE – living one paycheck far from monetaray hardship. Individuals without internet access or a computer are encouraged to phone 808.934.0801 to request a paper application or to complete a software throughout the phone.