Yama Kaholoʻaʻa, a longtime resident of the Hoʻolehua Homestead on Molokaʻi, took out an emergency $7,500 loan from a consumer program at OHA to repair the roof, windows and walls of his four-bedroom house, where he and wife, Caroline, are raising three granddaughters. In a sit-down conversation in his garage, Yama and his 15-year old granddaughter, Makaila, talk about how the loan has helped improve stability for his ʻohana.
The Consumer Micro-Loan Program (CMLP) is designed to provide low cost loans to Native Hawaiians who are experiencing temporary financial hardship due to unforeseen events, or who wish to enhance their careers.
Credit & Eligibility Requirements
Frequently Asked Questions
Q: What is a Micro-Loan? How is it different from a regular loan?
A: A Micro-Loan is a small loan made by an organization trying to help the community. Micro-loans are usually smaller than regular consumer loans that a typical bank would make, and usually have a lower interest rate. Our program has a 5% interest rate with a maximum loan term of 5 years.
Q: Who is a primary applicant?
A: The primary applicant is the first person listed on the Consumer Micro-Loan Program application. This is the person which will derive a direct benefit from the loan proceeds.
Q: Who is a guarantor?
A: A guarantor is a person who guarantees payment of a financial obligation or loan. The guarantor has a legal obligation to repay the loan if the primary borrower defaults.
Q: How can I apply for a Consumer Micro Loan?
A: You can do one of the following:
NOTE: The online loan application process is quick and easy, simply register with an e-mail address and you are on your way. The process will typically take 20-25 minutes, and you’ll have the ability to upload required documents. Once you complete the application, a lending associate will contact you within two business days. We appreciate the fact you have chosen OHA for your loan needs, and we will make every effort to give you a loan decision as quickly as possible.
Q: Where do I submit my application and required documents?
A: You may drop off your application and required documents in person at any OHA office or mail it directly to the OHA Oahu office: 560 N. Nimitz Hwy. Suite 200, Honolulu, HI 96817
Q: Does the CMLP make loans for past due utility and housing payments, debt consolidation, down payment for a home purchase or mortgage closing costs?
A: No. Due to a limited funding base, and current guidelines, this program is geared to those with a temporary financial hardship and career development opportunities.
Q: What documents must I submit with my application?
A: OHA requires the following documentation:
Q: How fast can loans be approved and funds disbursed?
A: Most applications are processed the same day they are received. Once an application has been approved, documents can be signed and funds can be disbursed usually within five business days.
Q: I live on an neighbor island. Do I have to come to Oahu for the loan closing?
A: No. OHA’s Neighbor Island staff is fully trained on loan closing and fund disbursement procedures and will assist you in the loan closing. Specific loan instructions will be provided along with the loan documents.
Research: CMLP Loan Impact in the Community
For more information please contact Lareina Meinecke at (808)594-1823 or email at email@example.com.
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