Consumer Micro-Loan Program (CMLP)
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.
- Up to $7,500
- Simple interest, fixed at 5%
- Up to 60 months
- Collateral not required
- No gross annual income limit
Credit & Eligibility Requirements
- Applicant must be of Native Hawaiian ancestry, 18 years of age and a resident of the State of Hawai‘i
- Applicant should have a satisfactory credit history with a minimum credit score of 600 and the ability to repay the loan
- Two years of employment history is required
- Income to debt ratio of no more than 50%
- Loan must be for applicant’s benefit
- Loans are available to individuals only. Partnerships, corporations, sole proprietorships, etc., are excluded
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 we get an application?
A: Download a CMLP application here. For additional information call (808)594-1835.
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:
- Proof of income: one month of paystubs for all W2 employees and 2 years of federal tax returns to include all schedules on self-employed borrowers.
- Proof of Hawaiian ancestry – copy of birth certificate or OHA registry card
- Letter as to why you are applying for this loan
- Estimates for any Auto or Home repair is required
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.
Examples of Loans
- Death in the Family/Funeral Expense
- Emergency Health Situation
- Unexpected Home or Auto Repairs
- CDL License
- Apprenticeship Programs
- Career Development Courses
- Debt Consolidation or Refinancing
- Re-Lending by Borrower
- Home Remodeling
- Past due utilities or rent
- Down payment loans
For more information contact Tracy Mattos at 808-594-1835