Since it was created in November 2007, the Mālama Loan Program has given out $34.6 million to more than 1,880 Native Hawaiian borrowers. As one of three OHA loan programs, it has seen a great amount of success. But we feel thereʻs always room for improvement, and as such, we temporarily suspended the Mālama Loan program for the next month. For your convenience, weʻve provided a Q&A section below. Mahalo for your patience and understanding.
Q & A
Q. Can I turn in a new Mālama Loan application now?
A. No.The program was suspended Oct. 7, 2013
Q. How long will the Mālama Loan program be suspended?
A. The Mālama Loan program will be suspended for at least one month.
Q. What will happen if I have a loan application already in process?
A. If your loan was not approved by Oct. 7, 2013, it will be put on hold until the suspension is lifted. If it has been approved by that date, your application will be honored. When the suspension took effect, we had less than ten loan applications pending. All except two have been approved.
Q. Do I need to continue making payments on an existing Mālama Loan?
A. Yes. The suspension does not apply to existing loans.
Q. What are options that beneficiaries can seek in lieu of the Mālama Loan?
A. OHA beneficiaries have three remaining alternatives to the Mālama Loan:
The Hua Kanu Business Loan Program makes between $200,000 and $1 million available to help Hawaiians expand their existing businesses.
The Consumer Micro-Loan Program makes up to $7,500 in low-interest loans available to Hawaiian consumers experience temporary financial hardships due to such unforeseen circumstances as auto repairs, funeral expenses, medical bills, or career-development courses.
The Punawai Program, which provides financial assistance to help eligible Native Hawaiian families keep up with electricity and water bills as well as pay rent and car notes