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Quanah Stamps

 August 30, 2007 -- Administration for Native Americans Commissioner Quanah Stamps appeared before the Office of Hawaiian Affairs Board of Trustees this morning to inform Trustees that ANA has approved the operational plan of an improved Native Hawaiian Revolving Loan Fund.

“We have signed off on the guidelines,” Commissioner Stamps told the Trustees during a special meeting.

The Fund has offered a business loan product with a maximum limit of $75,000 per borrower for a term of no longer than 5 years.

The Loan Fund, established in 1989, provides funding not available from other sources on reasonable terms and conditions to:

• Promote economic activities which result in expanded opportunities for Native Hawaiians to increase their ownership of, employment in, or income from local economic enterprise;
• Assist Native Hawaiians to overcome specific gaps in local capital markets and to encourage greater private-sector participation in local economic development activities; and
• Increase capital formation and private-sector jobs for Native Hawaiians.

The next step is to name a strategic lending partner, a key feature in the improved Loan Fund, to originate and service commercial, educational and home improvement loans. Approximately $24 million are available in the fund.

The target date to launch the enhanced loan program is Nov. 1. ANA is a federal agency which falls within the U.S. Department of Health and Human Services.

Quanah Stamps meets with the OHA Board of Trustees.

• See the Administration for Native Americans website.