HCRC Emergency Loan Program HELP May 8, 2020 Heather Piper, Executive Director Hawaii Community Reinvestment Corporation
Hawaii Community Reinvestment Corporation - HCRC Hawaii Community Reinvestment The mission of HCRC is to facilitate Corporation (HCRC) is a 501(c)3 affordable housing, community community-based non-profit development, and economic corporation founded in 1990. HCRC is development throughout the State of designated a Community Development Hawaii by providing innovative Financial Institution (CDFI) and financing, training and consulting Community Development Entity (CDE) services. by the U.S. Department of Treasury.
H CRC E mergency L oan P rogram Overview In direct response to Hawaii’s pandemic recovery efforts, HCRC has raised $1,000,000 for the HCRC Emergency Loan Program (HELP) to provide loans to organizations impacted by the COVID19 outbreak and are in immediate need of financial assistance. HCRC is providing short-term bridge loans and term loans, starting at $15,000, to non-profit organizations and mission aligned small businesses that are otherwise unable to secure financing and are in immediate need of capital as a result of the COVID19 crisis. Loans will be made available to organizations that remain open to continue to provide essential services as well as organizations deemed non-essential service providers that have been forced to partially or fully shut down operations temporarily
H CRC E mergency L oan P rogram Community Benefits: Impacts & Outcomes • • Create Livable Wage Jobs Improve Housing Affordability • • Number of Jobs with Benefits Created or Preserved - Full Net Number of Housing Units Built or Preserved – Market, Workforce, Student and Affordable Time, Part Time, Seasonal and Construction • • Improve Environmental Sustainability Expand Workforce Development & Post-Secondary Education • Number of Kilowatts Produced from Renewable Energy • Number of Participants in Vocational Training Programs Sources • Number of Residents Hired and Trained by Businesses • Number of Kilowatts Reduced from Energy Efficient Projects • Number of Programs Offered to Adults • Pounds of Solid Waste Diverted from Landfills • Expand Entrepreneurship & Business Development • Pounds of Recycled/Redistributed Goods • Number of New Businesses Created • Improve Food Sustainability & Security • Increase in Revenue of Existing Businesses • Pounds of Food Grown, Produced, Distributed, or Sold • Uses Locally Sourced Suppliers • Acres in production • • Expanded Access to Health Care, Residential Care and Assisted Square Footage of new Warehouse or Cold Storage Facilities Living Facilities Constructed or Improved • • Promote, Perpetuate and Preserved Culture and the Arts Number of Patients Served or Beds Created • • Square Footage dedicated to Art and Recreation Usage Expand Access for Youth Education - Child Care, Preschool, K- • Number of Participants in Art and Recreation Programs 12 • Revitalization of Neighborhoods with High Vacancies or Crime • Number of Spots Created or Youth Enrolled • Square Footage of Commercial, Retail or Community Facilities • Expand Access to Affordable & Reliable Transportation Constructed or Improved • Provide connectivity and Transportation choices
H CRC E mergency L oan P rogram Terms • • Loan Amount: $15,000 to $100,000 Repayment Terms: Monthly payments of interest only during the Bridge Loan period Monthly payments of • Loan Term: 6-Month Bridge Loan that converts to a 42- principal and interest (fully amortized) during the Term Month Term Loan for a total of 48-Months Loan period. Balance due at loan maturity • Interest Rate: 3% fixed for the 6-Month Bridge Loan • Collateral: Unsecured or UCC Lien of Business Assets period and 5% fixed for the 42-Month Term Loan • period Non-profit organizations are not required to provide a personal guarantee as long as their board of directors is • Application Fee: None comprised of a majority of independent voting directors. • Loan & Documentation Fee: $250.00 for Loan Amounts • For profits businesses are required to have all individuals $25,000 or less and $500.00 for Loan Amounts greater with a 20% ownership interest in the organization than $25,000 provide a personal guarantee • Acceptable uses of loan proceeds includes payroll, rent or interest on mortgage, utilities, and other operating expenses necessary for organizations to remain open
HCRC Contact Information Website: HCRCHAWAII.COM Email: HELP@HCRCHAWAII.COM Chelsea Schull – LISC-HCRC Hawaii Program Officer info@hcrchawaii.com Heather Piper – Executive Director executivedirector@hcrchawaii.com
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