(a) The Loan Administrator will make loans to Native Hawaiian organizations and to individual Native Hawaiians for the purpose or promoting economic development among Native Hawaiians in the State of Hawaii. (Section 803(a)(1)(A).)
(b) Prior to any loan being made from the RLF, the Loan Administrator will develop and obtain the Commissioner's approval of the following organizational and administrative materials necessary to implement the RLF:
(1) Goals and strategies;
(2) Staffing and organizational responsibilities;
(3) Preapplication and loan screening processes;
(4) Loan procedures including application forms;
(5) Criteria and procedures for loan review, evaluation and decision-making;
(6) Loan closing procedures; and
(7) Procedures for loan servicing, monitoring and provision of technical assistance.
(c) The Loan Administrator will set up fiscal management procedures to satisfy the requirements of section 803A of the Native American Programs Act and this subpart.
(d) The Loan Administrator must set up a separate account for the RLF into which all payments, interest, charges, and other amounts collected from loans made from the RLF will be deposited.