HI HB851

Establishes a temporary revolving loan program within the Department of Business, Economic Development, and Tourism to provide financing for small businesses on the island of Lanai.

Defines "small business" as a business with a specified number of employees (amount not filled in bill) and allows loans for plant construction, renovation, equipment acquisition, and related business improvements.

Requires applicants to first attempt to obtain loans from financial institutions and the Small Business Administration before applying to the department program.

Sets loan terms including a maximum loan amount (not specified in bill), maximum repayment period (not specified), interest rate of one percent below prime or 7.5% annually (whichever is lower), and allows up to two-year deferral before repayment begins.

Authorizes the Director of Finance to issue revenue bonds in an unspecified amount for fiscal year 2011-2012 and repeals the program on June 30 of an unspecified year.