The department shall have the necessary powers to carry out the purposes of this chapter, including the following:

1. (1) With advice from the council, prescribe the qualifications for eligibility of applicants for loans and grants;
2. (2) With advice from the council, establish preferences and priorities in determining eligibility for financial assistance;
3. (3) Establish the conditions, consistent with the purpose of this chapter, for the awarding of financial assistance;
4. (4) Provide for inspection at reasonable hours of facilities, books, and records of a community-based organization that has applied for or has been awarded financial assistance and require the submission of progress and final reports;
5. (5) Provide loans and grants for community-based economic development activities and community-based enterprises for purposes consistent with this chapter;
6. (6) Determine the necessity for and the extent of security required in a loan;
7. (7) Prescribe and provide appropriate management counseling and monitoring of business activities;
8. (8) Administer the Hawaii community-based economic development special fund;
9. (9) Include in its budget for subsequent fiscal periods amounts necessary to effectuate the purposes of this chapter;
10. (10) Participate in loans made to qualified persons by private lenders;
11. (11) Establish interest rates chargeable by the State for direct and participation loans; and
12. (12) Adopt rules pursuant to chapter 91 to implement this chapter.

[L 1990, c 111, pt of §2; am L 1996, c 192, §8; am L 2009, c 124, §5; am L Sp 2021, c 9, §32]