Lei Hoʻolaha CDFI
To provide financial training and loans to charter schools and community centers in the State of Hawaiʻi, within the overall goal of making them creditworthy for commercial bank facilities. Initial primary focus will be on the charter schools of Hawai’i.
- 31 charter school in the State of Hawaiʻi, enrollment approx. 10,000 students
- 17 Hawaiian Schools – enrollment 4,200 small school average enrollment 100 students. Average enrollment is 80% Hawaiian, 65% Title 1 eligible. Schools emphasize Hawaiian Language and culture focus on placebased, project-based educational style.
- Kanu o ka ʻĀina Learning ʻOhana (KALO) sponsored the CDFI as part of its outreach efforts to improve the financial capacity and facilities of the 17 native Hawaiian charter schools.
- Lei Ho’olaha (the CDFI) became an independent organization in March 2011.
- The CDFI is applying for certification by the end of 2013.
- For operating funds, KALO has received three Technical Assistance grants from the CDFI Fund (2009, 2010 and 2011) as well as support from Kamehameha Schools and the Will J. Reed Foundation.
- Board members include: • Hawaiʻi Island Senior Vice President of the Bank of Hawaiʻi • KALO Board Treasurer and Executive Director • Kamehameha Schools Director of Strategic Planning • State of Hawaiʻi Deputy Director of Transportation • Director of Hakipu’u Charter schools and retired Kamehameha Schools Director of External programs • Member Business Services Officer HFS Federal Credit Union Loan Committee • Two board members • KALO CFO • Program officer Hau‘oli Mau Loa Foundation and former BOH CRA officer
- US Treasury CDFI Fund provided the initial organizational and operational support as well as early funding
- First Nations Oweesta Corp. has provided excellent consulting support for loan policies and market study analysis
- Kamehameha Schools provided much of the initial concept funding support Outreach and Technical Assistance since 2008 provided:
- Outreach to a number of charter schools assessing their TA and capital needs
- Partnership with USDA to assist their clients in document preparation to access USDA programs
- Financial “swat team” providing emergency financial services to three Hawaiian charter schools
- Emergency TA assistance to the State Charter School Administrative Office for federal funding
- Working capital loans
- Building improvement & rehabilitation loans
- Facilities loans
Click here visit the Lei Hoʻolaha CDFI Website.