State department's powers for community economic development

The department shall have the necessary powers to carry out the purposes of this chapter, including the following: (1) With advice from the council, prescribe the qualifications for eligibility of applicants for loans and grants; (2) With advice from the council, establish preferences and priorities in determining eligibility for financial assistance; (3) Establish the conditions, consistent with the purpose of this chapter, for the awarding of financial assistance; (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) Provide loans and grants for community-based economic development activities and community-based enterprises for purposes consistent with this chapter; (6) Determine the necessity for and the extent of security required in a loan; (7) Prescribe and provide appropriate management counseling and monitoring of business activities; (8) Administer the Hawaii community-based economic development special fund; (9) Include in its budget for subsequent fiscal periods amounts necessary to effectuate the purposes of this chapter; (10) Participate in loans made to qualified persons by private lenders; (11) Establish interest rates chargeable by the State for direct and participation loans; and (12) Adopt rules pursuant to chapter 91 to implement this chapter.