The Hawaii Board of Agriculture this week approved an emergency loan program for farmers across the state who are suffering from recent storm damage.
“Our field surveys and reports from farmers indicate significant damage to not only crops, but to some facilities and farm infrastructure,” said Scott Enright, chairperson of the Hawaii Board of Agriculture. “The emergency loan program will provide assistance to get the farms back into production as soon as possible.”
Eligible farmers may now apply for emergency loans of up to $100,000 at 3 percent interest. Loans of $50,000 or less will not require credit denials from other financial institutions, which would normally be required for agricultural loans. The board also waived the three-year residency requirements normally required for agricultural loans.
The board also authorized state loan officers to modify or waive collateral requirements, as deemed necessary, on a case-by-case basis. Loan applications for emergency loans relating to this storm event will be accepted until Dec. 31.
Farmers suffering damage throughout the state should contact their nearest HDOA office:
· Hilo – 933-9975 and 933-9977
· Kona – 323-7591
For more information on agricultural loans, call the Agricultural Loan Division at 973-9460 or go the division’s webpage: http://hdoa.hawaii.gov/agl/