The Hawaii Board of Agriculture has approved an emergency loan program, the farmers who have recently suffered from storm can use it.
Scott Enright from the Hawaii Board of Agriculture informed of the results of their field surveys and reports, which indicate not only substantial damage to crops, but to certain farm infrastructure facilities.
The approved loan program guarantees assistance to the farmers, aimed to get them back into production.
The emergency loans in the amount up to $100,000 are available for the farmers at just 3% of interest rate. The amounts under $50,000 can be received without any credit denials which are often required for agricultural loans from other financial institutions.
The Agricultural board also waived the 3-year residency requirements, which are usually required for such kinds of loans.
The state loan officers were authorized by the board to alter or waive collateral requirements, using case-by-case approach. The term of accepting the applications from farmers suffered from the recent storm will expire on the 31 of December.
Farmers who have been damaged should contact their nearest HDOA office:
- Hilo – 933-9975 and 933-9977
- Kona – 323-7591
Find more information, call the Agricultural Loan Division at 973-9460 or visit the webpage: http://hdoa.hawaii.gov/agl/