Bill > SB703

This bill appropriates $20,000,000 from Hawaii's general revenues for the agricultural loan program over two fiscal years (2025-2026 and 2026-2027), establishing three distinct loan initiatives. The first is a loan program with an interest rate capped at four percent, which provides more affordable borrowing for agricultural businesses. The second is a line of credit program that will offer loans at the prevailing market interest rate, providing flexibility for farmers' financial needs. The third and most targeted program offers loans with a lower three percent interest rate specifically for two types of agricultural projects: new farmers who commit to growing crops that can replace imported food items, and farm-to-state programs, which likely aim to strengthen local food supply chains. The agricultural loan division of Hawaii's department of agriculture will be responsible for managing and distributing these funds. The bill is scheduled to take effect on July 1, 2025, giving the state time to prepare the program's implementation and allowing farmers to plan accordingly.

Agriculture and Natural Resources

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=703&year=2026