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), designed to support agricultural development through three distinct loan offerings. The first provision allows standard agricultural loans with an interest rate cap of 4%, the second establishes a line of credit program at the prevailing market interest rate, and the third creates special 3% interest rate loans targeted specifically at two groups: new farmers committed to growing import replacement crops (crops that could reduce Hawaii's food import dependency) and participants in farm-to-state programs (initiatives that connect local farmers directly with state institutions like schools or government facilities). The agricultural loan division of Hawaii's department of agriculture will be responsible for administering these funds, with the bill set to take effect on July 1, 2025. By offering these low-interest loan options, the bill aims to incentivize agricultural innovation, local food production, and support for emerging farmers in Hawaii.

Agriculture and Natural Resources

https://www.capitol.hawaii.gov/session/measure_indiv.aspx?billtype=SB&billnumber=703&year=2025