SB1303 modifies Hawaii's agricultural loan program by lowering interest rates, increasing loan limits, and reducing credit denials.
SB1303 amends Hawaii's agricultural loan program to lower and fix interest rates, increase loan limits, and reduce the number of credit denials required for eligibility. It establishes a secured line of credit and a new loan initiative for import replacement and farm-to-state crops. The bill also appropriates funds to meet the anticipated increase in loan demand. Eligible farmers can access loans for various purposes, including farm ownership, operating expenses, and emergency relief.
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