Hawaii SB703 allocates $20 million for agricultural loans to support import replacement crops and farm-to-state programs.

Hawaii SB703 provides funding for the agricultural loan program to support the growth of import replacement crops and farm-to-state initiatives. The bill allocates $20 million for fiscal years 2025-2026 and 2026-2027, to be managed by the agricultural loan division of the Department of Agriculture. It includes loans with a four percent interest rate cap, a line of credit program with a prevailing interest rate, and loans with a three percent interest rate cap specifically for new farmers. The Act is set to take effect on July 1, 2025.

Hawaii SB703 allocates $20 million for agricultural loans to support import replacement crops and farm-to-state programs.

Hawaii SB703 provides funding for the agricultural loan program to support the growth of import replacement crops and farm-to-state initiatives. The bill allocates $20 million for fiscal years 2025-2026 and 2026-2027, to be managed by the agricultural loan division of the Department of Agriculture. It includes loans with a four percent interest rate cap, a line of credit program with a prevailing interest rate, and loans with a three percent interest rate cap specifically for new farmers. The Act is set to take effect on July 1, 2025.