Updated at 2:16 p.m., Tuesday, February 5, 2008
State loans offered to farmers hit by Dec. flooding
Advertiser Staff
Farmers who suffered damage from wind, heavy rains and flooding that occurred from Dec. 4-14 may be eligible for low-interest loans from the Hawai'i Department of Agriculture Agricultural Loan Division.Gov. Linda Lingle issued a disaster proclamation on Dec. 7 and the Hawai'i Board of Agriculture approved the emergency loan program at its meeting on Jan. 22.
Farmers may apply for the emergency loans up to $250,000 at 3 percent interest. In order to fast-track the loan process, requests of $75,000 or less will not require credit denials from other financial institutions, which would normally be required for agricultural loans. The board also waived the three-year residency requirements normally required for agricultural loans.
Under the emergency loan program, farmers needing loans of $25,000 or less may apply for micro-loans which involve less paperwork and swifter processing. Loan applications for emergency loans relating to the December 2007 storms will be accepted until Oct. 31, 2008.
For more information on O'ahu, call 973-9460; in Hilo, call 808-933-9976; and in Kona, call 808-323-7591.
