THE SENATE	S.B. NO.	703
THIRTY-THIRD LEGISLATURE, 2025
STATE OF HAWAII

A BILL FOR AN ACT

relating to agriculture.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

SECTION 1. There is appropriated out of the general revenues of the State of Hawaii the sum of $20,000,000 or so much thereof as may be necessary for fiscal year 2025-2026 and the same sum or so much thereof as may be necessary for fiscal year 2026-2027 for the agricultural loan program to offer:

(1) Loans with an interest rate cap of four per cent;

(2) A line of credit program with a prevailing interest rate; and

(3) Loans with an interest rate cap of three per cent for:

(A) New farmers that commit to growing import replacement crops; and

(B) Farm-to-state programs.

The sums appropriated shall be expended by the agricultural loan division of the department of agriculture for the purposes of this Act.

SECTION 2. This Act shall take effect on July 1, 2025.

INTRODUCED BY:

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Report Title:

HDOA; Loan Programs; Interest Rate Cap; Line of Credit; New Farmers; Farm-to-State Programs; Appropriations

Description:

Appropriates funds for the agricultural loan program to offer loans with an interest rate cap of four per cent; a line of credit program with a prevailing interest rate; and loans with an interest rate cap of three per cent for new farmers that commit to growing import replacement crops and farm-to-state programs.

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