Hawaii board of agriculture approves emergency disaster loans for floods and Kilauea eruption
Staff Writer |
The Hawaii Board of Agriculture approved parameters for emergency low-interest agricultural loans for farmers suffering damage due to the heavy rain and flooding on Kauai and Oahu in April and the current eruption phase at Kilauea volcano on Hawaii Island.
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The Board approved the emergency loan program which offers disaster-related loans of up to $500,000 at an interest rate of three percent, with loan terms to be determined on a case-by-case basis.
The Hawaii Department of Agriculture (HDOA) Agricultural Loan Division will process loan applications based on past farm production, projected cash flow and disaster recovery plans.
Three-year residency and other requirements usually necessary for agricultural loans will also be waived. Loan applications will be accepted until June 2019.
In addition to the disaster loan program, HDOA also offers microloans of up to $25,000 that involves less paperwork and offers swifter processing.
Loan officers will also work with those with existing agricultural loans on loan payment deferrals. The Agricultural Loan Division may be contacted a
On April 15, 2018, Governor David Ige declared the County of Kauai a disaster area due to heavy rains and flooding and authorized state funds for disaster relief.
A supplementary disaster proclamation was issued by the Governor on April 18 to include the City and
ounty of Honolulu due to heavy rains
On May 3, 2018, Gov. Ige issued a proclamation declaring the County of Hawaii as a disaster area due to the eruption at Kilauea and lava flows occurring in the East Rift Zone.
The U.S. Secretary of Agriculture issued a disaster declaration for the County of Kauai which allows for assistance from the U.S. Department of Agriculture’s Farm Service Agency (FSA), including low-interest disaster loans.
The U.S. Small Business Administration (SBA) also has a disaster loan program for nonfarm businesses which are dependent on farmers and ranchers that have suffered agricultural production losses on Kauai. ■
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