By Web Team
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WAILUKU, Hawaii (KITV) – Maui farmers who have been impacted by the overpopulation of Axis deer may be eligible for an emergency loan of up to $150,000 to address the economic impacts of invasive species.
The $150,000 will be the maximum amount loaned to affected farmers, according to the Hawaii Board of Agriculture. The terms of the loan and the amount paid will be determined on a case-by-case basis.
Loan applications will be accepted until January 17, 2023.
Some considerations the Council will take into account when determining loan terms include the farm’s historical performance and “projected cash flows based on reasonable revenue and expense assumptions.”
The interest rate on the loans will be 3%, the council said. The credit requirement elsewhere will be waived for loans of $100,000 or less. But those requesting more than $100,000 will need at least one credit rejection before they are eligible for the loan.
According to the Council, anyone in need of $50,000 or less can apply for micro loans which involve less paperwork and faster processing.
The three-year residency requirement will not apply.
Anyone seeking more information about the emergency loan program is asked to call the Agricultural Loan Division in Honolulu at 808-973-9460.
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