HONOLULU – The Hawaii Board of Agriculture (Board) today 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.
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.
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.
Earlier this month, 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 FSA office on Kauai may be contacted at: (808) 245-9014 Ext. 2.
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.