Emergency loans up to $150,000 available to Maui farmers impacted by Axis deer infestation
By Web Staff
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WAILUKU, Hawaii (KITV) — Farmers on Maui who have been impacted by the overpopulation of Axis deer may be eligible for an emergency loan of up to $150,000 to deal with the economic impacts of the invasive species.
The $150,000 will be the maximum amount loaned out to impacted farmers, according to the Hawaii Board of Agriculture. The terms of the loan and the amount handed out will be determined on a case-by-case basis.
Loan applications will be accepted through Jan. 17, 2023.
Some considerations the Board will make as it determined loan terms include the historical performance of the farm and the “projected cash flow based on reasonable assumptions of revenue and expenses.”
The interest rate for the loans will be 3%, the Board said. The credit elsewhere requirement will be waived for loans of $100,000 or less. But those applying for more than $100,000 will need at least one credit denial before being eligible for the loan.
Anyone needing $50,000 or less can apply for micro-loans which involve less paperwork and swifter processing, according to the Board.
The three-year residency requirement will not apply.
Anyone looking for 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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