Richard Ha writes:

Yesterday, the state Board of Agriculture approved an Emergency Loan Program for farmers and ranchers who suffered damage due to Tropic Storm Iselle.

Governor Neil Abercrombie declared the entire state of Hawai‘i a disaster area due to the high wind and rain associated with Iselle. This authorizes the expenditure of state monies for disaster relief.

The main elements of the Board of Agriculture's emergency loan program are:

• Maximum loan amount: $100,000
• Terms to be determined on a case-bycase basis as needed. Consideration will be given to the applicants based on prior performance and projected cash flow based on reasonable assumptions of revenue and expenses.
• Interest rate: 3 percent (Federal loan program may have lower interest rate)
• The credit elsewhere requirement shall be waived for loans of $50,000 or less. 
• The 3 year residency requirement for U.S. Citizens and permanent resident aliens shall not apply.
• Collateral requirements may be modified or waived, as necessary, on a case-by-case basis. Whenever possible, the provisions of Section 155-11, Security for Loans, should be followed.
• Emergency Loan Applications can be accepted until December 31, 2014.