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AGRICULTURAL
LOAN PROGRAMS
Aquaculture Loan Program
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AQUACULTURE
LOAN PROGRAM
FACT SHEET
Eligibility
Requirements
A Qualified Aquaculturist
is:
- A person or
association of persons, actively engaged in
aquaculture farming, aquaculture produce
processing, or aquacultural product development
activities; and
- An adult resident of
the State or a corporation or aquacultural
cooperative licensed to do business in Hawaii or
a partnership in which at least one partner is an
adult resident of the State; and
- A sound credit risk
with the ability to repay money borrowed; and
- Able to produce
satisfactory credit references.
Aquaculture loans are for
applicant who intends to devote full-time to aquaculture.
A full-time aquaculturist is defined as a person who
devotes most of their time to aquaculture or derives a
major portion of their income from aquaculture farming
operations.
Loans
Available
Loans
to Sole Proprietors, Partnerships &
Corporations
|
Type of Loan
|
Maximum Loan
|
Maximum Term
|
Purpose
|
| Farm Ownership & Improvement
Loan |
$400,000
|
40 years
|
Purchase or improvement of
aquaculture farmland. |
| Operating Loan |
$400,000
|
10 years
|
Purchase of aquatic
equipment, fishstock; payment of production and
marketing expenses including materials, labor,
& services; and living expenses. |
Loans to Aquaculture
Cooperatives
|
Type of Loan
|
Maximum Loan
|
Maximum Term
|
Purpose
|
| Facility Loan |
$250,000
|
20 years
|
Purchase or improve land,
building and equipment. |
| Operating Loan |
$150,000
|
3 years
|
Provide operating capital
to finance inventories, warehouse, and shipping
commodities, extension of consumer credit to
justified members and other normal operating
expenses. |
Interest
rates for aquaculture loans are fixed at 5% per
annum.
Application
Process
Loan applications may be
obtained from any Agricultural Loan Division Office. Loan
Officers are available to provide assistance and guidance
on the loan process. To be eligible for a direct loan,
applicants must be denied credit from three lenders,
which include the Farm Credit Bank and two other private
lenders including banks, savings and loan associations,
credit unions, and mortgage loan companies.
A private lender may
pursue a participation loan or insured/guaranty loan on
behalf of the applicant. Under these circumstances, the
private lender will work in conjunction with the Division
on the loan application.
As part of the application
process, aspects such as repayment ability, collateral,
and credit history will be taken into consideration.
Acceptable applications are presented to the Board of
Agriculture for final approval.
For more
information, call or visit one of our offices.
Oahu: Department of
Agriculture
1428 South King Street
Honolulu, Hawaii 96813
Telephone: (808) 973-9460
Hawaii: Department of
Agriculture
16 East Lanikaula Street
Hilo, Hawaii 96720
Telephone: (808) 974-4140
Kona Civic Center
82-6130 Mamalahoa Highway
Captain Cook, Hawaii 96704
Telephone: (808) 323-7591
Kauai: Telephone:
274-3141, extension 39460 (Toll Free)
Maui: Telephone:
984-2400, extension 39460 (Toll Free)
Molokai: Telephone:
1-800-468-4644, extension 39460 (Toll Free)
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