STAND. COM. REP. NO. 823
RE: H.B. No. 1248
Honorable Shan S. Tsutsui
President of the Senate
Twenty-Sixth State Legislature
Regular Session of 2011
State of Hawaii
Your Committee on Agriculture, to which was referred H.B. No. 1248, H.D. 1, entitled:
"A BILL FOR AN ACT RELATING TO AGRICULTURAL LOANS,"
begs leave to report as follows:
The purpose and intent of this measure is to:
(1) Reduce the New Farmer Program (Program) loan interest rate;
(2) Increase the Program's loan limits;
(3) Reduce the number of credit denials required to qualify for the Program; and
(4) Appropriation funds from the Agricultural Loan Revolving Fund for the Program.
Your Committee received testimony in support of this measure from the Department of Agriculture, Hawaii Farm Bureau Federation, and four individuals.
Your Committee finds that as the number of new farms in the State increases, affordable capital for new farmers must be made more readily available. This measure provides easier and more affordable access to capital that is crucial in encouraging new farmers to enter the agriculture market.
As affirmed by the record of votes of the members of your Committee on Agriculture that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 1248, H.D. 1, and recommends that it pass Second Reading and be referred to the Committee on Ways and Means.
Respectfully submitted on behalf of the members of the Committee on Agriculture,
CLARENCE K. NISHIHARA, Chair