STAND. COM. REP. NO.  97

 

Honolulu, Hawaii

                , 2011

 

RE:   H.B. No. 1248

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2011

State of Hawaii

 

Sir:

 

     Your Committee on Agriculture, to which was referred H.B. No. 1248 entitled:

 

"A BILL FOR AN ACT RELATING TO AGRICULTURAL LOANS,"

 

begs leave to report as follows:

 

     The purpose of this bill is to provide affordable access to loans for new farmers by enhancing the New Farmer Program (Program).  Specifically, this bill:

 

     (1)  Reduces the number of credit denials required to qualify for the Program from two to one;

 

     (2)  Changes the interest rate on Program loans from six percent a year to a rate of one and one-half percent below the prime rate or six percent, whichever is less;

 

     (3)  Raises the ceiling on Program loans from $100,000 to $250,000; and

 

     (4)  Appropriates funds for the Program.

 

     The Department of Agriculture, Hawaii Farm Bureau Federation, and several concerned individuals supported this bill.

 


     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 and recommends that it pass Second Reading and be referred to the Committee on Finance.

 

 

Respectfully submitted on behalf of the members of the Committee on Agriculture,

 

 

 

 

____________________________

CLIFT TSUJI, Chair