By web staff
WAILUKU, Hawaii (KITV) – Maui farmers affected by axis deer overpopulation may be eligible for an emergency loan of up to $150,000 to help deal with the economic impact of the invasive species.
The $150,000 is the maximum amount that will be loaned to affected farmers, according to the Hawaii Board of Agriculture. The conditions of the loan and the amount granted are determined on a case-by-case basis.
Loan applications will be accepted until January 17, 2023.
Some considerations the board will make in determining loan terms include the farm’s historical performance and “projected cash flow based on reasonable assumptions of income and expenses.”
The interest rate on the loans is 3%, the board said. Credits of $100,000 or less will waive the credit requirement elsewhere. But those applying for more than $100,000 need at least one credit denial before they are eligible for the loan.
Anyone who needs $50,000 or less can apply for microloans, which require less paperwork and faster processing, the board said.
The three-year residence requirement does 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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