Cover photo for Hawaii Alternative Energy Loan Program

Hawaii Alternative Energy Loan Program

Hawaii Department of Agriculture

About

The Hawaii Alternative Energy Loan Program is part of the Hawaii Agricultural Loan Division.

The State of Hawaii, Department of Agriculture’s Agricultural Loan Division administers the Agricultural Loan Program and the Aquaculture Loan Program. The intent of the programs is to help promote agricultural and aquacultural development of the State by providing credit at reasonable rates and terms to qualifying individuals or entities. Through the establishment of a revolving loan fund, credit is made available by supplementing private lender sector loan funds or by providing direct funding.

Considered a “lender of last resort”, the program is not intended to compete with private sector lenders. Prospective applicants must inquire with and be denied credit from private sector lenders prior to filling an application. In addition, prospective applicants must fulfill applicable eligibility requirements. Applicants that are not able to obtain denials from the private lending sector may inquire with the private lender on the possibility of utilizing the insured/guaranty and/or participation loan facilities.

Act 209 was enacted in 2008 to establish a new loan program to help full-time farmers, ranchers, and aquaculturalists to reduce dependence on fossil fuel by producing renewable energy through sources such as photovoltaic, hydroelectric, wind, methane, biodiesel, and ethanol. The act also allows for loans for food safety projects to ensure a safe food supply for Hawaii’s people.

Resources

Similar Programs

Details

Organization

Hawaii Department of Agriculture (HDOA)

Financial Instrument

Loan

Image Credit

Σ64

Updated April 2, 2021

This information was gathered from public sources. Ambrook is not responsible for or able to affect the results of any financial programs listed, nor are they responsible for any incorrect information that is listed or is on the hyperlinked external sites. All information is subject to change.