About
The Hawaii Food Manufacturing Loans are 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.
Commodities
Eligibility
A Food Manufacturer is:
An entity licensed to do business in the State of Hawaii; and
Eligible food manufacturers shall have the controlling interest of its shareholders and directors possess a minimum of two years of relevant processing or manufacturing experiences as acceptable to the department of agriculture; and
The entity shall process Hawaii-grown agricultural products or use Hawaii-grown agricultural products as an ingredient in the manufacturing process.
Processed and manufactured agricultural food products include items such as chips, dairy products, guava and papaya puree, macadamia nut products, fruit drinks, juices, nectars, jams, jellies, packaged coffee, processed vegetables, freeze-dried and fresh poi, processed meat products, cookies, and candies.
Terms
Facility Loans' purpose are to purchase or improve land, buildings, and equipment.
Operating Loans' purpose are tp finance inventories of supplies and materials, warehousing, marketing expenses and shipping commodities.
Facility Loans require a down payment or equity contribution of 15% and can not exceed 85% of the value of the security offered.
Interest rates are fixed at 1% below the prime rate or at 7-1/2% per annum whichever is less. The prime rate is determined twice a year, on January 1st and July 1st of each year.
Resources
Similar Programs
Delaware Dairy Loan Program
Delaware Department of Natural Resources and Environmental Control
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- Irrigation
- Water Quality
- Cooperatives
- Processing
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- Dairy
- Milk
Feed The Hunger Fund
Feed The Hunger Fund
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- People Of Color
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Hawaii Aquaculture Loans
Hawaii Department of Agriculture
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- Processing
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Hawaii New Farmer Loan
Hawaii Department of Agriculture
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Details
Organization
Hawaii Department of Agriculture (HDOA)
Financial Instrument
Loan
Maximum Award Amount
$500,000
Image Credit
Updated July 19, 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.