REGULATION-TECH

104th Regular Session Introduced by Don Harmon

Bill SB 703 supports new farmers in Hawaii by providing loan programs, capping interest rates, and promoting local agriculture through farm-to-state initiatives.

Rule 3-9(a) / Re-referred to Assignments

Summary of Bill SB 703: Relating to Agriculture

Bill Number: SB 703
Introduced On: January 17, 2025
Current Status: Referred to AEN (Agriculture and Environment), WAM (Ways and Means)
Classification: Bill
Subject Areas: Appropriations, Farm-to-State Programs, Hawaii Department of Agriculture (HDOA), Interest Rate Cap, Line of Credit, Loan Programs, New Farmers

Purpose and Intent

The primary purpose of Bill SB 703 is to enhance agricultural development in the state by providing financial support and resources to new farmers. The bill aims to facilitate the establishment of farm-to-state programs that promote local agriculture and improve access to funding through various loan programs.

Key Provisions

Appropriations: The bill includes provisions for appropriating funds to support agricultural initiatives, particularly targeting new farmers.

Farm-to-State Programs: Establishes programs that encourage the procurement of locally grown agricultural products for state use, thereby supporting local farmers and reducing reliance on imported goods.

Loan Programs: Introduces new loan programs designed to assist new farmers in accessing capital. This includes:

Interest Rate Cap: A cap on interest rates for loans provided to new farmers, making borrowing more affordable.
Line of Credit: Establishment of a line of credit to provide ongoing financial support for operational needs.

Who Would Be Affected

New Farmers: The primary beneficiaries of this bill are new farmers who may face challenges in securing funding and resources to start and sustain their agricultural operations.

Local Agriculture Sector: The bill aims to strengthen the local agricultural sector by promoting the use of locally sourced products in state programs, which could lead to increased demand for local produce.

Hawaii Department of Agriculture (HDOA): The HDOA will play a crucial role in implementing the provisions of this bill, overseeing the administration of loan programs and farm-to-state initiatives.

Procedural Aspects

Legislative Timeline:

January 17, 2025: Bill introduced and passed its first reading.
January 23, 2025: Referred to the committees on Agriculture and Environment (AEN) and Ways and Means (WAM) for further consideration.

This bill represents a significant step towards supporting new farmers in Hawaii and enhancing the state's agricultural sustainability through targeted financial assistance and local procurement initiatives.