Farm and Aquaculture Sustainable Projects Loan

In July 2008, Hawaii enacted legislation creating a loan program for agriculture and aquaculture renewable energy projects, including biogas capture and combustion. Qualified projects are eligible for a Class H loan and can be used for the purchase of equipment and related materials, labor, and services, land for the project, operating costs, and the repayment of debts related to these activities. Loans may provide up to 85 percent of the project cost (up to a maximum of $1,500,000) for a term of up to forty years. Interest is charged on the unpaid principal balance of the loan at a rate of 3 percent.