HI HB1264

Establishes a new Class I biosecurity project loan program with maximum loan amounts of $1,000,000 or 85% of project cost (whichever is less) and terms up to 25 years at 3% annual interest for livestock biosecurity measures.

Creates a new farm innovation loan program (Class F) allowing qualified farmers up to $75,000 for practical research in crop development, innovative production techniques, new technologies, and production of new crops not typically grown in Hawaii.

Expands new farmer loan eligibility to include graduates of farm trainee programs and reduces credit denial requirements from two to one for new farmer and farm innovation loans under $100,000.

Waives the two-year residency requirement and credit denial requirements for new farmer loans of $100,000 or less to recent agriculture college graduates (within 5 years) and farm trainee program graduates.

Allows farm innovation loans and new farmer loans with reduced equity contributions (minimum 5% for projects under $100,000) to encourage younger generations and new entrants to farming.