HI SB2948

Establishes a ship repair industry loan program administered by the department of transportation to provide capital assistance to small shipyards in Hawaii for eligible projects including capital improvements, employee training, and equipment purchases.

Limits loans to small shipyards that have operated in Hawaii for at least five years with floating dry docking capability, with no shipyard receiving more than one loan per year.

Requires the department of budget and finance to establish loan terms, conditions, interest rates, security requirements, and be responsible for loan collection, with repayments deposited into a special account for future loans.

Allows loans to be made in conjunction with other financial institutions including the Small Business Administration, with state loans potentially subordinated to other lenders when necessary.

Requires the department of transportation to submit biennial reports to the legislature detailing the total number of loans provided and actual economic and employment growth results from the program.