COM 0931.019 1996-1998 - Laserfiche WebLink

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u BANKING AND FINANCE In the past, the stability of the economy of the State of Hawaii was secure in the production of pineapple and sugarcane, aided by the strong presence of military operations and government functions on the Island of Oahu. These very large entities had no problem with seeking financing, and each in its own way had a direct bearing upon the daily lives of the residents of Hawaii. However, with the reduction in defense spending, the military and government presence was drastically cut, and many jobs were lost. The decreasing operations of the pineapple and sugarcane companies had an even greater affect on a number of people. In the years that I have spent within the State of Hawaii and having visited all of the islands repeatedly, and talking with various organizations and g,ovcmnhental agencies, I have observed that there is much difficulty in creating newer businesses, especially in the, agricultural and horticultural fields. It is almost impossible to imagine large companies such as the sugar and pineapple companies coming into the islands and creating operations requiring mass enhployment Beginning new endeavors and projects to fill needs that do exist in Hawaii would have to be done on a much smaller scale and begun as pilot programs which would in time grow into stable and productive operations. It has been my observation that lending institutions are hesitant to commit to small loans or seed financing to smaller operations, especially where there has been no history of either production or marketing of a product. We believe that under the right circumstances small productive farms could be developed which could in turn supply products not only for the state itself but also export to other countries or other areas. Pear seems to dominate both the potential grower, the potential user, and the financial institution which might supply funds to make these projects a reality. In making this statement I refer to the potential sales of agricultural and other products to the military. It is my understanding that Senator Inouye housed enough votes in Congress for the government to put aside money to purchase Hawaiian products for the military if products are available in the local market. Presently, there does not seem to be enough production of produce to assure a sufficient supply to the military and quartermasters. The food chains import vast amounts of produce and other products which could be supplied by Hawaiian farms. The grocery chains have no history on which to base local purchasing because there has not been sufficient production of these products in Hawaii, Grocer) 4