NJ S1717

New Jersey Economic Development Authority (NJEDA), in consultation with the Department of Agriculture, would establish a beginning farmer loan program to help farmers with low or moderate net worth acquire agricultural land, farm buildings, and depreciable property like machinery and trucks.

Loan applicants must be New Jersey residents purchasing property located in the state, with sufficient farming education or experience, and must materially participate in farming operations.

Eligibility requirements vary by loan purpose: land acquisition loans require access to adequate working capital and equipment, while equipment loans require access to working capital or agricultural land.

NJEDA would set loan interest rates, terms, and conditions, and may require audited financial statements to verify borrower viability and establish default terms.

The program addresses an aging farmer population, with New Jersey's average farmer age at 59.7 years and increasing at 2.72% annually since 2002, compared to the national average of 57.5 years.