NJ S1881

New Jersey Economic Development Authority (NJEDA), in consultation with the Department of Agriculture, must establish a loan program to help beginning farmers acquire agricultural land, buildings, equipment, and other depreciable farm property

"Beginning farmer" is defined as a New Jersey resident with low or moderate net worth (determined by USDA data) who engages in or wishes to engage in farming

Loan applicants must demonstrate sufficient education, training, or experience in farming, materially participate in farm operations, and have access to adequate working capital or equipment depending on loan purpose

NJEDA will set interest rates and loan terms, may require audited financial statements from borrowers, and can establish default provisions through regulations or loan agreements

Program addresses aging farmer population concerns, noting the average New Jersey farmer is 59.7 years old, with the average age increasing 2.72% annually since 2002