NJ S1717

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

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

Loan applicants must demonstrate sufficient education, training, or experience in farming; have access to adequate working capital and equipment; and materially participate in farming operations on land located in New Jersey.

Loan terms, interest rates, and default provisions would be set by NJEDA, which may require audited financial statements to ensure borrower viability.

The bill aims to address the aging farmer population, noting the average New Jersey farmer is 59.7 years old with the average age increasing 2.72% annually since 2002.