This bill mandates the New Jersey Economic Development Authority (NJEDA), in collaboration with the Department of Agriculture, to create and manage a loan program specifically designed to assist beginning farmers in acquiring agricultural land, improvements, and depreciable agricultural property. A "beginning farmer" is defined as an individual with a low or moderate net worth who is engaged in or wishes to engage in farming. The bill outlines specific criteria that applicants must meet to qualify for loans, including residency in New Jersey, the location of the agricultural property within the state, and sufficient education or experience in farming.

The NJEDA is tasked with reviewing loan applications and determining appropriate interest rates and terms for the loans, which will be formalized through a loan agreement. The authority may also require financial statements from borrowers to ensure their ongoing viability and establish terms for handling defaults. Additionally, the NJEDA is authorized to collaborate with federal and state agencies to enhance the effectiveness of the loan program. The overarching goal of this legislation is to support the next generation of farmers in New Jersey, addressing the increasing average age of farmers in the state and ensuring the sustainability of agricultural practices.