This bill mandates the New Jersey Economic Development Authority (NJEDA) to create and manage a loan program aimed at assisting 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 eligibility criteria for loan applicants, including residency in New Jersey, the location of the proposed purchases within the state, and the requisite education or experience in farming. Additionally, the bill stipulates that the agricultural land and improvements must be used solely for farming purposes under the direction of the beginning farmer.

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 loan recipients to submit audited financial statements to ensure their ongoing viability and establish terms for handling defaults. Furthermore, the NJEDA is authorized to collaborate with federal and state agencies to enhance the effectiveness of the loan program. This initiative aims to support the next generation of farmers in New Jersey, addressing the growing concern over the aging farming population in the state and nationwide.