This bill mandates the New Jersey Economic Development Authority (NJEDA) 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 either currently engaged in farming or intends to do so. The bill outlines specific eligibility criteria for loan applicants, including residency in New Jersey, the location of the agricultural property within the state, and the requisite education or experience in farming. Additionally, the bill stipulates that the NJEDA will establish terms for loan agreements, including interest rates and conditions for default.

The legislation aims to address the declining number of farmers in New Jersey, where the average age of farmers is notably high, indicating a pressing need for new entrants into the agricultural sector. By facilitating access to financing for beginning farmers, the bill seeks to ensure the sustainability and growth of agriculture in the state, thereby preserving its farming community. The NJEDA is also empowered to collaborate with federal and state agencies to enhance the effectiveness of the loan program.