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 either currently engaged in farming or wishes to start. 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. Additionally, the bill allows the NJEDA to set terms for loan agreements, including interest rates and conditions for default.

The legislation emphasizes the importance of supporting new farmers in New Jersey, where the average age of farmers is notably high, indicating a pressing need for generational transition in agriculture. By facilitating access to financing for beginning farmers, the bill aims to ensure the sustainability of farming in the state and to address the challenges posed by an aging farming population. The NJEDA is also empowered to collaborate with federal and state agencies to enhance the effectiveness of the loan program.