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 intends to do so. 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 specifies 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 developing the loan program in consultation with the Department of Agriculture and is authorized to set interest rates and terms for the loans. The authority may also require loan recipients to submit audited financial statements to ensure their ongoing viability and establish terms for handling defaults. The bill emphasizes the importance of supporting new farmers in New Jersey, particularly in light of the aging farming population, with the average age of farmers in the state being 59.7 years. The initiative aims to preserve the state's agricultural sector and encourage new entrants into farming.