Requires NJEDA to establish loan program to assist beginning farmers in financing capital purchases.

This bill requires the New Jersey Economic Development Authority (NJEDA) to create a loan program helping beginning farmers purchase essential farming capital like land, farm buildings, and equipment. Beginning farmers are defined as New Jersey residents with low or moderate net worth who are actively farming or planning to start farming. To qualify, applicants must meet specific criteria including New Jersey residency, property location within the state, relevant farming experience, and plans for active farm operation. Loans would be issued by NJEDA with terms and interest rates set by the agency, and borrowers may need to provide financial statements to ensure business viability.