New Jersey A2896 requires NJEDA to create a loan program for beginning farmers to finance capital purchases.
New Jersey A2896 mandates the New Jersey Economic Development Authority (NJEDA), in consultation with the Department of Agriculture, to establish a loan program for beginning farmers. This program aims to assist these farmers in financing the purchase of agricultural land, agricultural improvements, and depreciable agricultural property. To qualify, applicants must meet specific criteria, including being a resident of New Jersey, having sufficient education or experience in farming, and using the purchased items solely for farming activities.
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