WeVote
Log In

Bill

DF

Bill

A 4979

Requires NJEDA to establish "Value-added Agriculture Loan Program" to assist farmers in developing value-added products.

2026-2027 Regular Session Introduced by Dawn Fantasia

NJEDA would establish a Value-added Agriculture Loan Program to finance farmers converting crops into higher-value products, boosting rural economies and local supply chains.

Introduced, Referred to Assembly Agriculture and Natural Resources Committee
0
WeVote Research Nonpartisan
Bill Summary · A 4979

Summary of New Jersey A-4979 (Session 222)

Purpose and Intent

A-4979 would require the New Jersey Economic Development Authority (NJEDA) to establish a “Value-added Agriculture Loan Program.” The program aims to help farmers develop and monetize value-added agricultural products beyond raw farm commodities, boosting farm income, rural economic activity, and local supply chains.

Key Provisions

  • Establishment of Program

    • NJEDA must create and administer the Value-added Agriculture Loan Program.
    • The program is designed to provide financing to farmers for activities that convert agricultural products into higher-value goods or services.

  • Eligible Uses of Funds

    • Capital investments and equipment purchases needed to process, package, brand, or market value-added products.
    • Activities to increase product shelf-life, expand distribution, or develop new product lines based on existing farm outputs.
    • Costs related to food safety, processing facilities, labeling/compliance, and marketing initiatives tied to value-added products.

  • Loan Terms and Financing

    • The bill outlines that loans would be available to qualifying farmers, with terms likely specified by NJEDA (e.g., repayment period, interest rates, collateral requirements). The exact terms would be set by NJEDA under the program framework.
    • Possible prioritization criteria or eligibility guidelines to align with program goals (support for small to mid-sized farms, geographic distribution, or sectors with growth potential).

  • Program Administration

    • NJEDA would administer the program, including application intake, underwriting standards, and loan closing.
    • The agency could establish application deadlines, reporting requirements, and periodic performance reviews.

  • Target Beneficiaries

    • Primarily New Jersey farms and agricultural producers seeking to add value to their products (e.g., processing, packaging, branding, direct-to-consumer markets, or regional supply chain development).

Who Is Affected

  • Farmers and Agricultural Producers: Primary recipients of loans or assistance under the program.
  • Agricultural Businesses Built Around Value-added Products: Entities that leverage farm outputs into processed goods or services.
  • NJEDA and Related State Agencies: Responsible for program administration, oversight, and ensuring alignment with state economic development goals.

Procedural and Timeline Considerations

  • Implementation Timeline: The bill would require NJEDA to establish the program after enactment or as soon as practicable, with rules and guidelines to be issued to implement the loan program.
  • Reporting and Oversight: The bill may set forth reporting requirements to the legislature on program performance, loan activity, funding utilization, and outcomes for value-added agricultural development.
  • Funding Source Details: The bill text would specify whether the program draws funds from existing NJEDA resources, state appropriations, or potentially tied to broader economic development appropriations. (Exact funding details would be outlined in the enacted version or implementing regulations.)

Rationale and Public Benefit (Context)

  • By enabling farmers to process and market value-added products, the bill seeks to diversify farm income, create local jobs, strengthen rural economies, and expand consumer access to differentiated NJ-produced goods.

If you’d like, I can tailor this summary to include potential fiscal notes, likely administrative costs, or compare it to similar value-added loan programs in other states.

Compiled from official sources — confirm details with the bill’s official record.

Sign in to ask a question.