Bill > S2727

Introduced Session

This bill requires the New Jersey Economic Development Authority (EDA), in consultation with the Department of Agriculture (department), to establish a loan program and application process for the purpose of providing loans to eligible vineyards or wineries to pay for "qualified capital expenses," as that term is defined in the bill. Under the bill, the EDA, in consultation with the department, is to provide a loan to an eligible vineyard or winery to pay for qualified capital expenses. The loan amount is to be no less than $10,000 and no greater than $100,000 to each eligible vineyard or winery, bear a rate of interest between three and five percent, and be repayable over a term of up to ten years, as determined by the authority and department. A new vineyard or winery or an existing winery or vineyard that plans to use funds from the prospective loan to acquire more property in order to expand its business is to be eligible for higher loan amounts with lower interest rates as determined by the authority and department. Under the bill, "vineyard" means agricultural lands located in the State consisting of at least 1 contiguous acre dedicated to the growing of grapes or other fruit that are used or are intended to be used in the production of wine by a winery as well as any other plants or other improvements located thereon. "Winery" means a commercial farm where the owner or operator of the commercial farm has been issued and is operating in compliance with a plenary winery license or farm winery license pursuant to R.S.33:1-10.

Committee Categories

Robert Andrews (D)*,  Nilsa Cruz-Perez (D)*,  Jeff Van Drew (R)*, 

Referred to Senate Budget and Appropriations Committee (on 05/18/2017)