Bill > S1383

Introduced Session

This bill requires the New Jersey Economic Development Authority (EDA), in consultation with the Department of Agriculture (NJDA), 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 NJDA, is to provide loans to eligible vineyards or wineries to pay for qualified capital expenses. Loan amounts are 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 10 years, as determined by the EDA and NJDA. A vineyard or winery that plans to use funds from the prospective loan to acquire more real property in order to expand its business is to be eligible for higher loan amounts with lower interest rates as determined by the EDA and NJDA.

Committee Categories

Robert Andrews (D)*,  Bob Andrzejczak (D)*,  Jeff Van Drew (R)*, 

Introduced in the Senate, Referred to Senate Economic Growth Committee (on 02/01/2018)