Bill

Bill > A3439


NJ A3439

Requires EDA, in consultation with Department of Agriculture, to establish loan program for certain vineyard and winery capital expenses.


summary

Introduced
03/05/2018
In Committee
03/05/2018
Crossed Over
Passed
Dead
01/08/2020

Introduced Session

2018-2019 Regular Session

Bill Summary

This bill directs the New Jersey Economic Development Authority (EDA) to establish, in consultation with the New Jersey Department of Agriculture (NJDA), a loan program and application process for the purpose of providing loans to eligible vineyards or wineries to pay for qualified capital expenses. The term "qualified capital expenses" is defined in the bill to mean expenditures made by an eligible vineyard or winery to improve or purchase land, and to acquire or modernize infrastructure, machinery, and equipment. The bill requires that loans provided pursuant to this program are required to: (1) be no less than $10,000 and no greater than $100,000, for each eligible vineyard or winery; (2) bear an interest rate between three and five percent; and (3) be repayable over a term of up to 10 years, as determined by the EDA and NJDA. However, a vineyard or winery that plans to use funds from the loan to acquire more real property in order to expand its business is eligible for higher loan amounts with lower interest rates, as determined by the EDA and NJDA.

AI Summary

This bill directs the New Jersey Economic Development Authority (EDA), in consultation with the New Jersey Department of Agriculture (NJDA), to establish a loan program for eligible vineyards and wineries to pay for qualified capital expenses. The loans will range from $10,000 to $100,000, with interest rates between 3-5%, and repayment terms of up to 10 years. Vineyards and wineries planning to use the loan to expand their businesses are eligible for higher loan amounts and lower interest rates. The EDA and NJDA will administer the program, including setting loan terms, requiring annual audits, and establishing default procedures.

Committee Categories

Agriculture and Natural Resources

Sponsors (2)

Last Action

Introduced, Referred to Assembly Agriculture and Natural Resources Committee (on 03/05/2018)

bill text


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