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New Jersey establishes small business loan program for farmers under new law

Gov. Phil Murphy signed legislation Friday establishing a small business loan program for farming equipment purchases and dairy farm operations. The program will be administered by the Economic Development Authority.

The bill (A5595), which was sponsored by Assemblymen Hal Wirths and Ron Dancer, allows two or more farming businesses to apply to purchase equipment and permits dairy farmers to use the funds to support their work.

“There’s no way around it. Modern farm equipment is very expensive,” said Wirths (R-Sussex, Warren, Morris). “The federal government has a loan program for farmers, but the thin profit margins can make the short loan durations impractical. This law will provide more farmer-friendly loans.”

The loans can be especially useful for value-added dairy operations producing products such as cheese, cultured sour cream, concentrated milk, yogurt, butter and ice cream. Dairy farmers who produce these products can use the funds for any aspect of their small business.

“In the Garden State, farms are a big part of our identity,” said Dancer (R-Ocean). “This program and the loans could be the difference in farms remaining in business or shutting down and selling out to developers.”

The bill passed the Legislature on June 20.  Sen. Steve Oroho (R-Sussex, Warren, Morris) sponsored the Senate version.

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Jay Edwards

Born and raised in Northwest NJ, Jay has a degree in Communications and has had a life-long interest in local radio and various styles of music. Jay has held numerous jobs over the years such as stunt car driver, bartender, voice-over artist, traffic reporter (award winning), NY Yankee maintenance crewmember and peanut farm worker. His hobbies include mountain climbing, snowmobiling, cooking, performing stand-up comedy and he is an avid squirrel watcher. Jay has been a guest on America’s Morning Headquarters,program on The Weather Channel, and was interviewed by Sam Champion.

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