Bill allowing loans to farmers clears committee

TRENTON — Legislation sponsored by Assemblywoman Gail Phoebus and Assemblyman Ron Dancer providing EDA loans to farmers for equipment passed the Assembly agriculture committee.
“Modern farm equipment is tremendously expensive,” said Phoebus (R-Sussex, Warren, Morris). “New, elaborate computer driven equipment — giving the kind of precision and predictability that farmers 20 years ago couldn’t have even imagined — can cost as much as a small house. Many small farmers simply do not have the money to purchase the equipment needed to operate a modern farm.”
The bill allows the state Economic Development Authority to issue loans to two or more farms for the joint purchase of equipment. The helps foster more cooperation between small farmers.