New Jersey § 34:1b-267

§ 34:1b-267.

a. The New Jersey Economic Development Authority, in consultation with the Department

of Agriculture, shall maintain and administer a loan program and application process

for the purpose of providing loans to eligible vineyards or wineries to pay for qualified

capital expenses. b. A loan to an eligible vineyard or winery authorized under P.L.2019, c. 34 ( C.34:1B-266 et seq. ) shall be made pursuant to a loan agreement with the authority and shall contain

any terms and conditions considered appropriate by the authority that are consistent

with the purposes of P.L.2019, c. 34 ( C.34:1B-266 et seq. ). The provisions of the loan agreement shall include, but not be limited to, a statement

of the proportional shares of ownership in eligible vineyard or winery, equipment

usage and maintenance responsibilities, and loan repayment responsibilities for any

loan proceeds received under the loan program. c. The authority may, in its discretion, require an eligible vineyard or winery that

receives a loan authorized pursuant to P.L.2019, c. 34 ( C.34:1B-266 et seq. ) to submit an annual audited financial statement to the authority in order to ensure

the continued viability of all vineyard or winery operations. d. The authority may, either through the adoption of rules and regulations, or through

the terms of the loan agreement made pursuant to subsection c. of this section, establish

terms governing the incidence of default by an eligible vineyard or winery that receives

a loan under the program administered pursuant to P.L.2019, c. 34 ( C.34:1B-266 et seq. ).