Tony Pallet Continues Success After Nearly 30 Years
Vera Russo, Owner
Tony Pallet, Inc., Newark
Tony Pallet, Inc. is one of the larger pallet manufacturing and repair companies in the Northeast, and the company enjoys an excellent reputation in the market it serves. Formed in 1979, the family-operated business is still running strong today, thanks in part to the EDA.
When the Newark-based business needed to purchase new equipment to help spur the company's expansion, the New Jersey Business Growth Fund was able to make it happen.
Tony Pallet obtained a low-interest $192,942 loan from PNC Bank, backed by EDA guarantees totaling $48,235. This funding was used to purchase a new wood grinder that reduces the cost of scrap wood disposal, and a new kiln to treat pallets used in export. Previously, another company located out of state treated the pallets.
"The equipment we purchased enabled our business to grow," said Vera Russo, owner of Tony Pallet. "Working with the EDA was a very smooth process. I couldn't have been more satisfied."
The company currently has 27 employees and plans to add 10 more in the next two years as a result of the equipment acquisition.