|This Paterson-based food manufacturer received over $1.5 million in financing to purchase its facility and hire approximately 20 new employees to support the company’s growth.|
When Paterson-based Lotito Foods, an importer and distributor of Italian and European cheeses, needed financing to purchase a 25,000-square-foot complex in Paterson and expand capacity, the company benefited from a $1.5 million tax-exempt bond that was directly purchased by a bank.
“The EDA offered affordable financing with a great rate at a necessary time for us. It was a very organized and painless procedure,” said Chris Lotito, president.
In addition to the bond financing, Lotito Foods received a $200,000 direct loan from the EDA to complement $4 million in bank financing. At the end of the 5-year term of the direct loan, the remaining balance was extended for another 5 years. The long-term debt and supplemental financing helped fuel the rapid growth of the company.
Lotito Foods sells a variety of cheese in original form, and is also capable of customizing all types of cheese to exactly meet customers’ specifications. The cheese varieties are then either grated, shredded, shaved, cubed, wedged, or blended and packaged from retail sizes for supermarkets, to institutional sizes for restaurant distributors, to bulk sizes for food manufacturers.