|With the support of an EDA participation and guarantee, McKella280 received the bank financing it needed to refinance debt, grow its business and hire 10 new employees.|
Pennsauken-based McKella280 Inc. is a provider of graphic design, digital imaging, printing and fulfillment services. When the company needed financing to grow its business and hire additional employees, it turned to the EDA.
Supported by a $500,000 EDA participation and a total of $625,000 in guarantees, McKella280 received a total of $3.2 million in bank financing to refinance existing debt and support its growth. The EDA's involvement helped to reduce the bank's exposure, while ensuring McKella280 received the access to capital it needed. As a result, approximately ten new jobs were created.
"We would not have been able to receive the financing from our bank without the EDA's participation. The financing ensures our future and the growth of McKella280," said Co-Founder Richard McGee Jr. "Overall, the EDA was responsive, helpful and easy to deal with."
McKella280 was formed in October 2008 with the merger of Digital Color Image, Inc. and Citation Graphics. Digital Color Image was founded in 1985 by McGee; Citation Graphics was established in 1977 by Joseph LaGrossa.
"With the support of the EDA, McKella280 can focus on maintaining our employee base, growing our business and creating additional jobs in New Jersey," said LaGrossa. "This financing has enabled us to continue to provide our services to other businesses in the state."