CHRISTIE ADMINISTRATION ADVANCES SUPPORT FOR SMALL BUSINESSES ACROSS NEW JERSEY AT MARCH EDA BOARD MEETING
TRENTON, N.J. (March 14, 2013) – In support of the Christie Administration’s efforts to spur job creation and accelerate business growth, small businesses from Bergen County to Camden County will receive financing assistance through the New Jersey Economic Development Authority (EDA), which offers a variety of lending programs in partnership with the State’s banking community.
“By partnering with our more than 40 Premier Lender banking partners, EDA is able to increase access to capital for small businesses in New Jersey that are looking to maintain or expand their operations,” said EDA Chief Executive Officer Michele Brown. “Representing a range of industries and geographic areas, the success of these businesses remains an integral part of growing New Jersey’s economy.”
With Premier Lender status, the EDA is able to work with its banking partners to offer small businesses in New Jersey low-cost financing opportunities with fast turnaround.
Through the Main Street Business Assistance Program and the Statewide Loan Pool Program, the EDA is partnering with its newest Premier Lender, The Bank of Princeton, to support Piscataway-based Logistic Solutions, Inc. The minority- and woman-owned IT consulting and staffing business is in the process of refinancing and restructuring debt to ease cash flow and provide working capital. Logistic Solutions received a $1.7 million line of credit from The Bank of Princeton, backed by a two-year, $500,000 EDA guarantee. The company also received a $1 million loan from the bank that included a 50-percent EDA participation. Logistic Solutions currently employs 65 and expects to create 50 new jobs within the next two years.
Globe Scientific and Darlco Products were able to establish a permanent location in Paramus with the help of a mortgage from Premier Lender TD Bank, which was contingent on an EDA direct loan. The related companies had been leasing space in the Borough. Globe Scientific is a distributor of laboratory products, including test tubes and chemical agents. Darlco Products was established to service various niches within the laboratory products industry. Together, these companies employ a staff of 30 and expect to create 16 new jobs as they continue to grow in Bergen County.
Vish, LLC is a leading processor of plastic recyclable materials in the Northeast, providing end-to-end global solutions for waste management. To refinance the existing mortgage debt on its North Brunswick-based facility, the company received a loan from Premier Lender Provident Bank that included a $1.25 million EDA participation. The company currently has a staff of 12 and plans to create 35 new jobs within the next two years.
In Burlington Township, Double Dipped Donuts, Inc. (DDD) is utilizing the New Jersey Business Growth Fund, a program of the EDA and Premier Lender PNC Bank, to refinance its real estate. Established more than 60 years ago, DDD is a family-owned retail bakery known for its unique baked goods and diverse assortment of French and Italian pastries. The company plans to add two new employees to its existing staff of 13.
In addition to its partnerships with commercial lenders, the EDA provides below-market rate direct loans through the Small Business Fund. Established over 30 years ago, Ritschel’s Electronic Office Systems, Inc. is a premier office technology provider serving over 4,000 companies in the Northern and Central New Jersey regions, as well as the New York metro area. The company, based in Fairfield, received a $270,000 direct loan in conjunction with a $1.4 million loan provided by Sussex Bank to refinance its existing commercial real estate. Ritschel’s currently employs a staff of 37 and expects to create seven new jobs within the next two years.
At its monthly meeting, the EDA Board also approved a Business Employment Incentive Program grant to encourage the expansion of American Stock Transfer and Trust Company (AST) in New Jersey. AST is looking to consolidate its Philadelphia and New Jersey facilities into one, and is considering a location in Clifton or Philadelphia. If the company chooses New Jersey, it expects to create 30 new jobs and invest over $700,000. The Board also approved a Grow New Jersey award for Honeywell International, Inc. to support the retention of over 1,060 existing Jersey jobs and encourage the private investment of an estimated $94 million. Honeywell expects to purchase 40 acres of land, a 475,000-square-foot building complex and a parking garage in Morris Plains for its new global headquarters, rather than relocate to Pennsylvania.
EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton. The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.com. All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.
The EDA is part of the state’s results-driven Partnership for Action. Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA.
To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.