CHRISTIE ADMINISTRATION ADVANCES SUPPORT TO SPUR BUSINESS GROWTH AT EDA BOARD MEETING
Small Business Assistance Highlighted
TRENTON, N.J. (March 13, 2013) – In support of the Christie Administration’s efforts to increase access to capital for growing businesses across the State, the New Jersey Economic Development Authority (EDA) today announced support for large and small companies representing a range of industries and geographic areas.
“From low-cost lending programs to the enhanced Grow NJ incentive, EDA offers a wide array of resources to help companies maintain or expand their operations in the State,” said EDA CEO Michele Brown. “Our focus on New Jersey’s small businesses remains particularly critical as we work to strengthen our communities and expand employment opportunities for our residents.”
Brown noted that the EDA works with over 40 Premier Lender banking partners to overcome the financial obstacles that can stall the growth of small businesses in the State.
To facilitate its expansion in Bellmawr, National Paper Recycling, Inc. is taking advantage of the New Jersey Business Growth Fund, a partnership of the EDA and PNC Bank. The company, which has operated as a paper recycler for more than a decade, was approved for a loan that includes a 25-percent EDA guarantee.
Also in Camden County, Imagine Audio is utilizing the Small Business Fund to acquire property and establish a permanent home in Cherry Hill. The company, which installs automotive electronics and accessories, was approved for a loan from Investors Bank that includes a 25-percent EDA participation. R & R Investments also tapped the Small Business Fund to acquire property in Westville to support its expansion. The Gloucester County business owns various real estate investment properties for its affiliated operating companies – R & R Associates, R & R Wholesale and S and C Green World Supply. R &R was approved for a loan from Fulton Bank that includes a 47.7-percent EDA participation.
Through the Stronger NJ Business Loan Program, Ocean County-based Berkeley Island Marine, Inc. was approved for a working capital loan to support its ongoing recovery in the aftermath of Superstorm Sandy. The marine repair service business is located at Trixies Landing along the Barnegat Bay. The loan program, funded through New Jersey’s Community Development Block Grant Disaster Recovery allocation, offers loans of up to $5 million to help small businesses and non-profits that were impacted by Superstorm Sandy, as well as businesses looking to expand within storm-impacted communities.
At its monthly meeting, the Board was updated on the EDA’s strategic partnership with UCEDC. In 2011, EDA entered into a three year contract with the not-for-profit economic development corporation to further expand the array of training, technical and financial assistance services available to entrepreneurs and small businesses throughout New Jersey. In 2013, UCEDC established a satellite office in Atlantic City with Main Street Atlantic City and is also collaborating with other small business advocates, including Stand Up for Salem, the Latin American Economic Development Association and the Cumberland County One Stop Career Center. Last year, UCEDC trained or mentored more than 1,500 entrepreneurs, held over 65 business training workshops across the State, and, provided close to $2.9 million in loans to 96 small businesses, 30 percent of which were minority- or woman-owned enterprises.
The EDA Board also approved three projects under the enhanced Grow New Jersey Assistance Program. Spanning Bergen, Middlesex and Burlington counties, these projects would involve the total private investment of more than $10 million, the creation of 120 new jobs and the retention of over 200 jobs at risk of being relocated outside of New Jersey. Together, these projects would lead to an estimated net benefit to the State of more than $88.6 million over the 20-year period required by law.
In New Brunswick, a Grow NJ award was approved to encourage engineering and equipment manufacturer Procedyne Corporation to enhance its facility in New Brunswick, rather than relocate to Pennsylvania. With Association Headquarters, Inc.’s current lease set to expire this summer, the Board approved a Grow NJ to encourage the association management company to maintain and expand its operations in Mount Laurel instead of Pennsylvania. To improve its operations, Sony Music is considering the relocation of employees from Manhattan to a site in Rutherford or Long Island City, New York. The Grow NJ award was approved to encourage the global recorded music business to choose the New Jersey alternative.
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.