COMMERCIAL BAKERY TO EXPAND IN NEWARK WITH FINANCING FROM TD BANK AND EDA
Trenton, N.J. (August 10, 2009) – Paramount Bakeries, Inc., a commercial bakery primarily serving supermarket chains, expects to maintain 40 jobs and add 15 new positions over the next two years as the company builds a 12,000-square-foot addition to its production plant and 2,500 square feet of office space in Newark. The project will be made possible with the help of a $2.7-million TD Bank loan that includes a $1.25-million participation from the New Jersey Economic Development Authority (EDA) made under the Statewide Loan Pool for Business program.
“New Jersey remains committed to supporting small, minority and women-owned businesses and encouraging private investment in our cities,” said Governor Jon S. Corzine. “Our continued support of small business growth and community investment are critical to ensuring our state emerges from the national economic recession, and the success of Paramount Bakeries is great news for New Jersey, particularly during these tough economic times.”
The EDA’s participation in this project supports Governor Corzine’s Economic Growth Strategy to create and maintain jobs in New Jersey’s cities and encourage the development of small and mid-size businesses throughout the state.
“We are pleased to be able to participate in this joint financing that is going to help this small business maintain existing jobs and bring new jobs into the City of Newark,” said EDA Chief Executive Officer Caren S. Franzini.
When Linda Kiesel-Zabludovsky and husband, Shraga Zabludovsky, purchased Paramount Bakeries in 1994, it had already been in Newark for 70 years. “At the time we bought the bakery, it was a small company dealing primarily with mom and pop stores, bodegas and small bread routes,” said Linda. “Since then, we have built the company into a major commercial bakery serving supermarkets such as ShopRite, A&P, Pathmark, Foodtown and Gristedes, among others.”
Shraga added, “Newark has been an ideal place to grow Paramount Bakeries and this project will help ensure we continue to thrive and create more jobs in the city. The process was seamless thanks to the City of Newark, Brick City Development Corporation, and the EDA. We are especially thankful to receive support for this expansion from the state.”
In addition to supporting Paramount’s planned construction, the project also involves purchasing new equipment and refurbishing existing equipment at the company’s two facilities in Newark. The project is expected to create 25 construction jobs.
The Statewide Loan Pool program is an innovative partnership that brings together the resources of the EDA with scores of New Jersey financial institutions like TD Bank. By participating in bank loans, the EDA makes it easier for banks to lend money that supports business growth. Since the early 1990s, the EDA has provided more than $175 million in loan participations through this program, which has assisted over 715 projects that have created in excess of 9,800 new jobs.
“Small businesses are such an important part of the local community and our nation’s economy, and TD Bank is proud to participate in such an innovative program that benefits everyone involved,” said Nicholas Miceli, market president, TD Bank. “We remain a financially stable and committed partner that is actively lending to businesses of all sizes.”
The EDA is a state financing and development agency that works to strengthen New Jersey’s economy by retaining and growing businesses through financial assistance, by renewing communities, and by promoting the state’s strategic advantages to attract domestic and international business.
For more information on the Statewide Loan Pool program, visit www.njeda.com . To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.
About TD Banknorth and TD Bank
Following TD Bank Financial Group’s acquisition of Commerce Bancorp Inc. on March 31, 2008, TD Banknorth and Commerce Bank merged on May 31, 2008, to become TD Bank, America’s Most Convenient Bank. Today, TD Banknorth and TD Bank form one of the 15 largest commercial banks in the United States with $126 billion in assets, and provide customers with a full range of financial products and services at more than 1,000 convenient locations from Maine to Florida. TD Bank, N.A., is headquartered in Cherry Hill, N.J., and Portland, Maine. TD Banknorth and TD Bank are trade names of TD Bank, N.A. For more information, visit www.TDBanknorth.com and www.TDBank.com.
TD Banknorth and TD Bank, America’s Most Convenient Bank, are members of TD Bank Financial Group of Toronto, Canada, a top 10 financial services company in North America and one of just three triple-AAA-rated banks on the New York Stock Exchange.