EDA APPROVES EDISON INNOVATION FUND INVESTMENT TO ASSIST LOCAL TECHNOLOGY BUSINESS
TRENTON, N.J. ( March 2007 ) – The New Jersey Economic Development Authority (EDA) has approved a $1 million investment through the Edison Innovation Fund to help Archive Systems, Inc. develop state of the art digital infrastructure as they expand their document storage service company into digital document management. The Edison Innovation Fund, a key element of Governor Corzine’s Economic Growth Strategy, was created to support technology and life science companies throughout their discovery, development and commercialization stages.
“The Economic Growth Strategy advanced by Governor Corzine has made technology and life science investments a priority, and the EDA is committed to nurturing the growth of these businesses as we work towards creating new, quality jobs and a more vibrant state economy,” said EDA Chief Executive Officer Caren Franzini.
The EDA, in consultation with the New Jersey Commission on Higher Education and the New Jersey Commission on Science and Technology, is responsible for managing the $150-million Edison Innovation Fund, which will increase access to early-stage capital and provide specialized assistance to existing mid-sized and large technology and life science businesses. It will provide investments of up to $100,000 for companies that do not have a fully developed product or technology and up to $1 million to assist emerging companies in commercializing their products.
“Investing in Archive Systems, Inc. is just one example of how the Edison Innovation Fund can enhance New Jersey’s strong record of innovation and ensure that our technology and life science businesses are able to compete in the global, high-tech economy,” said Kathleen Coviello, EDA’s program manager for science and technology.
Fairfield-based Archive Systems, Inc., the premier provider of Document Processing Outsourcing, was founded in 1991 as a document storage service company. As part of a comprehensive source-to-shred document service business, Archive offers both records center storage for hard copy files and digital services including web-based image storage and retrieval and work-flow automation services. The $1 million loan from the EDA was made for five years at a fixed interest rate of 4 percent, with interest-only payments due for the first six months. As a result of the loan, Archive will be able to retain its 155 employees and create approximately 28 new jobs within the next two years.
The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.
For more information on the Edison Innovation Fund, visit www.edisoninnovationfund.com . To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.nj.gov/njbusiness .
