EDA Funding to Help Software Firm Expand Product Line
From left: Tayrex Co-Owner Frank Tayar, EDA Chief Executive Officer Melissa Orsen, Tayrex Co-Owner Eric Tayar.
TRENTON (October 17, 2016) – Software and consulting firm Tayrex Corporation was founded by the Tayar brothers over a decade ago to help businesses streamline operations. Headquartered in Lindenwold, with operations in Israel, the company creates custom applications for companies of various industries to improve areas such as warehouse fulfillment, dispatch systems, and customer relationship management.
In August, Tayrex Corporation closed on an $85,000 loan through the New Jersey Economic Development Authority’s (EDA) Small Business Fund to help the company launch a new product – Medulla Pro. The software will help field service engineers and technicians address a range of concerns, including pressure to bolster service-related revenue, combat real-time communication issues, and improve scheduling, routing and dispatch.
EDA Chief Executive Officer Melissa Orsen visited the company today as part of the EDA’s ongoing efforts to facilitate awareness of the programs it offers to support small and mid-sized businesses and not-for-profits.
“Family-owned small businesses like Tayrex represent the backbone of New Jersey’s economy,” Orsen said. “In this case, Tayrex’s mission is to improve the operations of other businesses, so the impact of their success is two-fold.”
The EDA’s activities to promote its programs in support of small businesses are based on the theme “EDA Was Here.” The campaign and new social media presence highlight how organizations like Tayrex have used the EDA’s financing programs to overcome challenges, meet their needs and grow. In 2015, the EDA closed on over $440 million in traditional financing assistance, including bonds for manufacturers and not-for-profit organizations. The Small Business Fund, under which Tayrex benefited, offers creditworthy small, minority-owned or women-owned businesses assistance of up to $500,000 and features an expedited approval process and fixed interest rates.
“As a family-owned software and consulting firm, we work closely with our clients to understand their vision so that we can provide the tools they need to work smarter, better and more effectively,” Tayrex Corporation Co-Founder Eric S. Tayar said. “The funding from this loan will help us achieve our goal of personalized service for each of our customers.”
To learn about EDA resources for small businesses and not-for-profits, visit
https://www.njeda.com/small_midsize_business and follow @NJEDAWasHere on Twitter and LinkedIn.
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 or call the Business Action Center at (866) 534-7789.