EDA Support Helps Build Soho Studio’s New Jersey Presence
Fast Growing High-End Tile Provider Relocates to Burlington County
Representative from the New Jersey Economic Development Authority and TD Bank visited Soho Studio in Delanco today to raise awareness of programs available for small businesses. Pictured from left: TD Bank Vice President of Commercial Lending Matt Verney, TD Bank President Robert Curley, EDA President/Chief Operating Officer Tim Lizura, Soho Studio Founder/President Eli Mechlovitz, and Soho Studio Chief Financial Officer Craig Swimmer.
TRENTON, N.J. (February 12, 2018) – Growing up, Eli Mechlovitz developed an affinity for interior design and mosaics by spending time working in his family’s tile store. In 2006, at the age of 22, Mechlovitz acted on that passion and founded Soho Studio in his parents’ basement to provide high-quality and cost-effective tile solutions to customers.
As a direct importer and wholesaler, Soho Studio provides its customers with a diverse collection of over one thousand tiles, which have a wide variety of uses, such as backsplashes or flooring in both commercial and residential settings. The business’s initial focus was offering mosaic and “water jet” tiles, for which a high-pressure stream of water is used to cut precise patterns. In recent years, Soho Studio expanded its offerings by importing and distributing hundreds of styles of porcelain tiles.
As it grew from its humble beginnings in Brooklyn, Soho Studio moved first into an 18,000-square-foot facility and then to a 50,000-square-foot facility, both in New York. In 2016, to accommodate further expansion, Soho Studio purchased a 275,000-square-foot warehouse in Delanco and moved most of its operations to New Jersey. Mechlovitz cited the Garden State’s proximity to New York and the availability of large warehouse space as crucial factors in the company’s decision.
In March 2017, Soho Studio took advantage of the New Jersey Economic Development Authority’s (EDA’s) Premier Lender Program to help improve its cash flow. The company closed on a $9 million TD Bank loan that included a 22.2 percent EDA participation.
“We learned about the EDA from various financial institutions we spoke with and could not have been more pleased with the process,” Mechlovitz said. “The EDA offers good loan to value, the rates are competitive, and the process is quite seamless.”
EDA President and Chief Operating Officer Tim Lizura visited Soho Studios today to raise awareness of the Premier Lender Program and the range of other low-cost financing solutions offered by the EDA to support the growth of small businesses in New Jersey. Lizura was joined by representatives from TD Bank including South Jersey President Robert Curley, Vice President – Commercial Lending Matt Verney, and Regional Vice President Joe Tredinnick. TD Bank is one of EDA’s two dozen Premier Lender partners.
Through the Premier Lender Program, EDA partners with banks throughout New Jersey to guarantee or participate in a portion of commercial loans or lines of credit. Businesses can use this financing for fixed assets or term working capital, and EDA’s involvement in the transaction provides lenders with greater flexibility by reducing their overall exposure.
“Resources like the Premier Lender Program are designed specifically for small businesses like Soho Studio, which are the heart and soul of New Jersey’s economy,” Lizura said. “We encourage small businesses to reach out to us to find out how EDA programs can help them grow.”