EDA Visits Aurora Multimedia Corporation in Monmouth County to Showcase Benefits of State Small Business Financial Resources
TRENTON (July 20, 2016) – Continuing efforts to raise awareness of financing resources available for small businesses and not-for-profit organizations in the Garden State, New Jersey Economic Development Authority (EDA) President and Chief Operating Officer Tim Lizura today visited Aurora Multimedia Corporation (Aurora) in Marlboro. The business received a loan through the EDA’s Small Business Fund, which provides financial assistance to qualified businesses through direct loans, participations or guarantees.
Aurora manufactures audiovisual equipment for commercial and residential use. Founded in 1997 by audiovisual industry veterans, Aurora provides solutions for a variety of global markets, including government, education, security, hospitality, corporate and residential.
“Manufacturers like Aurora are so critical to New Jersey’s economy, providing products and services that support other businesses, as well as consumers, while at the same time creating good jobs for people in the community,” Lizura said.
Aurora received an Investors Bank loan with a 50 percent EDA participation through the Small Business Fund loan in 2013. Funding from the loan enabled Aurora to refinance existing debt, increase inventory, and purchase additional manufacturing equipment.
“With dealers and distributors throughout the world, we have been able to become a dominant force in the audiovisual industry,” Aurora Chief Executive Officer Paul Harris said. “We are grateful to the EDA for its support and would not be where we are today without it.”
Harris noted that Aurora has increased its workforce by approximately 20 percent since securing the loan and anticipates a 50 percent growth in sales for 2016.
Nearly $24 million has been provided to 76 businesses through the EDA’s Small Business Fund since 2010, with an average loan size of more than $300,000. The Fund provides up to $500,000 to creditworthy small, minority-owned or women-owned businesses. Eligibility requirements specify that a business must have been in operation for at least one full year. Not-for-profit corporations that have been operating for at least three full years may also be eligible.
Today’s visit complements the EDA’s enhanced efforts to facilitate awareness of the programs it offers to support small and mid-sized businesses and not-for-profits, including a print and digital marketing campaign and social media channels. Centered on the theme “EDA Was Here,” the campaign and new social media presence showcase how organizations, like Aurora, have used the EDA’s financing programs to overcome challenges, meet their needs and grow.
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.