Family-Owned Consumer Product Testing Company Establishes Permanent Home in Essex County with EDA Resources
Product Testing Lab Creates Jobs, Supports Global Companies
From left to right, Lon Weiss, COO and Co-CEO, CPTC; Robert Frega, Senior Vice President, Bank of America; Monika Athwal, Business Development Officer, EDA; Melissa Orsen, CEO, EDA; Craig Weiss, President, CPTC
TRENTON, N.J. (October 17, 2017) – Essex County-based Consumer Product Testing Company (CPTC) has been serving a niche in the global marketplace for more than four decades. Founded in 1975 by two individuals, the family-owned and operated company has grown to a staff of 128. Recent support from the New Jersey Economic Development Authority (EDA) allowed CPTC to purchase a permanent location in Fairfield and continue to grow in the State.
CPTC tests cosmetics, personal care, pharmaceuticals, medical devices, and specialty chemicals for clients with products at every stage “from conception to completion.” The company, which is regulated by the United States Food and Drug Administration, Environmental Protection Agency, and Drug Enforcement Agency, also offers analytical chemistry, clinical safety efficacy, claims validation, photobiology, microbiology, sterility testing, and in-vitro toxicology testing services. In addition, CPTC has a medical advisory board, complete with dermatologists, ophthalmologists, and pediatricians, as well as, a gynecologist and a dentist.
Through the EDA’s Premier Lender Program, CPTC purchased the 44,000-square-foot facility in Fairfield it had been leasing for 20 years. Bank of America provided a $4.1 million loan that included a 44 percent EDA participation. In addition to mortgage financing, Bank of America also provided CPTC with a line of credit to purchase equipment.
The Premier Lender Program lowers the cost of borrowing for small businesses through the EDA’s partnership with more than two dozen banking partners. It offers low-cost financing with quick turnaround time from approval to closing, and by participating in or guaranteeing a portion of a loan, EDA reduces the lender’s risk. Businesses can use this financing for fixed assets or term working capital.
EDA Chief Executive Officer Melissa Orsen visited CPTC 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. She was accompanied by Robert Frega, Senior Vice President, Bank of America.
“Today’s visit enabled me to see firsthand how CPTC has leveraged funding through State programs to thrive here in New Jersey and contribute to the Garden State’s workforce,” EDA CEO Melissa Orsen said. “I encourage other small business owners to reach out to the EDA to see how we can support their growth.”
CPTC Chairman Melvin Weiss noted that the company’s Clinical Evaluation department, which is comprised of safety and efficacy and photobiology testing, compensates volunteers for their study participation and opinions on products. On top of the company’s many full-time employees, which have increased 11 percent since acquiring the building, it estimates that Clinical Evaluations adds to the economic growth of northern New Jersey by more than $3 million each year.
“Our location here in Essex County is ideal, as it is easily accessible to so many pharmaceutical, cosmetic, and personal care clients,” Weiss said. “Using our innovative services, our esteemed professionals routinely test products for companies of all sizes, from the smallest of startups to Fortune 100 companies. We are thankful to the EDA and Bank of America for helping us continue to grow.”
To learn more about EDA resources for small businesses, visit www.njeda.com/lookherefirst and follow @NJEDAWasHere on Twitter and LinkedIn.