Family-Owned Gorsegner Brothers Establishes Permanent Home in Monmouth County with EDA Support
TRENTON, N.J. (July 19, 2017) – John Gorsegner Hardwood Floors opened its doors in Monmouth County in 1951 as a family-owned and operated business. Over time, entrepreneur John Gorsegner, Sr. turned the business over to his sons, Fred and John Gorsegner, Jr., who renamed the company Gorsegner Brothers Hardwood Floors, but maintained their father’s mission of selling and installing flooring and stair and rail systems to residential and commercial customers in the central New Jersey region. Today, the company, which also offers painting, sanding, and refurnishing services, is run by Dan Gorsegner, John Gorsegner, Jr.'s son.
In 2016, after years of assisting customers in its leased office/showroom in Atlantic Highlands, the Gorsegner brothers decided to seek a permanent location. Upon identifying a 1,900-square-foot facility in Holmdel as its new home, Gorsegner Brothers was approved for a $432,000 Ocean First Bank commercial mortgage loan with a 16.67 percent Economic Development Authority (EDA) participation through the EDA’s Premier Lender Program.
“For decades, we’ve made it our mission to carry on the family legacy and remain at the forefront with new technology and salesmanship, while maintaining a personal connection to our customers,” Dan Gorsegner said. “Thanks to the EDA’s Premier Lender Program, we were able to secure the necessary funding to buy our new facility and expand our reach to an even broader market.”
The EDA partners with Premier Lender banks to provide small businesses with low cost financing that includes EDA loan participations and/or guarantees, and line of credit guarantees. Businesses can use this financing for fixed assets or term working capital. In partnership with its 25 Premier Lenders banks, EDA can provide up to a $2 million loan participation or $1.5 million loan guarantee for fixed assets, up to a $750,000 loan participation or $1.5 million loan guarantee for term working capital, and up to a $750,000 line of credit guarantee. The full list of eligibility requirements and Premier Lender banks can be found at www.njeda.gov/premierlender.
EDA President and Chief Operating Officer Tim Lizura visited Gorsegner Brothers today to raise awareness of the programs it offers to support small and mid-sized businesses and not-for-profits. He was joined by Ocean First Commercial Lender Vice President Christine Gray.
“Our Premier Lender Program offers benefits to both small businesses and participating banks,” Lizura said. “The EDA’s ability to provide guarantees or participations for a portion of these loans helps improve a business’s chance of getting approved, or of receiving a larger amount of financing, while reducing risk for lenders.”
The EDA is part of the state’s results-driven Partnership for Action. Created by Governor Christie and led by Lt. Governor Kim 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 (800) Jersey-7.