NJEDA Support Enables Dental Implant Distributor ids to Establish Permanent Home in Bergen County
TRENTON, N.J. (December 13, 2018) – To Integrated Dental Systems (ids) co-founders Carey Lyons and David Singh, building a successful enterprise is about more than simply selling products. ids provides a full line of dental implant systems and innovative dental products as well as world-class education for dental clinicians.
Lyons, ids’s chief executive officer (CEO), noted that the products are designed to benefit both the patients and the doctors by featuring innovative designs and technologies that lead to shorter and more precise procedures and less recovery time for patients.
Thanks to support from a loan through the New Jersey Economic Development Authority’s (NJEDA’s) Premier Lender Program, ids will soon set down permanent roots in Bergen County.
After years of operating out of a leased facility, ids is poised to purchase a 13,385-square-foot building in Englewood. The company recently closed on a $1.8 million ConnectOne Bank loan, with a $307,500 NJEDA participation. The purchase will secure a permanent location, enable the small business to expand, and eliminate rental costs.
“In line with Governor Phil Murphy’s vision for a stronger and fairer economy, improving access to capital for small businesses like IDS is an investment in New Jersey’s economic future,” NJEDA CEO Tim Sullivan said.
“In addition to creating jobs and generating sales, companies like ids have far-reaching impact, as they give back to their communities and the marketplace at large.”
Ids currently employs 40 people and expects to add 10 more jobs in the next two years.
In partnership with Advanced Implant Education, ids also provides education through its network of Key Opinion Leaders, which has trained over 3,000 post-graduate students. The goal of the training is to provide better outcomes for patients and greater success for dental practices. Additionally, through its Smiles for Vets Program, ids provides free implants to dentists allowing them to provide critically-needed dental care for U.S. veterans who might otherwise go without treatment.
“We’ve been fortunate to experience year-after-year growth as our customers recognize the value of the all-in-one array of services that we provide,” Lyons said. “Purchasing our own facility will allow ids to benefit from the appreciation of this property, and we are grateful to ConnectOne Bank and the NJEDA for helping us achieve this milestone.”
Through the Premier Lender Program, the EDA can guarantee or participate in a portion of a Premier Lender’s commercial loans or lines of credit. Businesses can use this financing for fixed assets or term working capital. EDA’s involvement in the transaction provides access to lower cost financing for businesses and offers lenders greater flexibility by reducing their overall exposure. The Premier Lender Program offers loans with up to a $2 million EDA participation or $1.5 million guarantee for fixed assets or term working capital, and up to $750,000 participation or line of credit guarantee. The list of eligibility requirements and Premier Lender banks can be found at www.njeda.gov/premierlender.
“We are committed to helping our clients succeed by providing them with the best available financial resources to meet their specific needs,” said Elizabeth Magennis, Executive Vice President and Chief Lending Officer of ConnectOne Bank. “Thanks to our partnership with the NJEDA, we can offer small businesses attractive financing terms, helping them bridge financing gaps, allowing businesses to propel their growth.”
ConnectOne Bank is a full-service commercial bank serving the New Jersey and New York markets. The bank was founded in 2005 by local business leaders to prove that putting people first is a better way to do business. The Bank serves small to mid-size business owners and consumers through its 22 locations and full suite of business, cash management and consumer banking products.
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
To learn more about EDA resources for businesses call EDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.