Annie D'Agostino, Author at NJEDA

By Katie Eder/NJBIZ
May 23, 2012

When the New Jersey Business Incubation Network lost incubator seed grants and $1.2 million in annual public-sector funding — funneled through the now-defunct state Commission on Science and Technology — in 2010, President Suzanne Zammit had to be resourceful to fill a crucial financing gap and get the incubator sponsored by Rutgers University’s Camden campus back to a self-sustaining model.

“At one time, this was going to be a two-tier incubator, with a high-tech center on the second floor and a wet lab on the fifth floor,” said Zammit, who is also the director of Rutgers Camden Technology Campus Inc. “But then the recession hit and we lost our funding, and it kicked off a lot of struggles. We had to restructure the entire focus of this incubator and reduce its size. We used to be on the entire second floor, but now we only have half that office space.”

By Juliet Fletcher/The Record
May 22, 2012

Trying to counter April’s picture of rising state unemployment, Lt. Gov. Kim Guadagno told lawmakers Monday the administration’s job-creation efforts were aiding the New Jersey comeback touted by her boss, Gov. Christie.

Testifying before the Assembly Budget Committee on state funding for business, Guadagno said last month’s rise in state unemployment to 9.1 percent after leveling out at 9 percent in March reflects that “people have begun to look again.”

“That means they believe there are jobs for them again,” Guadagno said.

New Jersey’s efforts last year to provide innovative job-creation supported 13,000 new and 26,942 existing private-sector jobs, according to state figures.

Matheus brings private-sector experience to firms seeking EDA aid

By Cheryl Sarfaty/NJBIZ
May 21, 2012

Sometimes, the climb up the ladder to success can get too far away from the ground floor.

Such was the case for Lori Matheus, a New Jersey native whose affinity for crunching numbers led to her first job out of Rider University in 1990 as a financial analyst with Chemical Bank New Jersey. When the bank merged with PNC Bank six years later, Matheus found herself reaching new heights with a variety of roles that included government banking, community development, and finance and administration responsibilities.

Associated Press
May 18, 2012

The New Jersey Chamber of Commerce says business leaders apparently are more optimistic about the state’s economy than they were a year ago.

A survey conducted by the organization found two-thirds of members expect their revenues to improve in the coming year, compared with 57 percent last year, and more than half anticipate more profits. But most members expect their workforce to be steady, similar to last year’s survey findings.

Nearly two-thirds believe Gov. Chris Christie’s national prominence is good for economic development in the Garden State. More than two-thirds said the state’s business climate has improved since Christie took office in 2009.

Tri-Boro Patch
May 14, 2012

The United Way of Northern New Jersey raised an estimated $110,000 for the capital improvement needs of area nonprofits through the help of the real estate industry at its 13th annual Commercial Real Estate Network Legacy Luncheon.

About 300 professionals from the industry attended the luncheon to support area nonprofits while celebrating the positive impact of several key real estate transactions of the past year.

One of those belonged to SHI International Corp. The company received the United Way’s 2012 Commercial Real Estate Impact Award for undertaking one of the largest commercial renovations in the northern region and keeping energy efficiency and conservation a focal point of the project.

A meeting of the Fort Monmouth Economic Revitalization Authority has been scheduled for May 16, 2012 at 7:00 pm at the Eatontown Municipal Building, 47 Broad Street, Eatontown, NJ. Formal action may be taken at this meeting. A copy of the proposed agenda can be found 48 hours prior to the meeting at the websites of the Fort Monmouth Economic Revitalization Authority: www.nj.gov/fmera, and the New Jersey Economic Development Authority: www.njeda.gov.

By Michael Diamond and Alesha Williams Boyd/USA Today
May 7, 2012

North Brunswick-based manufacturer XPAK USA has developed machinery that can, among other things, help PepsiCo robotically bundle different flavors of Gatorade into one package.

The company is taking off; sales in the first quarter are 10 times higher than they were in all of 2007.

Who knows how much faster it could grow if it could find the skilled workers it needs to keep up with its expansion.

“It seems like we are growing, it seems like the economy is coming along, which makes us very happy,” owner Tami Minond said. “But it seems like a machinist is a rare bird in New Jersey.”

Program Supports Christie Administration’s Focus on Helping NJ Businesses Expand Globally

TRENTON, N.J. (May 1, 2012) – In support of the Christie Administration’s focus on helping small and mid-size companies expand their global reach, the New Jersey Economic Development Authority (EDA) and Citi’s Commercial Banking group have launched the New Jersey Global Growth Financing Program, a new program that will provide low-interest loans to New Jersey companies currently engaged or looking to engage in international trade.

“Through our proactive outreach to the business community, we discovered a real need for competitively priced financing to help New Jersey companies expand globally,” said Lt. Governor Kim Guadagno. “The New Jersey Global Growth Financing Program will provide access to capital and international market expertise, helping New Jersey businesses remain competitive, expand their operations, and create new jobs.”

Through the New Jersey Global Growth Financing Program, Citi will provide up to $50 million in term loans and lines of credit to New Jersey companies over the next three years. EDA will offer guarantees on individual transactions of up to 50 percent of the Citi financing, not to exceed $1.5 million for term loans and $500,000 for lines of credit. To be eligible, businesses must have been in business for at least two years and have annual sales of $5 million to $50 million.

Lt. Governor Guadagno noted that, as a result of EDA’s guarantee, companies will benefit from interest rates that are typically lower than conventional pricing, as well as from more flexible loan terms. As a global banking firm with a comprehensive international market presence, New Jersey businesses will also benefit from the global expertise that Citi offers.

“Through the New Jersey Global Growth Financing Program, Citi will capitalize on the combination of its local market experience and international expertise to help local companies grow and create jobs,” said Robert Koar, President of Citi’s Eastern Regional Commercial Banking Group. “We are thrilled to join New Jersey on this effort and look forward to utilizing our mutual and respective strengths to help businesses better access the global market.”

Citi has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

The EDA serves as New Jersey’s “bank for business” as one component of the Christie Administration’s Partnership for Action, a three-pronged public-private approach to economic development. Through the Partnership for Action, EDA works in conjunction with Choose New Jersey, an independently funded and operated 501(c)(3) not-for-profit corporation created to encourage and nurture economic growth throughout the state, and the Business Action Center. Reporting directly to the Lt. Governor, the Business Action Center serves as a “one-stop” shop for business and works to support the global competitiveness of New Jersey companies and promote the state as a business investment location nationally and internationally. The Business Action Center offers assistance to businesses looking to do business globally through trade consulting and inward foreign direct investment services.

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.

By Jared Kaltwasser/NJBIZ
May 1, 2012

New Jersey small businesses hired at a slightly higher rate than the national average last month, though growth remains slow, according to a new survey.

Intuit Inc. released the results of its latest Small Business Employment Index today. The survey, which is based on data from Intuit Online Payroll customers, showed small businesses added about 40,000 jobs in April nationally, for an increase of 0.2 percent. In New Jersey, small business employment grew by 0.3 percent, beating out neighboring states New York and Pennsylvania.