By Tom Hester Sr.
NewJerseyNewsroom.com
May 4, 2010

Fairfield-based Manhattan Maintenance Co., an office building janitorial service business, Monday closed a $600,000 loan with Provident Bank to meet working capital and refinancing needs. 

Through the state’s Main Street Business Assistance Program, the state Economic Development Authority provided a $150,000 participation in the loan as well as a $50,000 guarantee of a $100,000 line of credit that was approved by Provident. 

A woman- and minority-owned small business, Manhattan Maintenance was founded 25 years ago by Taryn J. Peppo, its president and CEO said. 

According to company Vice President TJ Barnes, 2009 produced the company’s highest increase in year-over-year top-line revenue growth in its history – approximately 46 percent.

The company credits this to diversifying its client base to include the U.S. government, Mercedes-Benz Fashion Week in Manhattan, the Prudential Center in Newark and several

Fortune 100 companies that expanded the company’s service area from New Jersey to the entire mid-Atlantic region. 

The company expects to create 15 new jobs and maintain its staff of 61. 

Barnes said the company started a new job Monday that will lead to 12 new employees being hired, 10 of which will be full time. Other advantages cited by Barnes include a lower cost of debt capital through the low rate financing (lowering the company’s WACC and increasing profit margins), refinancing its mortgage into a new 10 year floating rate mortgage at a higher property valuation than the purchase price in 2006, a new line of credit, new capital to expand into a new niche business line, and lowering its debt service by approximately 15 percent.

TRENTON, N.J. (April 22, 2010) – Financing is now available from the New Jersey Economic Development Authority (EDA) through the Clean Energy Solutions Edison Innovation Project (EIP) Fund, a $15-million competitive grant program supported by the American Recovery and Reinvestment Act (ARRA) of 2009 and developed by the EDA and the New Jersey Board of Public Utilities.


Under the Fund, to be administered by the EDA, projects must evidence innovative uses of a commercially available energy-efficient, renewable energy or alternative energy technology that furthers the goals established by the State Energy Program under ARRA and the New Jersey Energy Master Plan.  Up to 35 percent of a project’s total costs could be awarded, not to exceed $5 million per project, to enable awardees to expand the commercialization and deployment of their innovative technology. Aggregate State public funding cannot exceed 50 percent of the project cost, excluding ARRA funds. Funding can be used for purchases of fixed assets and working capital expenses that are project and site-specific.


“The Clean Energy Solutions Edison Innovation Project Fund was specifically created to assist deserving projects in New Jersey that were impacted by the recession and the lack of credit and capital,” said EDA Chief Executive Officer Caren S. Franzini. “This competitive grant program will create jobs, ensure energy security and help achieve New Jersey’s goals to reduce greenhouse gas emissions, combat global warming and grow energy businesses in the State.”


The Fund is open to New Jersey-based projects, with preference given to those with technology formed, created or invented in the State. Eligible projects should have the ability to create jobs, reduce greenhouse gas emissions, increase sources of renewable energy and/or reduce energy consumption in New Jersey. It is also expected that projects be commenced and completed expeditiously in alignment with the requirements of the ARRA and subject to the National Environmental Policy Act Categorical Exclusions.  Both public and private entity projects are eligible and partnering is permitted.  However, only one entity may apply per project and must be the entity holding title or license to the technology. The recipient of the grant must be a private entity.


Interested applicants must complete the EDA’s standard online application and supporting attachments by 5 p.m., June 3, 2010.  The program solicitation and application can be found at: www.njeda.gov/web/pdf/EIPFundSolicitation.pdf and https://application.njeda.com, respectively. In addition to the online submission, the requested documentation must be provided on a CD-Rom or thumb drive via postal or other delivery service to:



Clean Energy Solutions EIP Fund Application

New Jersey Economic Development Authority

36 West State Street, PO Box 990

Trenton, NJ 08625



To learn more about the Clean Energy Solutions EIP Fund, visit www.njeda.gov/EIPFund. For information on all of EDA’s products and services, contact (866) 534-7789 or Email CustomerCare@njeda.com. For information about doing business in New Jersey, visit the State’s business portal at www.NewJerseyBusiness.gov.


The EDA is a state financing and development agency that works to strengthen New Jersey’s economy by retaining and growing businesses through financial assistance, by renewing communities, and by promoting the State’s strategic advantages to attract domestic and international business.



 

 

Review the Technology Business Tax Certificate Transfer Program webinar held April 20, which covered the eligibility criteria, modifications, and the application process:

 


 

 


There will be a Special EDA Board Meeting on Thursday, April 15, 2010 at 9 am at EDA Offices, 36 West State Street, Trenton, NJ.




Per Chairman Koeppe, three EDA board meeting dates will be changed as follows:



  • Tuesday, May 11, 2010 to Monday, May 10, 2010

  • Tuesday, July 13, 2010 to Thursday, July 15, 2010

  • Tuesday, September 14, 2010 to Thursday, September 16, 2010









There will be a Special EDA Board Meeting on Friday, March 12, 2010 at 2pm at EDA Offices, 36 West State Street, Trenton, NJ.



 


South Brunswick, N.J. (February. 18, 2010) – An Indiana-based high-tech company that provides a variety of services to the telecommunications industry and its customers is relocating its regional operations and more than 30 jobs to this Middlesex County community.

Telamon Corporation, based in Carmel, Ind., plans to move from Levittown, Pa., to 2 Acorn Road, South Brunswick. Established in 1985, the company specializes in information technology deployment, receiving and installing IT hardware and software for its clients.

Telamon has executed a Business Employment Incentive Program (BEIP) grant with the New Jersey Economic Development Authority (EDA) to support the relocation of these new jobs into the state. The company had considered expanding its Pennsylvania offices before choosing to grow in the Garden State.

“Governor Chris Christie is committed to attracting high-tech jobs to New Jersey, and the BEIP is an important incentive tool for companies that want to expand or relocate here,” said EDA Chief Executive Officer Caren S. Franzini. “Telamon’s decision to move to New Jersey is great news and shows that our state remains an attractive location for businesses that want to grow and succeed.”

“We sincerely appreciate the support that NJ has shown for our project. This New Jersey location is right in the midst of the Turnpike corridor, with convenient access to the entire tri-state area, including our East Coast customers. We are thrilled to have an opportunity for expansion here and feel this is going to add to Telamon’s growth potential in coming years as well as support the local economy,” said Stephanie Furhmann, president, Telamon Technology Integration Group.

Telamon ranks ninth on Diversity Business Magazine’s listing of the top Asian-owned businesses in the United States. The company has more than 500 employees in nine locations in the United States and China.

The EDA is a state financing and development agency that works to strengthen New Jersey’s economy by retaining and growing businesses through financial assistance, by renewing communities, and by promoting the state’s strategic advantages to attract domestic and international business. The EDA administers the BEIP for the State of New Jersey.

To learn about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call 1-(866) 534-7789.