Annie D'Agostino, Author at NJEDA

PNC, Provident, Susquehanna and TD Banks Honored at Event

Trenton, N.J. (February 8, 2010) – The New Jersey Economic Development Authority (EDA) recently hosted a roundtable event for its preferred lenders to discuss financing programs for New Jersey businesses and to recognize the lenders for their partnership with the EDA in serving the needs of companies throughout the state. The Preferred Lender Program enables certain banks to utilize a streamlined loan-approval process with the EDA, the result of which speeds the flow of capital to growing businesses in the state.

“The Preferred Lender Program is a partnership with the banking community to ensure that New Jersey small businesses have the resources necessary to expand in our state,” said EDA Chief Executive Officer Caren S. Franzini. “That’s why, particularly during these tough economic times, our partnerships with banks are critical to overcoming the financial obstacles that can stall the growth and expansion of New Jersey-based businesses.”

At the event, the EDA recognized the fifteen banks in the program for their participation, with three of the banks (Citizens Bank, The Provident Bank and Valley National Bank) welcomed as new Preferred Lenders joining in 2009. The remaining banks in the Preferred Lender group worked with the EDA on over 118 transactions totaling over $154 million in 2009. In particular, PNC Bank, The Provident Bank, Susquehanna Bank and TD Bank were honored for their strong commitments to lending in New Jersey in partnership with the EDA.

PNC was honored for closing the greatest number of transactions with the EDA, which amounted to 57 projects that provided a total of approximately $14 million to New Jersey businesses maintaining over 430 jobs. Susquehanna Bank was honored for closing the largest dollar volume of transactions with the EDA on behalf of New Jersey companies, with a total of over $43 million in financing to companies through its partnership with the EDA. TD Bank was recognized for its standing as the most active bank providing assistance directly under the Preferred Lender Program, with transactions amounting to nearly $14 million. The Provident Bank was recognized as the New Preferred Lender Program Bank of the Year based on its six transactions that provided New Jersey companies with over $13.7 million in assistance through its partnership with the EDA.

The Preferred Lender Program features a five-day turnaround time for loan approval and applies to transactions in which the EDA buys a participation in bank financing and/or guarantees a portion of a bank loan. It is designed to help New Jersey businesses grow by providing funds at below-market interest rates with flexible terms. Funds can be used for fixed assets, working capital to meet operating needs, and the refinancing of other debt. Quick turnaround time from approval to closing provides a strong incentive for borrowers, while the EDA’s exposure by participating in or guaranteeing a portion of a loan reduces the lender’s risk.

The EDA’s current Preferred Lenders include: The Bank, Bank of America, Capital One Bank, Citizens Bank, Columbia Bank, Cornerstone Bank, Peapack-Gladstone Bank, PNC Bank, Provident Bank, Roma Bank, Sovereign Bank, Sun National Bank, Susquehanna Bank,TD Bank, and Valley National Bank.

To learn more about the Preferred Lender program or other products and services, contact the EDA at 866-534-7789 or email CustomerCare@njeda.com. For more 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.

Trenton, N.J. (Oct. 21, 2009) – State and local officials today celebrated the completion of one of the largest pitched roof solar electric systems in New Jersey at Fellowship Village Retirement Community in Basking Ridge. The panels, installed by Millstone-based Absolutely Energized Solar, are expected to reduce 900,000 pounds of CO2 each year and protect more than 250 acres of trees annually.

The New Jersey Economic Development Authority (EDA) recently assisted Absolutely Energized Solar under the Main Street Business Assistance Program. Fellowship Village also received EDA assistance to support the solar panel installation. Governor Jon Corzine recently announced that New Jersey has reached 100 megawatts (MW) of solar energy installed, a ten-fold increase since 2006. As a result, the Garden State now has the most solar installations in the country per square mile, surpassing California by nearly two to one.

“New Jersey is dedicated to supporting small business growth and promoting a more secure and environmentally responsible energy future for the state,” said Caren Franzini, chief executive officer of the EDA. “This project helps to advance both of these goals and will also ensure that the Garden State continues to lead the way in solar power. We congratulate Absolutely Energized Solar and Fellowship Village on this significant milestone.”

Fellowship Village is a nonprofit continuing care retirement community located on 72 acres in Basking Ridge. The community offers a continuum of care that includes independent living, assisted living, nursing and rehabilitation, and respite care. The 668kW solar electric system at Fellowship Village includes over 3,000 solar panels and covers more than 40-percent of the community’s rooftops. Fellowship estimates that the system will reduce electrical consumption by 14-percent and produce savings of more than $5 million over the life of the solar panels.

“We are very proud to have the distinction of implementing one of the largest arrays of pitched roof residential panels in New Jersey,” said Brian G. Lawrence, president and chief executive officer of Fellowship Village. “With the help of the state and the excellent work of Absolutely Energized Solar, Fellowship is able to provide a better environment to live and work.”

Absolutely Energized Solar is a licensed electrical contracting company that has spent the past seven years devoted to developing and installing solar electrical systems for high end residential, commercial and industrial markets. To date, the company’s installations include some of the larger projects on the East Coast totaling over 7MW, or enough power to run approximately 900 homes. According to company President Dan Lichtman, installing solar electric systems is a capital intensive business and the company’s financial strength and ability to borrow money is paramount to its capacity to continue growing and installing large solar electric systems like the one recently installed at Fellowship Village. Lichtman also said that the recent financing allowed Absolutely Energized Solar to purchase materials for a second large project in South Kearney in time to have the company’s crews move directly from one project to the next.

“Thanks in part to the lending abilities supported by the Main Street Business Assistance Program, our company is able to provide higher levels of employee training and maintain full-time, year-round crews,” said Lichtman. “In turn, our employees are rewarded with steady employment and reliable pay checks. It’s a win – win for everyone involved and we are thrilled to have completed this great project at Fellowship Village.”

The goal of Governor Jon Corzine’s Energy Master Plan for New Jersey is to reduce energy consumption by 20-percent and generate at least 30-percent of the state’s electricity from renewable sources by the year 2020. The EDA, in conjunction with the BPU and the New Jersey Department of Environment Protection, recently launched Clean Energy Solutions, a suite of financing and incentive programs to further support the goals of the Energy Master Plan.

The Main Street Business Assistance Program enables qualified small and mid-size businesses and nonprofit organizations in New Jersey to access capital by providing state support for bank lending through loan participations and credit enhancements. The program is one of several critical initiatives established under Governor Corzine’s Economic Assistance and Recovery Plan to aid businesses during the national recession. Developed in partnership with the New Jersey departments of Banking and Insurance and Treasury and the state’s banking community, the Main Street program has been funded by a $50-million state appropriation. To qualify, borrowers must be in business at least two years, maintain jobs in New Jersey and meet other EDA eligibility requirements.

Businesses interested in learning more about all Clean Energy Solutions opportunities and assistance under the Main Street Business Assistance Program should visit www.njeda.gov . To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.

Wayne, N.J. (Oct. 14, 2009) – State and local officials today applauded the expanded presence of MAQUET Cardiovascular in New Jersey at a ceremony marking the company’s decision to consolidate its U.S. facilities in Wayne. MAQUET expects to create 350 new jobs in New Jersey and make a private investment totaling $40 million as a result of the expansion.

“MAQUET’s decision to expand in Wayne is great news for New Jersey and helps to further demonstrate that our business friendly policies and strategic advantages continue to attract innovative companies from across the nation and world,” said Governor Jon S. Corzine. “I want to thank the MAQUET organization for their commitment to the Garden State. The company’s investment here is evidence that even during a global economic recession, New Jersey remains a desirable location for business growth and expansion.”

MAQUET Cardiovascular, a division of German-based medical technology group MAQUET, was formed in 2008 by combining MAQUET Cardiopulmonary with Boston Scientific’s Vascular Surgery and Cardiac Surgery divisions and the 2009 acquisition of the New Jersey-based DataScope Corporation. According to MAQUET, the creation of this new organization enables the company to offer a comprehensive array of patient care solutions for less-invasive endoscopic vessel harvesting, off- and on-pump coronary artery bypass surgery, and vascular grafting. MAQUET Cardiovascular relocated the manufacturing of its newest product lines from Puerto Rico to the Wayne facility. MAQUET, which also offers surgical workplace and critical care medical solutions, has 170 years of healthcare experience and is headquartered in Germany. The company is a subsidiary of the publicly listed Swedish group of companies GETINGE AB.

“Moving manufacturing to a wholly owned MAQUET facility was in the best interest of the company to support our expanding United States footprint and fulfill the global needs of the newly created MAQUET Cardiovascular division,” said Christian Keller, President and CEO. “New Jersey’s highly-skilled workforce, excellent location and business friendly nature will help ensure our continued expansion and success.”

The company received a Business Employment Incentive Program (BEIP) grant from the New Jersey Economic Development Authority (EDA) in 2009 to support the creation of 350 new jobs, including the relocation of 12 senior managers from Europe and California. The BEIP grant was considered a major factor in MAQUET’s decision to move part of its manufacturing operations from Puerto Rico to Wayne and further expand its presence in the state.

BEIP grants are available to businesses expanding or relocating their workforce in the Garden State. Grants may be awarded for up to 10 years and can range between 10 percent and 80 percent of the total amount of state income taxes withheld by the company during the calendar year from the salaries of the new employees hired.

For more information on BEIP, visit www.njeda.gov. To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.

For more information on MAQUET, visit www.maquet.com, and www.getingegroup.com.

The Depository Trust & Clearing Corp. Plans to Bring 1,600 Jobs to Jersey City

Deal Boosts EDA Assistance to Nearly $2.5 Billion Since 2006
Supporting Approximately 80,000 Jobs

Jersey City, N.J. (October 13, 2009) – Governor Jon S. Corzine lauded today’s announcement by The Depository Trust & Clearing Corporation (DTCC) as a win for New Jersey following months of discussions with the company to bring major operations and 1,600 jobs across the Hudson River to New Jersey.

“We are thrilled that DTCC has recognized the advantages to doing business in our State, and we applaud its decision to bring its people and operations to New Jersey,” said Governor Corzine. “We have been working very closely with the firm to bring these professional, well paid jobs to New Jersey, and today, we have an agreement in place.”

Under the terms of the long-term lease, DTCC will relocate about 1,600 staff members to the Newport Office Center in Jersey City, on the Hudson River waterfront across from Manhattan, with employees expected to move in early 2013. DTCC will occupy a total of 415,000 square feet of space in the Newport Office Center.

“After lengthy deliberations with officials in New York and New Jersey, we have concluded that a move to New Jersey is the right decision,” said Donald F. Donahue, DTCC Chairman and CEO. “New Jersey offers us a favorable business climate, convenient access to our customers in the greater metropolitan area and also allows us to disperse our staff more widely for business continuity purposes. New Jersey will benefit from an infusion of 1,600 highly-skilled professionals who specialize in financial services, information technology and operations. We are also excited to tap into New Jersey’s skilled workforce as our business grows in the future.”

Donahue credited support from Governor Jon Corzine and the state’s economic development team, including Chief of the Office Economic Growth Jerry Zaro and New Jersey Economic Development Authority (EDA) CEO Caren Franzini, as the company evaluated its relocation strategy.

“New Jersey’s natural strategic advantages and Governor Corzine’s enhanced business-friendly measures speak for themselves,” Chief Zaro said. “Relocation of such an internationally recognized and prestigious company to Jersey City is a powerful signal to other companies to give renewed consideration to New Jersey as a permanent home. This a huge win for our local, state and regional economy.”

New Jersey’s advantages were a key factor in the company’s decision, including the competitive costs for a long-term lease, availability of infrastructure support, accessibility to DTCC headquarters and the ability to recruit highly-skilled staff to the location. The company will also benefit from economic incentives offered through EDA, including the Business Employment Incentive Program (BEIP) and the newly authorized Economic Redevelopment and Growth (ERG) Grant Program, which Governor Corzine signed into law in July as part of the Economic Stimulus Act of 2009. The grants will support DTCC’s relocation of a portion of its corporate staff functions in finance, legal, regulatory, human resources, specialized IT and product development from its Manhattan headquarters to Jersey City.

The Depository Trust & Clearing Corporation (DTCC), through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with financial firms and third parties that market these products.

DTCC’s depository provides custody and asset servicing for more than 3.5 million securities issues from the United States and 117 other countries and territories, valued at $27.6 trillion. Last year, DTCC settled more than $1.88 quadrillion in securities transactions. DTCC has operating facilities in multiple locations in the United States and overseas.

In September, the Administration announced that since 2006, the EDA had finalized over $2.4 billion in financing assistance, business incentives and tax credits, and supported nearly 1,330 projects across the state of New Jersey. The assistance is expected to leverage more than $6 billion in total public/private investment and lead to the creation of an estimated 37,500 permanent jobs and 42,500 construction jobs in the state. Since that announcement, the EDA has finalized an additional 9 projects, including DTCC, involving an additional 1,713 estimated new jobs and $78.9 million in EDA assistance.

DTCC Credits New Jersey Officials with Decision

New York, New York (October 13, 2009) – The Depository Trust & Clearing Corporation (DTCC) today announced plans to relocate a significant portion of the DTCC staff based in the Northeast U.S. to a new location in New Jersey when its current lease expires at the end of 2012.

Under the plan, DTCC will relocate about 1,600 staff members to Newport Office Center in Jersey City, on the Hudson River waterfront across from Manhattan, with employees expected to move in early 2013.

Donahue credited the aggressive outreach and support to Governor Jon Corzine and his economic development team, including Chief of the Office of Economic Growth Jerry Zaro and New Jersey Economic Development Authority (EDA) CEO Caren Franzini as the company evaluated its relocation strategy. He also acknowledged the hard work and support of Jersey City Mayor Jerramiah Healy and Hudson County Executive Thomas A. DeGise.

“Governor Corzine and the New Jersey Economic Development Authority actively pursued DTCC and were very responsive to our needs and concerns throughout this process,” Donahue said. “The Governor personally called me several times to discuss the economic and business advantages of relocating to New Jersey and made a persuasive case on the benefits of this move. The process, which began last year, considered a wide range of variables. We looked at numerous options, but in the end we concluded that relocating these operations to New Jersey would allow us to manage our cost structure and position the company for continued business expansion in the years ahead.”

The decision follows more than one year of work with real estate professionals and outside consultants, and involved extensive discussions with New Jersey state officials, New York State officials and officials from the City of New York. DTCC used a broad set of criteria to make the decision, including the competitive costs for a long-term lease, economic incentives, availability of infrastructure support (telecomm, transportation), accessibility to DTCC headquarters, the ease of commuting for our employees, ability to retain and recruit highly-skilled staff to the location and other quality of life issues for DTCC employees.

While the bulk of DTCC’s Northeast-based staff will make the move to New Jersey, DTCC will retain a headquarters location and approximately 700 employees in lower Manhattan, as part of its ongoing and long-standing commitment to New York City and State.

“DTCC has a long history of working with New York and had productive conversations with the Mayor’s Office about our plans for the end of this lease,” Donahue said. “In recognition of the fact that New York remains the principal financial center for the U.S., we are delighted to be able to maintain a significant presence in lower Manhattan. With support from the City of New York, we are continuing to negotiate for space in lower Manhattan to accommodate our corporate headquarters and a number of new growth businesses. Senator Schumer has been particularly active in these discussions and played an important role in our decision to keep our headquarters and senior management positions in New York.”

About DTCC

The Depository Trust & Clearing Corporation (DTCC), through its subsidiaries, provides clearance, settlement and information services for equities, corporate and municipal bonds, government and mortgage-backed securities, money market instruments and over-the-counter derivatives. In addition, DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with financial firms and third parties that market these products. DTCC’s depository provides custody and asset servicing for more than 3.5 million securities issues from the United States and 117 other countries and territories, valued at $27.6 trillion. Last year, DTCC settled more than $1.88 quadrillion in securities transactions. DTCC has operating facilities in multiple locations in the United States and overseas. For more information on DTCC, visit www.dtcc.com.

One of 380 Businesses in Urban Communities Supported by EDA since October 2006

Trenton, N.J. (Oct. 7, 2009) – Officials toured DCI Signs & Awnings today to mark the company’s decision to establish a permanent location in the City of Newark. The sign manufacturing company is one of 389 businesses assisted by the New Jersey Economic Development Authority (EDA) since October 2006 in support of a key priority of Governor Jon S. Corzine’s Economic Growth Strategy to stimulate investment in the state’s urban communities.

“Governor Corzine’s commitment to enhancing our urban communities helps to re-energize our cities and provides additional resources to foster community economic development and growth throughout New Jersey,” said EDA Chief Executive Officer Caren S. Franzini. “Investments in companies like DCI and in communities like Newark remain critical to strengthening New Jersey’s economy.”

DCI, a minority-owned business formed in 1994, is a manufacturer of commercial signage. The company received a $258,000 loan participation from the EDA to help it acquire a building in Newark, which will serve as its headquarters.

“Newark has been an ideal location to grow DCI Signs & Awnings and we are thankful for the assistance we received from the state,” said DCI President Danny Castillo. “We look forward to continuing to expand our operations and presence in New Jersey.”

The assistance to DCI brings total EDA support in the state’s urban communities to more than $610 million since 2006. This assistance is responsible for injecting an estimated $1.5 billion in total public/private investment in New Jersey’s urban economy and setting the foundation for the creation of an expected 11,769 new jobs.

The EDA launched two additional programs in 2008 to advance Governor Corzine’s commitment to increasing the viability of projects in urban areas and re-energizing New Jersey’s cities. The Urban Plus Program provides up to $3 million for projects in the targeted municipalities of Atlantic City, Camden, East Orange, Elizabeth, Jersey City, Newark, New Brunswick, Paterson and Trenton. The Urban Transit Hub Tax Credit Program, created by Governor Corzine to encourage business development, capital investment and employment in designated communities near commuter rail stations, provides tax credits equal to up to100-percent of a qualified capital investment. Additionally, in June 2009, the EDA launched the New Jersey Food Access Initiative, which was part of Governor Corzine’s Economic Recovery and Assistance Plan of 2008. This initiative is designed to spur supermarket development throughout New Jersey’s urban centers to further community revitalization, job creation and reduce health disparities in the state. The EDA recently approved a $3 million investment to The Reinvestment Fund (TRF) to create the Food Access Fund, with the goal of leveraging additional public and private investment. To complement the statewide program, the EDA also invested $1 million in a pilot supermarket initiative in the City of Newark. In collaboration with TRF and Brick City Development Corporation, the City has launched its $5 million Newark Fresh Food Program.

For more information on EDA resources, visit www.njeda.gov. To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.

For more information on DCI Signs & Awnings, visit www.dcisigns.com.