Trenton, N.J. (September 16, 2009) – State officials today visited the Cold Storage and Distribution Facility of Black Bear Distribution, LLC to tour the company’s ultramodern building and mark the 90 jobs it has created in New Jersey.  Black Bear, which distributes nationally for Dietz & Watson, was awarded a Business Employment Incentive Program (BEIP) grant from the New Jersey Economic Development Authority (EDA). The project also included a capital investment of $20 million.

State incentives instrumental as company will create and maintain more than 500 jobs

Franklin Township, N.J. (Sept. 9, 2009) – More than 500 inVentiv Health employees today joined business clients and state and local officials here at the company’s new four-story, 154,000-square-foot headquarters facility to celebrate inVentiv’s decision to remain in New Jersey and grow its business in the state.

inVentiv Health (NASDAQ: VTIV), a leading provider of commercialization services to the global pharmaceutical and health care industries, recently relocated to new Somerset County headquarters at 500 Atrium Drive. The new location is enabling the company to consolidate several offices in the region and encourage greater integration among its businesses.

“InVentiv Health’s choice to expand its operations in the Garden State is good news for New Jersey,” Governor Jon S. Corzine said. “The company’s investment here is evidence that even during a global economic recession, this state remains a desirable location for business growth and expansion. We thank InVentiv and their employees for their commitment.”

“Creating and retaining jobs in New Jersey is the major focus of Governor Corzine’s comprehensive Economic Growth Strategy,” said Jerry Zaro, chief of the Governor’s Office of Economic Growth, who attended the event along with Caren S. Franzini, chief executive officer of the New Jersey Economic Development Authority. “We applaud inVentiv Health’s choice to expand its operations in New Jersey, particularly during this tough economic period as we emerge from a national recession, and we are pleased that some of our state’s incentive programs were instrumental in the company’s decision to remain in our state.”

In support of inVentiv Health’s decision to grow in New Jersey, the company recently finalized a grant under the state’s Business Employment Incentive Program associated with its plans to create 150 new full-time jobs at the location. The company has also been approved for incentives under the Business Relocation and Retention Assistance Grant Program for maintaining over 400 jobs in the state.

“inVentiv has been based in New Jersey for the past decade, and we are very pleased to be maintaining our headquarters in the state,” said Terry Herring, President and COO of inVentiv Health. “The new building will not only support our continued growth, it also will bring more of our capabilities together under one roof, making it easier for us to share resources and deliver integrated solutions for our clients.”

The company currently employs nearly 550 people in New Jersey, including almost 100 temporary workers. It plans to move approximately 50 jobs from Pennsylvania to New Jersey before the end of the year. The new Franklin Township headquarters has enabled inVentiv Health to consolidate operations previously centered in Somerset, Somerville and Newtown, Pa.

The company had considered expanding its Newtown facilities before deciding to secure its future in New Jersey.

inVentiv Health supports over 350 client organizations globally, including all top 20 global pharmaceutical companies as well as emerging and specialty biotech leaders. The company is listed on the NASDAQ National Market under the symbol VTIV.

Main Street Program to help small services business grow in New Jersey

Trenton, N.J. (August 31, 2009) – The New Jersey Economic Development Authority (EDA) has finalized assistance to support Bridgeport-based Imtek, LLC under the Main Street Business Assistance Program established by Governor Jon S. Corzine and the state Legislature. Designed to help businesses cope with the effects of the national economic downturn, the 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 Main Street initiative was created to help small companies like Imtek remain and grow in New Jersey,” said Governor Corzine. “This program is one of several critical initiatives advanced under the Economic Assistance and Recovery Plan to aid businesses during these challenging times. I am pleased to see that our efforts are working to help ensure companies in New Jersey continue to thrive.”

Imtek, established more than 60 years ago, provides direct marketing, printing, fulfillment and location intelligence services to clients in the retail, automotive, financial services, travel, catalog, education, publishing and healthcare industries. The company received a $300,000 line of credit from Cornerstone Bank, backed by a 50-percent EDA guarantee and a $300,000 term loan from Cornerstone with a 25-percent EDA participation and a 25-percent EDA guarantee to refinance existing debt. Imtek will maintain its 19 employees and expects to create six new jobs over the next two years.

“We were impressed by the speed of the process, from application to approval, as well as the level of professionalism demonstrated by the EDA staff. With the help of the Main Street program, we were able to put a financing structure in place that allows us to grow in New Jersey with our innovative technology,” said David Lesniak, president of Imtek.

Developed in partnership with the New Jersey departments of Banking and Insurance and Treasury, the New Jersey Bankers Association and others in the banking community, the Main Street program has been funded by a $50-million state appropriation. The program has two components – a loan participation and/or guarantee product that is being offered through participating banks and a line of credit guarantee offered for the first time through the EDA’s 15 Preferred Lender partners. To qualify, borrowers must be in business at least two years, maintain jobs in New Jersey and meet other EDA eligibility requirements.

“We are very pleased to have Imtek join Cornerstone Bank. Our partnership with the EDA under the Main Street program was key for us to provide Imtek with a comprehensive financing structure that will support its plans to grow and add jobs in southern New Jersey,” said Amy E. Travetti, vice president, Cornerstone Bank.

For term loans secured by fixed assets like buildings and equipment, the EDA will provide a maximum participation of 25 percent, or $1 million, in a bank loan and a maximum bank loan guarantee of 50 percent, up to $2 million. For working capital loans to cover operating expenses, the EDA will provide up to 25 percent of a bank loan, not to exceed $750,000, and a maximum guarantee of 50 percent, up to $1.5 million. The aggregate EDA exposure cannot exceed 50 percent of the total bank loan amount to a total maximum of $2 million. The interest rate on EDA loan participations is fixed at 5 percent for a maximum of five years. Borrowers also can use the Main Street program to refinance higher-interest debt.

The line of credit guarantee, which can be used for fixed assets or working capital, is set at a maximum of 50 percent of the bank amount, up to a maximum of $250,000.

Applications and program details for the Main Street program is available online at www.njeda.gov . For more information on the Main Street Business Assistance Program, you also may call 1-(800) 537-7397 or e-mail MainSt@njeda.com .

More information on Imtek can be found online at www.Imtek.com or by calling 1-(800) 767-6277.

Trenton, N.J. (August 27, 2009) – While touring two southern New Jersey small businesses, Governor Jon S. Corzine today applauded their efforts to expand operations and grow jobs in the Garden State. Severino Pasta Manufacturing Company in Westmont and Moorestown-based EMS Formation, both of which recently expanded, received assistance from the State through innovative programs that allow businesses to access capital by providing state support for bank lending through loan participations and guarantees.

“By partnering with banks, particularly during these challenging economic times, New Jersey is able to help businesses overcome the financial obstacles that can stall their growth and expansion,” said Governor Corzine. “Small businesses are the backbone of our State’s economy and I am pleased that we were able to ensure the continued success and growth of two long-standing businesses and create jobs.”

The Governor said that companies like Severino Pasta and EMS Formation are contributing to the positive gains in private sector job growth being experienced in the Garden State. Earlier this week, the N.J. Department of Labor reported the addition of 13,000 private sector jobs to the New Jersey economy.

Severino Pasta Manufacturing Company has had its family-run retail and manufacturing shop in Westmont for over 35 years. Founded by Joseph and Anna Maria Severino, the company is run today by the second generation of the Severino Family. The company manufactures handmade, authentic artisan’s pasta and recently expanded its warehousing distribution operations at its second facility in Cherry Hill. In addition to its retail shop, Severino also supplies its products to restaurants, supermarkets, hotels, and wholesalers in the New Jersey and Philadelphia areas. Severino received a $200,000 PNC Bank loan, with a 25-percent EDA guarantee under the New Jersey Business Growth Fund, a below-market interest rate loan program jointly run by the New Jersey Economic Development Authority (EDA) and PNC Bank. Severino expects to maintain its current staff of 36 and recently hired two new employees.

“We really are a family-minded company that depends on and supports our local community, for everything from supplies to employees,” said Louis Severino, co-owner of Severino. “We’re thankful to the state for helping us acquire our loan from PNC Bank, which will support our continued growth in New Jersey.”

EMS Formation designs and manufactures hardware and software products for the defense, aviation, data communications and transportation industries, with a leading position supplying wireless hardware that enables in-flight connectivity. Formation, Inc. was founded in Moorestown in 1970 and joined EMS Technologies, Inc. in 2009. Customers include Rockwell Collins, Airbus, Aircell, Panasonic, and L-3 Communications as its customers. The company has grown from a staff of 68 to 132 over the last 17 months and its year-over-year revenue growth has increased 97-percent. EMS Formation received a $750,000 Sovereign Bank loan, with a $375,000 EDA participation to purchase equipment under the Statewide Loan Pool for Business, a program that brings together the resources of the EDA with scores of New Jersey financial institutions to make it easier for banks to lend money that supports business growth.

“We greatly appreciate the assistance we received from the state, which has helped facilitate our dramatic growth,” said R. Nim Evatt, vice president and general manager of EMS Formation. “Without the EDA and Sovereign Bank partnership, we would have had to pay double to finance this equipment at a pivotal time in our company’s growth strategy.”

Building on the past success of the state’s partnership with the banking community, Governor Corzine created the Main Street Business Assistance Program as part of his Economic Assistance and Recovery Plan. The new program aims to help New Jersey businesses cope with the effects of the national economic downturn and offers two components – a loan participation and/or guarantee product that is being offered through participating banks and a line of credit guarantee offered for the first time by the EDA. To qualify, borrowers must be in business at least two years, maintain jobs in New Jersey and meet other EDA eligibility requirements.

Applications and program details for the Main Street program are available online at www.njeda.gov or by calling 1-(800) 537-7397 or e-mailing MainSt@njeda.com.

To learn more about three companies that were able to expand with help from the NJEDA and meet some of their new employees, watch the video at http://www.youtube.com/user/jonscorzine

Trenton, N.J. (August 27, 2009) – Touting the company’s success and continued job growth in the Garden State, Governor Jon S. Corzine today toured TerraCycle, a Trenton-based company that makes affordable, eco-friendly products from a wide range of different non-recyclable waste materials.

“TerryaCycle is on the front lines of the ‘green revolution,’ and the burgeoning new industry that is emerging based on conservation and environmentally-friendly practices,” Governor Corzine said. “These are industries that are creating the jobs of the future. New Jersey is a proud partner with TerraCycle in reducing the amount of waste going into our landfills and creation of useful products while creating business and job opportunities.”

TerraCycle has grown from a staff of two to 55 and expects to double its current workforce within the next two to three years.

Governor Corzine said approximately 13,000 new jobs were added by the private sector in July, an indication that New Jersey’s economic recovery plan – the first state economic recovery plan in the nation – is working.

The company is expanding internationally and opened operations in Brazil in July. In September, they will launch in Mexico and the UK. The company was supported by the State of New Jersey through the Technology Business Tax Certificate Transfer Program and also belongs to the City of Trenton’s Urban Enterprise Zone program.

“TerraCycle was born in Princeton, New Jersey and has grown to be a green powerhouse in Trenton, NJ. There is no other state in the country I would rather have founded my business,” said Tom Szaky, TerraCycle co-founder and chief executive officer. “As we continue to expand our operations, there are endless opportunities to grow and provide green jobs to inner-city residents, second chance employees, highly trained professionals and even interns from New Jersey’s many Universities and Colleges.”

Founded in 2001 by a 19-year-old Princeton University freshman, TerraCycle started as an organic fertilizer and has become one of the fastest growing eco-friendly manufacturers in the world. The company manufactures more than fifty products that are available at major retailers like Target, The Home Depot, OfficeMax, Petco and Whole Foods Market.

TerraCycle also runs free national collection programs with partners like Kraft Foods, Frito Lay and Mars Wrigley that pay nonprofits and schools nationwide to collect used packaging such as drink pouches, energy bar wrappers, yogurt cups, cookie wrappers, and chip bags. The collected materials are upcycled into affordable, high quality products ranging from tote bags and purses to shower curtains and kites. TerraCycle currently partners with over 30,000 schools and nonprofits, including Franklin Elementary School, Harrison School and Douglas Elementary School in Trenton. Since its inception, TerraCycle has salvaged over 10 million drink pouches, 50,000 energy bar wrappers, two million plastic bottles, and one million cookie wrappers.

“When we talk about ‘going green’ and ‘green technology,’ it is about doing things better and TerraCycle has found a way to do that,” added Governor Corzine. “We are proud to have this home-grown company as a corporate citizen and as an ally in New Jersey’s Green Revolution.”

“We are pleased to add Valley National to our list of Preferred Lenders to enhance our efforts to serve the business community in northern and central New Jersey,” said EDA Chief Executive Officer Caren S. Franzini.  “The Preferred Lender Program creates new opportunities for EDA’s lending partners like Valley National because it makes funds available at below-market interest rates with flexible terms for growing New Jersey businesses.”

A 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, she said.

Valley National Bank is the principal subsidiary of Valley National Bancorp, a regional bank holding company headquartered in Wayne with over $14 billion in assets. Valley National Bank currently operates 195 branches in 132 communities serving 14 counties throughout northern and central New Jersey, as well as the New York boroughs of Manhattan and Brooklyn and Queens. 

“We’re honored to be chosen as a Preferred Lender by the EDA,” said Russell Murawski, first senior vice president of Valley National Bank.  “This speaks volumes about Valley’s commitment to straight-forward lending practices and our dedication to the businesses of the local communities we serve.”

The Preferred Lender Program is an effective resource for EDA banking partners and their borrowers that need affordable capital for fixed assets like buildings and equipment and working capital for operating expenses.  It features a three-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.  

Under the Preferred Lender Program, the EDA provides up to 50 percent of the bank loan amount for fixed asset loans, with a maximum participation of $1.25 million and a maximum guarantee of $1.5 million.  For working capital loans, the EDA offers up to 50 percent of the bank loan amount, with a maximum participation of $750,000 and maximum guarantee of $1.5 million.  EDA participation and guarantee terms may be up to 10 years for fixed asset loans and up to five years for working capital loans.

Borrowers of EDA funding under the Preferred Lender Program have the option of choosing a fixed rate indexed to the five-year Treasury rate or a variable rate indexed to the Prime Rate.  Businesses must be New Jersey-based, in operation for at least two years, and commit to creating at least one new job per $50,000 in EDA exposure.  Manufacturers need only to maintain one job per $50,000 of EDA exposure. 

In becoming the 15th financial institution to join this select partnership, Valley National Bank joins a list that includes  Bank of America, Capital One Bank, Citizens Bank, Columbia Bank, Cornerstone Bank, Peapack-Gladstone Bank, PNC Bank, Roma Bank, Sovereign Bank, Sun National Bank, Susquehanna Bank, TD Bank and The Bank and The Provident Bank.

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.

For more information on the EDA’s Preferred Lender Program, 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.