TRENTON, N.J. (June 16, 2009) –A new funding resource  in support of Gov. Jon S. Corzine’s commitment to promote economic development and a more secure environmentally responsible energy future for New Jersey was unveiled today. Known as the Clean Energy Solutions Capital Investment (CESCI) Loan/Grant, the new program was developed to encourage and promote energy efficiency measures within the commercial and industrial sectors and encourage the use of renewable energy while supporting the goals of the Governor Corzine’s Energy Master Plan.


 


“Our new financing product will expand the State’s national leadership role in establishing a green economy by ensuring companies have the ‘green’ resources they need to sustain, grow and prosper in New Jersey,” said Caren S. Franzini, chief executive officer of the New Jersey Economic Development Authority (EDA), noting that more new resources will be unveiled over the next several months as part of the state’s Clean Energy Solutions portfolio, which includes partnerships with the Board of Public Utilities (BPU) and the Department of Environmental Protection (DEP).


 


Governor Corzine’s Energy Master Plan is one of the most aggressive in the nation, and is aimed at reducing energy consumption by 20 percent and generating at least 30 percent of the State’s energy from renewable sources by the year 2020.


 


The CESCI Loan/Grant program will support commercial, institutional or industrial entities advancing energy-efficient end-use projects, combined heat and power (CHP or cogen) production facilities, or construction of state-of-the-art, efficient electric generation facilities, including Class I and Class II renewable energy. CESCI will provide zero-interest loans and grants up to $5 million to eligible commercial, industrial or institutional customers, with up to 10-year loan term to fund purchase of fixed-assets (including real estate or equipment).


 


The loans and grants offered through CESCI are capitalized through the Regional Greenhouse Gas Initiative’s Global Warming Solutions Fund, in partnership with the DEP.           


 


“Using global warming funds to promote energy sustainable projects  presents the DEP and the EDA with a unique opportunity to strengthen New Jersey’s economy while creating a cleaner and greener environment,” DEP Acting Commissioner Mark N. Mauriello said.


 


“The coordination among various State agencies to support energy efficient and renewable energy in New Jersey has helped to establish the state as a national leader,” said Jeanne M. Fox, President of the New Jersey BPU. “Our coordination is a direct result of the clear vision and goals established under Governor Corzine’s Energy Master Plan, and additional EDA/BPU partnerships to support clean energy projects in New Jersey that will be unveiled throughout the Summer.”


 


This latest product complements the State’s existing clean energy programs to promote economic development, including the Clean Energy Manufacturing Fund. Businesses interested in Clean Energy Solutions opportunities should visit www.njeda.gov in the coming weeks for more information on upcoming products, including a new performance-based grant program to assist combined heat and power facilities to complement the CESCI program, which will be offered in partnership with the Board of Public Utilities.


In-Home Therapy Services Provider Expects to Maintain 400 jobs and Add 240 New Positions



TRENTON, N.J. (June 11, 2009) – Fox Rehabilitation Services, P.C., a provider of in-home physical, occupational and speech therapy, expects to maintain 400 jobs and add as many as 240 new positions over the next two years with its relocation to larger facilities in Cherry Hill Township. The move will be made possible with the help of a $6.25-million TD Bank loan that includes a $1.25-million participation from the New Jersey Economic Development Authority (EDA) made under the Statewide Loan Pool for Business program.


“This investment by Fox Rebabilitation is good economic news for the South Jersey region,” said Governor Jon S. Corzine. “Community growth is being facilitated with this development while existing jobs are being maintained and new job opportunities are being created for residents.”


The 20-percent EDA participation supports Governor Corzine’s Economic Growth Strategy to create and maintain jobs and encourage the development of small and mid-size businesses in New Jersey.


“We are pleased to be able to participate in this joint financing that is going to expand essential services for homebound citizens, maintain existing jobs and bring many new jobs into the Camden County region,” said EDA Chief Executive Officer Caren S. Franzini.


Fox Rehabilitation anticipates completing the approximate four-mile move from its present 9,000-square-foot North Kings Highway corporate location to a 90,000-square-foot vacant building at 7 Carnegie Plaza on Aug. 1. It plans to occupy 65,000 square feet of the building and lease the remaining space to an unaffiliated tenant.



“For 11 years, Fox Rehabilitation has provided geriatric house calls to its patients, enabling them to receive exceptional physical and occupational therapy services in the comfort of their own homes,” said founder and Executive Director Tim Fox. “These loans from TD Bank and the EDA will allow Fox Rehabilitation to continue to rehabilitate the lives of the aging population. Additionally, we are thrilled to have the new office space to allow for our continued growth of administrative and clerical positions. The future is very bright for Fox Rehabilitation.”


Fox Rehabilitation serves all of New Jersey, as well as New York, Pennsylvania, Delaware and Virginia, from its Cherry Hill headquarters. It employs about 100 people based at its corporate location and a force of more than 300 mobile therapists throughout the five states.


“TD Bank is proud to provide this loan to Fox Rehabilitation Services and to partner with the New Jersey Economic Development Authority,” said Joseph P. Tredinnick, regional vice president, TD Bank. “We are committed to investing in our communities, and this loan will enable Fox Rehabilitation to expand its services to the local community as well as create more jobs for area residents.”


The Statewide Loan Pool program is an innovative partnership that brings together the resources of the EDA with scores of New Jersey financial institutions like TD Bank. By participating in bank loans, the EDA makes it easier for banks to lend money that supports business growth. Since the early 1990s, the EDA has provided more than $170 million in loan participations through this program, which has assisted over 700 projects that have created in excess of 9,500 new jobs.


The EDA portion of the loan to Fox Rehabilitation was made at an interest rate fixed at 3 percent for the first five years of a 10-year term.


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 Statewide Loan Pool 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.


Information Session Held at EDA’s Waterfront Technology Center


CAMDEN, N.J. (June 11, 2009)– Foreign consuls and corporate business executives joined officials from the Governor’s Office of Economic Growth and the New Jersey Economic Development Authority (EDA) today to learn how public- and private-sector collaboration can enhance international trade opportunities in global markets.


“We are all interconnected in this global economy,” said Jerry Zaro, chief of the Governor’s Office of Economic Growth. “Working in partnership with the Corzine Administration and EDA, New Jersey’s international business community can play an integral role in the continued economic prosperity of our state.”


Featured presenters at the information session arranged by the EDA’s International Trade Division included Domenic P. Ciancarelli, vice president of Precision Electronic Glass, Inc. of Vineland, a privately held family corporation that manufactures precision glass and quartz components and assemblies, and Patricio Assis, vice president of Nutsco, Inc., a subsidiary of Usibras, the largest Brazilian processor and exporter of cashews, which operates a state-of-the-art manufacturing and roasting facility in Camden. The two shared first-hand experiences on the partnership and impact of the state’s international trade counseling services and programs. The event was held at the EDA’s five-story, 100,000-square-foot, state-of-the art Waterfront Technology Center located along the burgeoning Camden waterfront.


“The EDA provides one-stop assistance for New Jersey companies interested in expanding their business to international markets,” said EDA Chief Executive Officer Caren S. Franzini.


“By promoting New Jersey’s exports, helping to attract new foreign direct investment, offering business advocacy services and building and maintaining relationships with the foreign diplomatic, governmental and business communities, we can assist New Jersey companies that want to grow and expand their markets beyond our border,” she said.


The EDA offers various programs to support businesses that want to expand overseas sales or identify new strategic international markets for their products and services, said Camille Sailer, EDA director of International Trade.


“We also organize and sponsor international trade missions, shows, conferences and seminars in key overseas markets where international business opportunities for New Jersey companies are greatest,” she said.


Additionally, the EDA works to identify and secure new sources of foreign direct investment into the state and supports New Jersey’s five Foreign Trade Zones located strategically throughout the state, she said.


“The EDA has always been very helpful and supportive of us as we work to develop our international business,” Ciancarelli said. “They have been a strong voice of advocacy in helping us to overcome hurdles and understand the implications of doing business in other countries.”


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 about EDA international trade activities and programs, visit www.nj.gov/njbusiness/international/services or call 1-(866) 534-7789.

 

New Program Supports Manufacturing of Innovative Clean Energy Technologies

 

TRENTON, N.J. (May 29, 2009) – The second solicitation for financing by the State of New Jersey under the Clean Energy Manufacturing Fund will begin June 1. The recently launched program was specifically designed to support companies looking to site or materially expand a Class I renewable energy or energy-efficient product manufacturing facility in New Jersey, and will enable the state to take a leadership role in the clean technology industry by promoting new green jobs and growth while addressing the goals of Governor Jon S. Corzine’s Energy Master Plan.

 

The program is funded by the New Jersey Board of Public Utilities (BPU) and administered through the New Jersey Economic Development Authority. The solicitation period opens June 1, and is scheduled to close on July 15.

 

“The Clean Energy Manufacturing Fund will contribute greatly to the cost-competitiveness of renewable energy and energy efficiency in New Jersey while also supporting the creation of green collar jobs in the Garden State,” said Caren S. Franzini, chief executive officer of the EDA.

 

“Our continued partnership with the EDA will create jobs, ensure energy security and help achieve Governor Corzine’s mandate to reduce greenhouse gas emissions and combat global warming,” added BPU Board President Jeanne M. Fox.

 

Through the Clean Energy Manufacturing Fund, New Jersey clean technology manufacturers can receive funding under two separate components: project assessment and design, and project construction and operation. In total, a qualified manufacturer of Class I renewable energy or energy efficiency systems, products or technologies may be eligible to receive up to $3.3 million in grants and interest-free loans.

 

Up to $300,000 is available as a grant to assist with the manufacturing site identification and procurement, design, and permits. Up to $3 million is available as a zero-interest, ten-year loan to support site improvements, equipment purchases, and facility construction and completion.

 

To take advantage of this program, a company must be a for-profit entity that is planning to manufacture eligible products in New Jersey and be entering or expanding within the manufacturing stage of commercial development. A minimum 50-percent cash match of total project costs from non-state grants, loans, or equity, is required for both program components. Preference will be given to those projects that demonstrate a greater percentage of the project being designed, manufactured, processed, assembled or made ready for commercial sale at the company’s project facility in New Jersey.

 

Eligible technologies for funding include energy efficiency equipment and technology, Class I renewable energy and other technologies or equipment that can demonstrate their integral nature to the development of Class I renewable energy and energy efficiency technologies. Class I renewable energy is defined as electricity derived from solar energy, wind energy, wave or tidal action, geothermal energy, landfill gas, anaerobic digestion, fuel cells using renewable fuels, and, with written permission of the New Jersey Department of Environmental Protection (DEP), certain other forms of sustainable biomass.

 

To learn more about the Clean Energy Manufacturing Fund, call 866-534-7789 or visit www.njeda.gov\CEMFApplication.

 


 



The EDA will introduce Clean Energy Solutions, a suite of new financing products that will include interest-free loans and grants to complement the state’s existing clean energy programs.  Our new financing products will allow New Jersey to take a leadership role in promoting a “green” economy, ensuring that businesses and institutional entities have the resources they need to grow and prosper.



Our Edison Clean Energy Manufacturing Fund (CEMF) will continue to support the development and commercialization of Class I renewable energy and energy-efficiency technologies in New Jersey.  Solicitation period opens June 1, 2009 and eligibility forms will be accepted until July 15, 2009. 



To receive more information about how the EDA can provide your business with the innovative financing vehicles available through Clean Energy Solutions, Click here.


 

 


EDA resources combined to assist Pennsauken company.


 


TRENTON, NJ (May 13, 2009) – McKella 280 Inc., a Pennsauken-based provider of graphic design, digital imaging, printing and fulfillment services, is the first company to finalize a line of credit guarantee under a new program established by Governor Jon S. Corzine and the state Legislature to help New Jersey businesses cope with the effects of a national economic downturn.


 


          McKella recently closed a $1.2-million line of credit with Susquehanna Bank that includes a $250,000 guarantee from the New Jersey Economic Development Authority (EDA) made under the Main Street Business Assistance Program.  The Main Street initiative 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 EDA-managed program is one of several critical initiatives established under Governor Corzine’s Economic Assistance and Recovery Plan to aid businesses during a national recession.


 


          The company also closed a $2-million loan with Susquehanna Bank that includes a $500,000 EDA participation and a $375,000 guarantee of the bank’s portion of the loan under the Statewide Loan Pool for Business program, which will be used to refinance higher-cost debt.


 


          “These financings are an excellent example of how EDA resources can be combined to support Governor Corzine’s Economic Growth Strategy to encourage the growth of small businesses in New Jersey in this difficult economic climate,” said EDA Chief Executive Officer Caren S. Franzini.  “We are delighted that, for the first time, we have been able to offer a line of credit guarantee under the Main Street initiative.”


 


          McKella is owned by Richard McGee Jr. and Joseph LaGrossa and was formed in October 2008 with the merger of Digital Color Image, Inc. and Citation Graphics.  Digital Color was founded in 1985 by McGee; Citation was established in 1977 by LaGrossa.


 


          “With the support of Governor Corzine, the EDA and Susquehanna Bank, McKella 280 can focus on maintaining our employee base, growing our business and creating additional jobs in New Jersey,” LaGrossa said.  “This financing will enable us to continue to provide our services to other businesses in the state.”


 


“At Susquehanna Bank, we are committed to investing in local communities by developing strong customer relationships and providing financing to businesses,” said David Slobotkin, assistant vice president and commercial relationship manager. “We had been working with Digital Color for several years, and it is truly rewarding to watch our clients continue to grow and develop. We were pleased to work with the EDA to provide financing for McKella 280, and we look forward to working with them in the future.”


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.  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 14 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. 


 


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.


 


Under the Statewide Loan Pool Program, the EDA can participate in or guarantee up to 50 percent of a bank loan, up to a maximum total exposure of $2.75 million for fixed assets like buildings and equipment or $2.25 million for working capital.  The EDA has provided more than $700 million in loan participations and guarantees to over 700 business projects that have created in excess of 9,500 new jobs since the program was developed in the early 1990s.


 


Applications and program details for the Main Street and Statewide Loan Pool Programs are 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.


 


 


 


 


Caren Franzini, CEO of New Jersey Economic Development Authority, highlights New Jersey’s talented workforce and strategic location as factors for economic growth and prosperity

 

Parsippany, N.J. (May 13, 2009) – Daiichi Sankyo, Inc. (DSI) announced today that the company has recently completed a major renovation and build-out of the interior of its Two Hilton Court U.S. headquarters facility to accommodate its growing workforce, creating sole occupancy by DSI of the building’s 186,000 square feet.

Daiichi Sankyo, which has been doing business in New Jersey for more than 12 years, commemorated this growth milestone with a celebration for all of its employees today at the Parsippany headquarters.  Caren Franzini, CEO, New Jersey Economic Development Authority, and Bob Franks, president, HealthCare Institute of New Jersey, attended the celebration and addressed employees, thanking them for their years of commitment to the New Jersey community and patients worldwide.
New Jersey Governor Jon S. Corzine signed a state proclamation congratulating Daiichi Sankyo employees for their success, the expansion of the company headquarters and commitment to the state.


“Daiichi Sankyo has not only made important contributions to pharmaceutical science, but has provided welcomed support to the Parsippany community and the citizens of New Jersey,” said Governor Corzine. “The pharmaceutical industry plays a critical role in the state’s economy, which is particularly important to us right now during these difficult economic times. Daiichi Sankyo is an example of a global company that has leveraged the advantages that the State of New Jersey offers to drive business growth. We are proud that the company has laid its foundation in the Garden State and will continue its commitment to developing innovative medicines that create hope in patients’ lives.”  


The U.S. headquarters facility houses Daiichi Sankyo’s 480 Parsippany-based employees, including corporate offices and all functions that support the company’s commercial operations. When completely staffed, the building will house approximately 600 employees. In addition, the company has a clinical development division in Edison, New Jersey that employs 350 people who oversee clinical trials being conducted around the world.  


The company expanded its U.S. workforce over the past few years as it launched several products for the treatment of hypertension, lipid disorders and diabetes, and in anticipation of the continuing development of its robust pipeline of compounds for cardiovascular disease and oncology, including an antiplatelet agent currently under FDA review.


According to a 2008 report by the HealthCare Institute of New Jersey, drug industry employment in the state dropped by 600 jobs in 2007, but Daiichi Sankyo experienced a 100 percent increase in New Jersey personnel from 2007 – 2008 alone, and a 10-fold increase in employees since its first occupancy of 15,000 square feet at the headquarters building in 1997.


“We are very happy to have made New Jersey the site of our U.S. headquarters,” said Joseph P. Pieroni, president and CEO, Daiichi Sankyo, Inc. “The state has a long history of supporting the pharmaceutical industry and offers a highly skilled workforce to help us stay competitive. We’re pleased to be part of the Parsippany community, and to have partnered with our neighbors in supporting projects that are vital to the well-being of New Jersey residents,” Pieroni added. 


About Daiichi Sankyo, Inc.

Daiichi Sankyo Inc., headquartered in Parsippany, New Jersey, is the U.S. subsidiary of Tokyo-based Daiichi Sankyo Co., Ltd., which is a global pharmaceutical innovator. The headquarters company was established in 2005 from the merger of two leading Japanese pharmaceutical companies. This integration created a more robust organization that allows for continuous development of novel drugs that enrich the quality of life for patients around the world. A central focus of Daiichi Sankyo’s research and development is cardiovascular disease, including therapies for dyslipidemia, hypertension, diabetes and acute coronary syndrome. Also important to the company is the discovery of new medicines in the areas of infectious diseases, cancer, bone and joint diseases, and immune disorders. For more information, visit www.dsi.com.


North Brunswick, N.J. (March 25, 2009) – Bucking national and state economic trends, Chromocell Corporation, a drug discovery company that accelerates the R&D process by applying its technology to the discovery of novel therapeutics against the most complex and challenging drug targets, marked a significant expansion today by officially opening a new 15,000 square-foot research facility employing 80 full and part-time researchers and support staff.

 

The company celebrated the opening with a ribbon cutting ceremony at the Biotechnology Development Center here on the campus of the New Jersey Economic Development Authority’s (EDA) Technology Centre of New Jersey. The ceremony was attended by state and local government officials, colleagues from other bioscience companies and industry representatives.

 

The new research facility represents a significant milestone for Chromocell, which was founded in 2003 to commercialize Chromovert, a groundbreaking technology that is revolutionizing cell-based drug discovery. Co-inventors of Chromocell were Dr. Kambiz Shekdar, the company’s chief scientific officer, and Nobel Laureate Dr. Gunter Blobel. Together with Chief Executive Officer Christian Kopfli, Drs. Blobel and Shekdar founded Chromocell.

 

Chromocell began as a three-person operation located in a single, 800 square-foot laboratory at the Commercialization Center for Innovative Technologies (CCIT), which is also located at the Technology Centre.  In 2007, the company, which focuses on drug discovery for pain relief, anxiety treatment and respiratory disorders, expanded its operations and moved with 45 employees to space totaling 6,000 square feet at CCIT. With additional applications in biologics production, cell therapy and flavor research, the company’s growth resulted in the further expansion to the new research facility, which will accommodate the current staff of 80, with expectations of even further growth in the near-term future.

“We are delighted to have grown from a start-up bioscience company to a robust R&D organization tackling some of the most challenging drug targets. Our technology is cutting edge, and so is our hard working, intelligent and motivated staff,” said Chromocell CEO Kopfli. “This new state-of-the-art lab facility provided through the New Jersey Economic Development Authority further enhances our ability to address serious illnesses through our research efforts.”


In support of the state’s Edison Innovation Fund, the EDA’s Biotechnology Development Center was created to attract emerging technology companies of all sizes to New Jersey and make “tweener” incubator space more readily available as growing tenants graduate from the CCIT and other incubators throughout the state.  The Center includes 26,000 square feet of generic wet laboratory space that is completely fit out and ready for use. This allows growing companies to focus their capital on operations, rather than having to invest in tenant fit out.  The new space provides Chromocell with its own conference rooms, reception area and visitor lobby and also features laboratories customized to the company’s workflow.


Under the Edison Innovation Fund, Chromocell also received assistance through the New Jersey Technology Fellowship Program. Administered by the New Jersey Commission on Science and Technology, the program provides salary funding for post doctoral graduates from state research universities to work in early-stage New Jersey technology companies. The Edison Innovation Fund, a key element of Governor Jon S. Corzine’s Economic Growth Strategy, was created in October 2006 to spur innovation, create new, high-paying jobs and cultivate an entrepreneurial environment for technology and life sciences companies in New Jersey.


“Chromocell’s graduation from CCIT into the Biotechnology Development Center demonstrates exactly how the concept of the generic wet labs was designed to work: a startup company thrives in the incubator, then moves on to graduate or ‘tweener’ space, and, hopefully in future years, to much larger space at the Technology Centre,” said Caren Franzini, chief executive officer of the EDA. “Chromocell represents an ongoing success story for New Jersey and exemplifies the kind of companies we are encouraging through initiatives like the Edison Innovation Fund.”


With more than 240 companies operating in New Jersey, the bioscience industry has been recognized for both its current contributions to the state’s economy and the potential of the industry to expand and make more contributions in the future.


“In a little over a decade the number of bioscience companies operating in New Jersey has tripled from 80 to more than 240,” said Debbie Hart, president of the New Jersey biosciences industry trade association, BioNJ.  “The history of Chromocell provides a glimpse as to why bioscience companies can thrive in New Jersey.  Chromocell began as a small operation, but it has been able to grow due to the combination of the value of its intellectual property, a well designed and executed business strategy and the support that is available to young companies through the State of New Jersey.”


About Chromocell
Chromocell was founded to commercialize a groundbreaking technology invented by Dr. Kambiz Shekdar and Nobel laureate Dr. Gunter Blobel that revolutionizes cell-based drug discovery.  Privately held, Chromocell is focused on drug discovery programs in pain relief, anxiety and respiratory disorders and can enable previously inaccessible, high-value drug targets through the use of its technology.  Chromocell is also engaged in research and development applications in flavors, stem cells and other therapeutic biologic fields.  For more information, go to www.chromocell.com.



Trenton, N.J. (March 16, 2009) – A specialty food market and catering service in Mount Laurel is the first business to finalize funding under a new program established by Governor Jon S. Corzine and the state Legislature to help New Jersey businesses cope with the effects of the national economic downturn.

 

Abbruzzi and Giunta’s Italian Market & Catering closed a $1,546,000 loan with Cornerstone Bank recently that includes a $211,000 participation from the New Jersey Economic Development Authority (EDA) made through the Main Street Business Assistance Program.  The Main Street initiative 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.

 

“This is a great example of exactly the kind of business project that Governor Corzine and the Legislature intended to benefit from the Main Street program,” said EDA Chief Executive Officer Caren S. Franzini.  “Abbruzzi and Giunta’s is a small, successful business that is looking to grow and move forward in this difficult economic climate.  We are pleased that we can play a role in its future growth by working with Cornerstone Bank to provide the necessary funding through Main Street.”

 

Abbruzzi and Giunta’s is owned by lifelong friends Joe Abbruzzi and Mark Giunta, who purchased the business in 1991 after Diane Abbruzzi, Joe’s wife, noticed a “for lease” sign on a vacant store at 3211 Route 38 and decided that it offered a great opportunity for the couple to open the Italian food specialty store they had always wanted.  Joe Abbruzzi reached out to Giunta, who had been running another business in Philadelphia at the time, and the two unveiled their new market in November 1991.   They added catering capabilities in 1996.

 

“We’re excited to be the first business to take advantage of the Main Street program,” Abbruzzi said.  “We think that we’re a perfect fit.  We’re a solid business with local employees that is going to use the funding to consolidate existing financing, expand our catering operations and grow in the community where we established ourselves 18 years ago.”

 

He said he expects the Main Street funding to improve the business’s cash flow by 25 percent.

Abbruzzi and Giunta’s features Italian specialties and homemade recipes engendered by the owners’ South Philly roots.  Diane Abbruzzi and Giunta handle the day-to-day operations of the business, which is open seven days a week and pledges to deliver food “as good as what momma used to make.”  


Abbruzzi, a financial advisor by trade who works behind the scenes at the market, said he was familiar with the EDA and its financing capabilities for small and mid-size businesses, but he didn’t “connect the dots” with Main Street until the program was brought to his attention by Cornerstone Bank.


“In these tough economic times, it’s great – even for a successful business like ours – to have a state program like Main Street to help out,” Abbruzzi said.


“We are delighted to be a partner with the EDA and Abruzzi’s Italian Market.  It is a fine example of the good businesses that benefit from these programs,” said David Swoyer, chief lending officer for Cornerstone Bank.


The Main Street Business Assistance Program has two components – a loan participation and/or guarantee product offered in conjunction with bank lending and a line of credit guarantee offered through the EDA’s 14 Preferred Lender partners.  To qualify, borrowers must be in business for at least two years, maintain jobs in New Jersey and meet other EDA eligibility requirements. 


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 are 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 is available 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 more details on the Main Street Business Assistance Program is available at www.njeda.gov.   Additionally, you can get more information on the Main Street program by calling 1-(800) 537-7397 or sending an e-mail to MainSt@njeda.com.