TRENTON, N.J. (June 12, 2007) – Supporting Governor Jon S. Corzine’s strategy for encouraging scientific innovation and discovery, the New Jersey Economic Development Authority (EDA) took another step forward today to strengthen the state’s position as the nation’s leader in building stem cell research facilities when it approved nearly $9.2 million in predevelopment funding for the Stem Cell Institute of New Jersey in New Brunswick.

The funds are the first to be approved from the $270 million authorized under legislation signed by Governor Corzine in December to build stem cell research centers and facilities for cancer and biomedical research in New Jersey. The Stem Cell Institute will receive $150 million of the total amount authorized.

The Stem Cell Institute is a collaborative effort of the University of Medicine and Dentistry of New Jersey’s Robert Wood Johnson Medical School and Rutgers University that will be developed by the New Brunswick Development Corporation (DEVCO).

Funding for stem cell facilities is advancing the mission of the Edison Innovation Fund, a key element of Governor Corzine’s Economic Growth Strategy. The fund was created to support technology and life sciences companies throughout their discovery, development and commercialization stages. The EDA, in consultation with the New Jersey Commission on Higher Education and the New Jersey Commission on Science and Technology, is responsible for managing the $150-million fund, which will leverage $350 million in private capital.

The Stem Cell Institute will be developed as part of a 16-story university research tower on Little Albany Street adjacent to the Amtrak Northeast Corridor elevated rail line. The site, currently a surface parking lot, is owned by Robert Wood Johnson University Hospital and RWJ Property Holding Corp., which have entered into a letter of intent to ground lease the site to DEVCO for the development of a nine-story parking deck along with two floors for the Cardiovascular Institute and five floors for the Stem Cell Institute. The predevelopment funds will enable the New Brunswick project to move forward with design, engineering and other preconstruction requirements.

To ensure that funds are used in accordance with the legislation, the EDA has instituted a two-step application and review process with one application required for predevelopment funds and another for funding.

“The predevelopment funds are intended to allow projects to progress to the next phase of development and to assist them in completion of the full and final application,” said EDA Chief Executive Officer Caren S. Franzini. “The full application will require projects to submit an operational plan and complete construction budget as required by the legislation.”

The Stem Cell Institute will recruit top-level faculty to carry out research, training and clinical studies on the application of stem cells to the treatment and cure of human disease, building on the existing strengths of both UMDNJ and Rutgers in the areas of stem cell biology, development, and cell and molecular biology to create a critical mass of scientists and clinicians. The facility will serve as a resource for other collaborating investigators throughout New Jersey and as a magnet for pharmaceutical and biotechnology companies focused on the use of stem cells in disease therapy.

Also approved for state funding under the legislation were: stem cell research facilities at the New Jersey Institute of Technology in Newark ($50 million); a biomedical research center in Camden that will be operated by a consortium that includes Rutgers, the Coriell Institute for Medical Research, the Robert Wood Johnson Medical School at Camden, and the Cancer Institute of New Jersey ($50 million); the Garden State Cancer Center in Belleville ($10 million), and the Eli Katz Umbilical Cord Blood Program in Allendale ($10 million).

The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.

TRENTON, N.J. (June 6, 2007) – The New Jersey Economic Development Authority (EDA) has finalized a $1-million Edison Innovation Fund investment to assist in the expansion and growth of Signum Biosciences, Inc., a biotechnology company that develops pharmaceuticals, skincare products and nutritional supplements. The Edison Innovation Fund, a key element of Governor Corzine’s Economic Growth Strategy, was created to support technology and life sciences companies throughout their discovery, development and commercialization stages.

“Investing in Signum, a company dedicated to creating innovative healthcare products to treat and prevent diseases like Alzheimer’s and diabetes, is just one example of how the Edison Innovation Fund works to ensure that our technology and life science businesses are able to compete in the global, high-tech economy,” said EDA Chief Executive Officer Caren Franzini. 

The EDA, in consultation with the New Jersey Commission on Higher Education and the New Jersey Commission on Science and Technology, is responsible for managing the $150-million Edison Innovation Fund.  The fund will leverage $350 million in private capital that is targeted to emerging companies as well as existing mid-sized and large technology and life sciences businesses.

“Signum Biosciences is dedicated to developing innovative, economical medicines to prevent and treat diseases resulting from cellular signaling imbalances,” said Gregory Stock, CEO of Signum. “The Edison Innovation Fund investment will allow our company to accelerate its creation of new healthcare products and enhance its efforts to develop therapeutics for chronic illnesses that simply cannot be effectively treated today.”

South Brunswick-based Signum develops products to promote general health and address problems associated with chronic inflammation. Through research on protein networks that control biological systems, Signum is developing treatments for Alzheimer’s, Parkinson’s, arthritis, cancer, cardiovascular disease and a variety of skin conditions.  

The company sought assistance to support the hiring of new employees and finance claims-validation testing procedures of products and research on botanical compositions relevant to these illnesses.  The $1-million EDA loan was made for five years at a fixed interest rate of 6 percent.  As a result of the loan, the company will create 13 new jobs within the next two years.

The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.

For more information on the Edison Innovation Fund, visit www.edisoninnovationfund.com.  To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.nj.gov/njbusiness.
           

TRENTON, N.J. (June 6, 2007) – Building on Governor Jon S. Corzine’s commitment to strengthening New Jersey’s economy through his Economic Growth Strategy, free informational workshops to help nonprofit organizations discover ways to reduce their reliance on grant funding and become more self-sufficient will be offered by the Entrepreneurial Training Institute (ETI) this summer in northern, central and southern New Jersey.  A webinar of the same topic will be held in June for professional service providers to the nonprofit community.

The informational workshops are designed to help nonprofits assess whether earned- income ventures make sense for their organization.  Participants will be able to discuss opportunities with other 501(c)(3) decision makers, and explore resources available through the New Jersey Economic Development Authority (EDA) and others in New Jersey.

In addition to the EDA, partners include the New Jersey State Chamber of Commerce, Chamber of Commerce Southern New Jersey, the Mercer, Hunterdon and Morris County Chambers of Commerce, various YMCAs and United Ways statewide, Jewish Community Action, ACCSES NJ, The Center for Nonprofit, the New Jersey Association of Mental Health Agencies, and various accounting firms with nonprofit clients.

The dates, times and locations for the free workshops are as follows:

The webinar is designed to educate professional service providers to the nonprofit community about earned-income ventures and the assistance available for their clients.  Co-sponsored by the EDA and the State Chamber of Commerce, this innovative web-based workshop will take place on June 12 at 8:30 a.m. and run approximately one-hour.  Those interested in participating must first register with ETI to obtain the dial-in information.

The ETI for Nonprofits curriculum is provided by the New Jersey Economic Development Authority (EDA) and is designed to sequence the nonprofit’s journey to define and grow a successful earned-income venture.  This includes identifying a sustainable business idea, completing a market analysis, creating a marketing plan, understanding financials, building board support and receiving ongoing technical assistance to move forward.  Additionally, phone or on-site consultation time to clarify fit, build support and understanding, and develop next steps is available for interested organizations.  

For workshop or webinar registration materials and more information on the technical assistance offerings available on a rolling schedule throughout New Jersey, visit www.njeda.gov/eti, call the ETI at (609) 292-9279, or send an e-mail to eti@njeda.com. 

Nonprofit organizations are required to secure an IRS 501(c)(3) designation to confirm their nonprofit status and undergo an assessment of their readiness to register for the ETI program.  The needs assessment, which must be completed prior to enrollment, can be arranged by calling ETI at (609) 292-9279 or by e-mailing eti@njeda.com.
The EDA provides technical assistance through Aperio, one of the nation’s leading consulting firms for nonprofits engaged in social enterprise.  Aperio staff members are content experts in earned-income ventures and provide valuable depth of knowledge, experience and network within New Jersey, nationally and internationally. 

Primary sponsors of the ETI Program are Bank of America, Merrill Lynch, PNC Bank and the Wachovia Foundation.  The EDA provides financing and technical support to encourage business and job growth in New Jersey. 

To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.nj.gov/njbusiness.

Click here for more information.

TRENTON, N.J. (June 2007



) – Cumpliento con el compromiso del Gobernador Jon S. Corzine de fortalecer la economía de Nueva Jersey por medio de su Estrategia de Crecimiento Económico, el Instituto de Entrenamiento Empresarial (ETI) ofrecerá talleres de información gratuitos para ayudar a las organizaciones sin fines de lucro a descubrir maneras de reducir su dependencia de los fondos que reciben como donaciones; y ser más auto-eficientes. Estos talleres serán ofrecidos este verano en las areas norte, central, y sur de Nueva Jersey.

Los talleres de informacion estan diseñados para ayudar a las organizaciones, sin fines de lucro, a evaluar sí se debe establecer un negocio pequeño para generar ingresos y si esto funcionaría en su organización. Los participantes podrán hablar sobre estas oportunidades con personas que toman esta clase de dicisiones para sus organizaciones  fines de lucro 501 c(3);  y podran explorar los recursos disponibles a través de la Autoridad del Desarrollo Económico (EDA) y otras compañias en New Jersey.

           

Además de la EDA, otros socios incluyen La Cámara de Comercio del estado de New Jersey, La Cámara de Comercio del sur de New Jersey, Las Cámaras de Comercio de los condados Mercer, Hunterdon, y Morris, varios YMCAs y United Ways de todo el estado, Jewish Community Action, ACCSES NJ, El Centro Para las Organizaciones sin Fines de Lucro, La Asociación de Agencias de Salud Mental de New Jersey, y varias empresas de contabilidad con clientes que son organizaciones sin fines de lucro.

Las fechas, los horarios, y los lugares para los talleres gratuitos son los siguientes:

El plan de estudios de ETI para las organizaciones sin fines de lucro es proporcionado por la Autoridad del Desarrollo Económico del estado de New Jersey (EDA) y esta diseñado para delinear el trayecto de la organización sin fines de lucro, definirla, y convertirla en un negocio pequeño que generé sus propios ingresos. Esto incluye identificar una idea de negocios que pueda ser sostenible, completar un análisis de mercado, crear un plan de mercadeo, entender la parte financiera, establecer apoyo del consejo de administración, y recibir asistencia técnica continua para seguir adelante. Además, consultas por teléfono o personalmente son disponibles para las organizaciones interesadas para determinar si el plan de estudios esta funcionando con su organización, para establecer apoyo y entendimiento, y para ayudar a desarollar los próximos pasos de la organización.

Si desea los materiales de registración para los talleres o para más informacion sobre los programas de asistencia técnica disponibles en el estado de Nueva Jersey, visité www.njeda.gov/eti, llamé a ETI (609) 292-9279, o mandé un correo electrónico a eti@njeda.com.

Es necesario que las organizaciones sin fines de lucro obtengan una designación IRS 501 c (3) para confirmar su posición como organización sin fines de lucro  y someterse a una evaluación para determinar el nivel de preparación para poder registrarse al programa de ETI. Se puede llamar a ETI al (609) 292-9279 o enviar un correo electrónico a eti@njeda.com  para el formulario de evaluación de necesidades, que debe ser completado antes de la inscripción.

La EDA provee asistencia técnica por medio de Aperio, una de las principales empresas de la nación especializadas en asesoramiento para las organizaciones sin fines de lucro que estan invueltas en iniciativas social. Los miembros del personal son expertos en negocios pequeños que generan ingresos y tienen un profundo y valioso conocimiento, experiencia, e interconecciones con otras compañias dentro de New Jersey, nacional e internacionalmente.  

 Los patrocinadores principales del programa de ETI son Bank of America, Merrill Lynch, PNC Bank y la fundación Wachovia.  La EDA provee apoyo técnico y financiero para fomentar el crecimiento de trabajos y negocios en New Jersey.

Para conocer más sobre oportunidades de crecimiento de negocios por todo New Jersey, visité la página web de negocios del estado: www.nj.gov/njbusiness .

TRENTON, N.J. (June 5, 2007) – When a former surface lot in the heart of Trenton stood unfinished for two years after the planned project stalled, the New Jersey Economic Development Authority (EDA) joined with the City of Trenton in achieving a major milestone with the closing of a $5.3 million loan to Matrix East Front Street Urban Renewal Associates, LLC, to move forward the construction of a building designed to bring private investment and additional jobs to the Capital City. This civic-mindedness together with the structural excellence and location of the building has earned 32 East Front Street a 2007 New Good Neighbor Award from the New Jersey Business & Industry Association (NJBIA).

The completed project reinforces the strong commitment of Governor Jon S. Corzine, Mayor Doug Palmer, Matrix Development Group and the EDA to support worthwhile and effective urban development.

“The design and construction of this building stemmed from a shared vision of creating a healthier community by stimulating the local economy of the state’s Capital City,” said EDA Chief Executive Officer Caren Franzini. “This significant project truly represents the very best in public-private partnerships, and we are honored that it has been recognized by the NJBIA in this way.”

The 66,500-square-foot office building is situated between South Broad and Warren Streets in downtown Trenton, and the amenities, along with the well-designed structure, prompted Wachovia to move its southern New Jersey headquarters to Trenton. Wachovia is currently leasing the top three floors, totaling 43,500 square feet, and has moved 125 full-time employees to the new building. In addition to the office space on the upper levels, the first floor offers up to 10,000 square feet of prime retail space with access from the street and within the building. When fully leased, the building is expected to provide workspace for 300 full-time jobs. The building also benefits from a newly developed, adjacent parking garage, which is open to all visitors and tenants of the building, as well as to the public.

“Matrix is proud to have made such an important investment to the continued growth of downtown Trenton by developing 32 East Front Street. We are especially pleased to have structured this transaction with Wachovia, the City of Trenton and the New Jersey Economic Development Authority. The project could not have been completed without their commitment and expertise,” said Russell Tepper, vice president – development for Matrix, who was in charge of overseeing the completion of the project.

The 32 East Front Street building was honored on June 1 at NJBIA’s 47th annual New Good Neighbor Awards Luncheon in Iselin. The New Good Neighbor Awards program recognizes newly built or renovated facilities that have created jobs and contributed to the quality of life in their communities.

The $5.3 million EDA loan was part of the permanent financing obtained by Matrix Development Group to purchase and complete the 32 E. Front St. building. This was the first financing to close out of the $125-million allocation to the EDA under the federal New Markets Tax Credits program. Matrix acquired the property in October 2005 from the Economic Development Corporation for Trenton. The EDA funds were used to replace existing public funding commitments made by the EDA, the Capital City Redevelopment Corporation and the New Jersey Redevelopment Authority to the building’s original developer. The loan was made for 10 years at a fixed interest rate of 3 percent, with interest-only payments due for the first seven years.

The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.

To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.nj.gov/njbusiness.

About Matrix
Matrix Development Group is a privately held, full-service real estate investment and development company with offices in New Jersey and Pennsylvania. The Company is active in the commercial, industrial, urban, residential, golf and hospitality markets throughout the Northeast and mid-Atlantic regions. Since its founding in 1979, the Company has developed real estate valued in excess of $1 billion and has been recognized for its leadership by numerous charitable, community and real estate organizations.

TRENTON, N.J. (May 16, 2007) – The New Jersey Economic Development Authority (EDA) has approved a $1 million investment through the Edison Innovation Fund to assist in the expansion and growth of VELOX Semiconductor Corporation, a Franklin Township-based company that excels in high-volume, cost-effective manufacturing of Gallium Nitride transistors and diodes. The Edison Innovation Fund, a key element of Governor Corzine’s Economic Growth Strategy, was created to support technology and life sciences companies throughout their discovery, development and commercialization stages.

“Growing jobs and supporting economic growth in the technology and life sciences industries are the cornerstones of Governor Corzine’s focus on enhancing New Jersey’s innovation economy,” said EDA Chief Executive Office Caren Franzini. “This investment represents the EDA’s commitment to nurturing the growth of these businesses as we work towards creating a more vibrant state economy.”

The EDA, in consultation with the New Jersey Commission on Higher Education and the New Jersey Commission on Science and Technology, is responsible for managing the $150-million Edison Innovation Fund, which will leverage $350 million in private capital and increase access to early-stage capital and provide specialized assistance to existing mid-sized and large technology and life sciences businesses.

“Investing in VELOX is just one example of how the Edison Innovation Fund works to enhance New Jersey’s strong record of innovation and ensure that our technology and life sciences businesses are able to compete in the global, high-tech economy,” said Kathleen Coviello, EDA’s program manager for science and technology.

“The Edison Innovation Fund loan combined with the matching funding from our investors will allow Velox to accelerate the rollout of our GaN based diode and transistor products. Customer demand has been very high based on our initial samples,” said Thomas Hierl, President of Velox Semiconductor.

VELOX Semiconductor Corporation is a spin-off of EMCORE Corporation, a leader in the manufacturing of optoelectric components and solar cells. VELOX was formed to develop and commercialize Gallium Nitride semiconductors that address problems of size and efficiency in the power supply industry. The $1 million in financing was made for five years at a fixed interest rate of 4 percent, and will help support the completion of device qualification, the initial pilot production and employee salaries. As a result of the investment, the company will build on its current workforce of 15 and create approximately 35 new jobs over the next two years.

The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.

For more information on the Edison Innovation Fund, visit www.edisoninnovationfund.com. To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.nj.gov/njbusiness.

About Velox Semiconductor
Velox’s mission is to provide reliable, cost effective GaN devices to the power supply industry enabling its customers to reduce cost, size and improve efficiency of their systems. It is a privately owned company located in Somerset, NJ. More information from www.veloxsemi.com.

Titanium Industries Receives Morris County EDC Business Expansion Award

Titanium Industries of Rockaway New Jersey was the recipient of the Business Expansion Award presented by the Morris County Economic Development Corporation at their annual Partnership in Economic Development luncheon on May 4, 2007.

With financing assistance from the New Jersey Economic Development Authority (EDA), Titanium was able to double the size of their corporate operations in 2006 by relocating to a larger facility in Rockaway, New Jersey. The $3.9 million tax-exempt bond will allow the company to further expand its production capability and create 15 new jobs.

Titanium Industries is a manufacturing distributor of titanium mill products, nickel alloys, and other high performance materials. In addition, Titanium works with customers to provide an analysis of their titanium product consumption on an ongoing basis.

The EDA is authorized to issue tax-exempt bonds under the federal Internal Revenue Code to help a wide range of manufacturing businesses, not-for-profit organizations, assisted living facilities and exempt public facilities borrow money. Bonds are sold in the public marketplace or purchased directly by a bank or other financial institution on behalf of the borrower. There is no financial exposure to the EDA or to the State of New Jersey.

Interest income earned by purchasers of tax-exempt bonds is exempt from both federal and state income taxes. These savings are passed on to the borrower in the form of a lower interest rate.

The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support, entrepreneurial training and real estate development activities.

Additional information about Titanium Industries can be seen by visiting www.titanium.com.

To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.nj.gov/njbusiness.

With a clear view of the new and improved Waterfront and the Philadelphia skyline standing tall on the opposite shore, investor members of the Mid-Atlantic Capital Alliance (MAC) could see that Camden was officially open for business.

During an event last Tuesday at the Waterfront Technology Center, The New Jersey Economic Development Authority (EDA) and the New Jersey Technology Council (NJTC) led potential investors on a tour of the Camden Waterfront in an effort to attract venture capital to the budding city.

Both the view from the center and the potential for business growth in the city were certainly eye opening.

“The basic mission of the EDA is to broaden New Jersey’s economic base by building vibrant, diverse communities, creating and maintaining jobs, and providing businesses and nonprofits with the necessary financial and technical support to grow and succeed,” said EDA Chief Executive Officer Caren Franzini. “We are absolutely committed to supporting business growth and technology initiatives, and are confident that this economic growth plan will create the basis for sustainable growth in Camden and across the state.”

The revitalization of Camden has been a top priority of Governor Corzine’s comprehensive Economic Growth Strategy. That vision, with a focus on innovation, has been realized with the success of the Waterfront Technology Center at Camden. The five-story, 100,000-square-foot building, designed to accommodate existing businesses in the biosciences, microelectronics, advanced materials, information technology and other high-technology and life sciences fields, received its first tenants in 2006. Its development at 200 Federal St. has helped trigger increased private investment, especially in the waterfront area.

In Camden, the EDA recently approved a $1-million investment through the Edison Innovation Fund to assist myLEADERBOARD, Inc., a company that will relocate from Pennsylvania to the tech center. The company is a service provider of real-time event information transmitted electronically via a hand held device to spectators at professional golf tournaments.

To help spark additional commercial business activity in the city, $15 million was allocated through the Economic Recovery Board (ERB) for Camden to launch the 5-4-3-2-1 Business Lease Incentive, which provides grants to businesses that plan to lease more than 500 square feet of market-rate building space. The incentive reimburses financially viable businesses a portion of their annual lease payment. Over $1.7 million has been approved for projects including The Victor’s Pub, Rutgers Camden Technology Campus, ACIN, Gestalt, and Susquehanna Patriot Bank.

The Waterfront Technology Center, the first of several buildings planned for the site, also lies within the Camden Innovation Zone, one of three technology-based neighborhoods that were established to encompass state universities, research institutions and related businesses and stimulate collaborative efforts that encourage the rapid transfer of discoveries from the laboratory to the marketplace.

“Those are just a few of the resources that we’ve targeted at the EDA to stimulate economic growth in Camden,” said Franzini.

Companies that want to learn more about opportunities for business growth in New Jersey should visit the state’s business portal at www.nj.gov/njbusiness or the EDA website at www.njeda.gov, or call the EDA’s Customer Care Center at (609) 777-4898.

TRENTON, N.J. (April 24, 2007) – The New Jersey Economic Development Authority (EDA) has finalized a $750,000 investment through the Edison Innovation Fund to assist in the expansion of ClassLink, Inc., a software and services provider for the kindergarten to 12th grade education market. The Edison Innovation Fund, a key element of Governor Corzine’s Economic Growth Strategy, was created to support technology and life science companies throughout their discovery, development and commercialization stages.

“Having a company like Classlink choose to invest and grow in New Jersey is great news for the state,” said EDA Chief Executive Officer Caren S. Franzini. “Not only does this project spur investment and create new, high-quality jobs, it serves the community of Weehawken and plays a key role in the growing vibrancy of the entire area.”

The EDA is responsible for managing the $150-million Edison Innovation Fund, which increases access to early-stage capital and provides specialized assistance to existing mid-sized and large technology and life science businesses. It provides investments of up to $200,000 for companies that do not have a fully developed product or technology, and up to $1 million to assist emerging companies in commercializing their products.

Classlink, Inc., founded in 1998, offers students and teachers the ability to interact and access educational software and technology resources. Additionally, its products can provide school administrators with a measure of the learning return on their software purchases. The $750,000 investment from the EDA was made for five years at a fixed interest rate of 6 percent, with interest-only payments due after the first six months. As a result, ClassLink, Inc. estimates that 23 new jobs will be created in New Jersey within two years.

“The EDA has always been there for us,” said Berj Akian, CEO of ClassLink, Inc. “They have done an excellent job and we know we can count on them to support our growth and commitment to improving technology access in education.”

The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities. For more information on the Edison Innovation Fund, visit www.state.nj.us/njbusiness.

TRENTON, N.J.( April 19, 2007) – The New Jersey Economic Development Authority (EDA) has finalized a $10 million New Markets loan to Super Stud Building Products, Inc. to purchase equipment and help offset costs related to relocating the business from Astoria, New York to Edison, New Jersey. The financing is a result of a $125-million allocation to the EDA under the federal New Markets Tax Credits program.

“Building on the vision of Governor Corzine’s Economic Growth Strategy, the low-interest New Markets loans help to reinvigorate communities and encourage urban investments,” said EDA Chief Executive Officer Caren S. Franzini. “The significance of this project is two-fold because it expands upon New Jersey’s long history of maintaining a strong manufacturing industry, and reaffirms the EDA’s commitment to stimulating economic development in distressed areas throughout the state.”

New Market loans must be used for fixed-asset financing such as building construction, renovations, real estate acquisitions, and equipment purchases and may also include a working capital component. Developers, businesses and nonprofit organizations may apply for the financing for commercial, industrial or mixed-use projects.

The EDA funds will be used to help in the expansion of Super Stud Building Products, Inc., a privately-held company manufacturing the industry’s most diverse offering of steel framing components and accessories for use in the construction of commercial, institutional and residential structures. The loan was made for 10 years at a fixed interest rate of 3 percent, with interest-only payments due for the first seven years. As a result, Super Stud estimates that a total of 193 new jobs will be created in New Jersey within two years.

The New Markets Tax Credits program was enacted in December 2002 as part of the Community Renewal Tax Relief Act and is administered by the U.S. Department of Treasury through the Community Development Financial Institutions Fund. It offers a seven-year, 39-percent federal tax credit for investments made through community development entities, which use the capital derived from the tax credits to make loans to or investments in businesses and projects in low-income communities. There are eligible areas in more than 175 New Jersey municipalities located throughout the state’s 21 counties.

Those interested in applying for funds to grow your business should call (609) 777-4898. Applications are also available online at www.njeda.gov.

The EDA is an independent, self-sustaining state financing and development agency that works to promote economic growth, job creation and the revitalization of New Jersey’s communities with financing assistance, technical support and entrepreneurial training, and real estate development activities.

To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.nj.gov/njbusiness .