TRENTON, N.J. (February 28, 2019) – The success of one women-owned small business in Atlantic City shows the far-reaching impact New Jersey Economic Development Authority (NJEDA) programs can have on a region’s economic growth.
 
After sitting vacant for 15 years, 3817 Ventnor Avenue Suite C2 is now home to a bustling women-owned real estate agency. With a grant from the NJEDA, Executive Realtors was able to complete renovations that transformed the long-vacant space into a new “walk-in” office designed to welcome first-time home buyers and other members of the community seeking expert assistance as they navigate Atlantic City’s surging real estate market. 
 
“Atlantic City’s real estate market is booming right now thanks to some of the industry’s committed partners such as Stockton University, South Jersey Industries, and others who decided to locate their headquarters here,” said Executive Realtors Owner Tracey Newmones, “My business partner and I knew having an office at the center of the action would be crucial. Of course, renovating an office that had been empty for 15 years was a challenge, but with NJEDA’s support we were able to complete the project.”
 
Executive Realtors received a grant for nearly $6,100 to install new signage and doors. Now that the project is complete, the company expects to hire at least three new full-time employees in the next two years.
 
In addition to the financing and grant funding available to small businesses, Atlantic City has also benefitted from larger-scale NJEDA incentives that have helped to drive business attraction and spur transformative redevelopment in the City.  The  Economic Redevelopment and Growth (ERG) Program supported construction of Stockton University’s new Island Campus in Atlantic City, and Grow NJ tax credits played a major role in bringing South Jersey Industries’ new headquarters to the city as well.  Both ERG and Grow NJ are administered by the NJEDA.
 
The new Stockton University campus includes 210,000 square feet of student housing, 56,000 square feet of academic buildings, and 7,000 square feet of retail space as well as a new, 7-story parking garage that will serve both Stockton University and the new SJI headquarters. Collectively, these projects have created 570 construction jobs, attracted more than $200 million in private investment, and are projected to bring at least 167 new permanent jobs to Atlantic City.
 
“The NJEDA is proud to support small businesses that are establishing roots in areas of the state that need investment most. Helping these businesses grow is a critical to building a stronger and fairer New Jersey,” said Christina Fuentes, NJEDA Director of Small Business Services. “Executive Realtors is an example of the ways NJEDA programs complement one another to create strong, sustainable economic growth.”
 
The NJEDA recently expanded its Small Business Lease Assistance Program, which reimburses businesses and nonprofit organizations fifteen percent of annual lease payments for two years when they rent market-rate, first-floor office, industrial, or retail spaces for a minimum 5-year term. Businesses in the program can lease spaces of any size, but the NJEDA only provides reimbursements on the first 5,000 square feet. The NJEDA also supports small businesses with low-interest loans, bond financing, and educational programs. Many of these programs place a special emphasis on supporting women- and minority-owned businesses.
 
To read Governor Murphy's full economic plan, please visit: https://nj.gov/economicplan
 
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
 
To learn more about EDA resources for businesses call EDA Customer Care at 609-858-6767 or visit https://www.njeda.gov  and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.
 

  

TRENTON, N.J. (February 27, 2019) – In 2015, entrepreneurs Saul Wolhendler and Abraham Goldberger purchased Flybar, Inc., best known as the original pogo stick company, with a vision to move the company from New York to New Jersey and vastly expand the assortment the toy manufacturer offers. Through financing provided by OceanFirst Bank and the New Jersey Economic Development Authority (NJEDA), Flybar was able to turn this vision into a reality.

Flybar purchased a 5.22-acre property in Howell that included a 51,450-square-foot industrial building to accommodate its expanded inventory and growing team. The purchase was supported by a $4.34 million OceanFirst Bank loan with a $1.61 million NJEDA participation through the Premier Lender Program.

Along with pogo sticks, which Flybar has manufactured and sold since 1918, the business has now expanded its product line to include scooters, skateboards, stilts, trampolines, safety gear, and more. Flybar added a line of stand-up tree swing products, known as “Swurfer” to its offerings after Wolhendler acquired, and became president and chief executive officer of, Swurfer® in 2017. 

“The iconic pogo stick has been beloved by children for over a century and now, with NJEDA support, we’re able to offer our products to a whole new generation of toy lovers from our new location in Monmouth County,” Wolhendler said. “As a long-time New Jerseyan, I am pleased that Flybar is impacting not just the toy industry but also the local economy.”

In moving to New Jersey, Flybar relocated nine employees to the state and expects to create five new jobs in the next two years as its business expands.

“When small business owners choose to move their companies to New Jersey, it’s a win for our state,” NJEDA Managing Director of Business Development Paul Ceppi said. “In support of Governor Phil Murphy’s goal of making government easier to do business with, the NJEDA has recently made some changes to help streamline companies’ engagement with us and increase access to the capital they need to grow and thrive in the Garden State.”

Ceppi visited Flybar today to raise awareness of the range of low-cost financing solutions offered by the NJEDA to support the growth of small businesses in New Jersey. Derrick Benns, NJEDA’s Director of Business Development – South Region, and Ocean First Bank’s Senior Vice President/Team Leader Edward K. Moran, Jr. accompanied Ceppi on the visit.

“Our status as an NJEDA Premier Lender enables us to expand our offerings to customers like Saul who are looking to grow their businesses,” Moran said. “As a New Jersey-based bank, we have a vested interest in seeing our customers succeed, and our partnership with the NJEDA enables us to better tailor our offerings to meet clients’ unique needs.”

Through the Premier Lender Program, the NJEDA works with more than two dozen banks throughout New Jersey to guarantee or participate in a portion of commercial loans or lines of credit. Businesses can use this financing for fixed assets or term working capital, and NJEDA’s involvement in the transaction provides lenders with greater flexibility by reducing their overall exposure.  

To learn more about EDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.NJEDA.com and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.

Carbon22 Engineers Rachael Mesibov and Santiago Suniaga set up the company's office within Kearny Point.

Medical Device Startup Carbon22 Moves to Hudson County facility with NJEDA Support
 
TRENTON (February 20, 2019) – The New Jersey Economic Development Authority (NJEDA) announced today that medical device manufacturer Carbon22 became the first startup company to benefit from rent support through NJ Ignite. Carbon22 recently moved into a creative ‘flex’ office space at Building 78 of Kearny Point.

NJ Ignite helps startup companies realize the benefits of collaborative workspaces by providing up to nine months of rent support for startup technology and life sciences businesses that are moving to an approved collaborative workspace. The program is made possible through a combination of support from the NJEDA and the collaborative workspace, with the NJEDA covering up to six months’ rent and the collaborative workspace covering rent for half the length of NJEDA’s commitment. Because Kearny Point is located within an Opportunity Zone, it can offer its companies participating in NJ Ignite an additional month of rent support.

As a supplement to a financial commitment, participating incubators, accelerators, and coworking spaces are required to offer tenants a minimum of eight innovation-ecosystem-building events per year, such as Meetups, guest speakers, and office hours with professionals such as lawyers, accountants, and consultants.

“NJ Ignite has two complementary advantages: providing entrepreneurs with access to affordable real estate as they grow their companies and putting them in an environment where they can collaborate with other innovators,” said NJEDA Chief Executive Officer (CEO) Tim Sullivan. “Both of these benefits are essential to
Governor Phil Murphy’s vision for making New Jersey the State of Innovation.”

Carbon22 focuses on designing, developing, and manufacturing innovative and cost-effective foot and ankle implant solutions. Company Founder and CEO Vadim Gurevich noted that Carbon22 is creating these products for, and in consultation with, surgeons throughout the world.

Gurevich credits NJ Ignite and Kearny Point’s proximity to New York City as factors contributing to Carbon22’s potential for growth.

“Thanks to the money we’re saving on rent with NJ Ignite, we’ll be able to hire additional engineers to build out our product line,” Gurevich said. “Additionally, our space in Kearny Point is perfect for our current needs, but also affords us the necessary space to grow.”

In one of the most significant adaptive reuse initiatives in the region, developer Hugo Neu Corporation is reinventing Kearny Point as a modern workplace home to a diverse community of pioneering businesses. Building 78, the first building to be redeveloped under its multiphase plan, features creative flex office spaces and a co-working facility known as Kearny Works. The co-working space provides tenants with flexible membership options, ranging from single desks to private team offices, round-the-clock access, large conference rooms, and common areas perfect for networking.

In addition to supporting existing collaborative workspaces by increasing demand for their offerings, NJ Ignite is also intended to encourage the creation of new workspaces.

“We’ve seen robust interest from startups looking to benefit from our well-located office space and from the growth-oriented programs and community amenities that Kearny Point provides,” said Michael Meyer, Director of Development for Hugo Neu Corporation. “Adding NJ Ignite into our suite of offerings has made Kearny Point even more attractive to the state’s youngest technology, life sciences, and environmental companies that are seeking modern office space within a vibrant business community at an attainable price point.” 

Upon completion, the 130-acre Kearny Point waterfront destination will reactivate up to four million square feet and is expected to create more than 10,000 jobs. The site is located adjacent to Jersey City and Newark, and less than five miles from Hoboken and the Lincoln Tunnel. In line with Hugo Neu’s mission of promoting opportunity and growth at Kearny Point for decades to come, the project—led by lifelong environmentalist Wendy Neu—is achieving the highest possible levels of environmental sustainability and ecological restoration. This includes maximum reliance on renewable energy sources, high-efficiency building systems, and a range of green infrastructure measures.

Building 78 is among 11 collaborative workspaces approved to participate in NJ Ignite. To learn more about the NJ Ignite program or the other approved collaborative workspaces, visit https://www.njeda.gov/njignite.

About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.
 
To learn about the multitude of resources available to help technology and life sciences companies thrive, visit https://www.njeda.gov/tls and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.

Trenton, N.J. (February 15, 2019) – The New Jersey Economic Development Authority (NJEDA) today announced that PrimeWork and Incutate have been approved as the latest collaborative workspaces that can offer rent support to startups through NJ Ignite.
 

NJ Ignite supports technology and life sciences startups moving to a collaborative workspace by providing rent support which makes the lab and office space more affordable, providing the startup with greater access to environments where they can work alongside other growing companies. The program also benefits incubators, accelerators, and coworking spaces by providing a tool to help attract young businesses to their facilities, while encouraging the creation of new collaborative workspaces throughout the state. With the two newest approvals announced today, 11 workspaces in total are now approved to provide rent support, in partnership with NJEDA, through NJ Ignite.

The rent support available to startups through NJ Ignite is made possible through a combination of support from the NJEDA and each collaborative workspace, with the NJEDA supporting up to six months’ rent and the collaborative workspace supporting rent for half the length of NJEDA’s commitment. In exchange for the grant, the startup business must commit to paying rent for a term equal to the NJEDA and collaborative workspace’s combined months of support.

“Entrepreneurs often face critical decisions about how to spend their capital,” NJEDA Chief Executive Officer (CEO) Tim Sullivan said. “Through NJ Ignite, we’re helping to alleviate that burden by allowing startups to put their money toward creating jobs, investing in research and development, and commercializing and marketing their products and services. This focus is vital to achieving Governor Murphy’s vision for reclaiming New Jersey’s role as a worldwide leader in innovation.”

PrimeWork, which recently opened its first New Jersey location in Somerset, describes itself as a “short-term, all-inclusive office space solution where a fledgling company can scale upwards without compromising the proprietary nature of its business.” The collaborative workspace offers members furnished offices, flexible lease options to accommodate a range of budgets, spacious conference rooms, mail service, mega speed Wi-Fi, kitchen amenities, and more.

PrimeWork in Somerset

“Collaborative workspaces are the wave of the future for startups that don’t want to commit to long-term leases,” PrimeWork Founder and CEO Avi Orlansky said. “Expanding into New Jersey has enabled us to reach a whole new crop of entrepreneurs and it is our sincere hope that many of them will decide to move to one of our facilities with support of the NJ Ignite program.”

Incutate in Sewell is focused on providing an environment where startups at their earliest stages, as well as established companies, can interact with one another in a collaborative environment. Started in 2011 by the law firm Lauletta Birnbaum as a consulting firm to serve the needs of early-stage companies, Incutate has evolved into a coworking space that routinely brings in experts to discuss issues relevant to tenant companies. These topics include accounting, intellectual property, financing, and legal advice.

Incutate in Sewell 

“Our proximity to Rowan University makes us an attractive option for startups launched by the university’s students and alumni who are looking for office space and hands-on mentorship,” Lauletta Birnbaum Founding Member Frank A. Lauletta said. “Thanks to NJ Ignite, even more early-stage companies will be able to benefit from our numerous amenities and programs.”  

As a requirement of participation in NJ Ignite, Primework and Incutate have also agreed to offer tenants a minimum of eight innovation-ecosystem-building events per year, such as Meetups, guest speakers, and office hours with professionals such as lawyers, accountants, and consultants. These events are an added benefit for startups and provide greater access to professional services and networking opportunities.

The NJEDA is currently reviewing additional applications from collaborative workspaces for participation in NJ Ignite. Workspaces that have not yet applied but are interested in learning more about the program should visit https://www.njeda.gov/njignite or email njignite@njeda.com. The website also has information for entrepreneurs and startups looking to benefit from the program, including steps they can take to apply.

To learn more about EDA resources for technology and life sciences businesses, visit https://www.njeda.gov/tls and follow @NewJerseyEDA on Facebook, Twitter and LinkedIn.