A meeting of the Capital City Redevelopment Corporation (CCRC) Board has been scheduled for Thursday, September 19, 2019 at 10:00 am in the EDA Board Room, 36 West State Street, Trenton, NJ.

 

A copy of the proposed agenda can be found at http://web.njeda.com/ccrc/page.aspx?id=2461

The New Jersey Economic Development Authority's next public Board Meeting will be held on Thursday, September 12, 2019 at 10 a.m. at the EDA offices at 36 West State Street, Trenton. A copy of the proposed agenda can be found prior to the meeting at www.njeda.gov/Board. Following the Board Meeting, minutes and the full agenda will also be available at www.njeda.gov/Board.
 
NJEDA offers the public the opportunity to offer public comments during the Open portion of its Board Meetings. Pursuant to provisions of the Open Public Meetings Act, N.J.S.A. 10:4-12, NJEDA is entitled to permit, regulate or prohibit public participation in its meetings.  Members of the public who are interested in offering comment should review the NJEDA’s policy on public comment, which is established to maintain order and prevent disruption of the meeting. The NJEDA’s policy on public comment can be found at www.njeda.gov/publiccomment.

From left: Curt Lang, Vice President, M&T Bank; Rajeev Dave, Vice President, M&T Bank; Fernando Porras, Chief Operating Officer, Kalustyan Corporation; David Fairbairn, M&T Bank Vice President; Paul Ceppi, Managing Director of Business Development, NJEDA; Monika Athwal, Business Development Officer, NJEDA ; Mathew Abraham, Regional Director – Business Development North, NJEDA.

TRENTON, N.J. (August 15, 2019) – Representatives from the New Jersey Economic Development Authority (NJEDA) and M&T Bank today visited Kalustyan Corporation in Kenilworth to highlight how financing helped the company establish a permanent global headquarters in New Jersey.

“Under Governor Murphy’s leadership, the NJEDA is refocusing on our mission to serve the state as a comprehensive economic development agency,” said NJEDA Managing Director of Business Development Paul Ceppi. “As part of that transformation, we are placing a renewed focus on small businesses where our support can have a major impact. Kalustyan Corporation is a great example of a growing business with deep roots in New Jersey, and we are proud to support them as they establish a permanent headquarters here.”

In March 2019, the family-owned global spice importer and supplier closed on a $9.85 million loan from M&T Bank with a $1 million participation from the NJEDA. Funding from the loan enabled the company to purchase a permanent location in Kenilworth, following years of leasing space throughout the state. The 144,000-square-foot facility is a complement to the 100,000-square-foot facility that Kalustyan Corporation owns in Union. Kalustyan will consolidate multiple rented sites from around the state at the new Kenilworth facility.

“After so many years of renting space, finally being able to purchase a permanent location has been a huge step for our company,” said Kalustyan Corporation Chief Operating Officer Fernando Porras.
“New Jersey’s location and diverse, talented workforce are major assets, and we are incredibly thankful for the funding from M&T Bank and the NJEDA that will allow us to continue growing in the Garden State.”

The building that Kalustyan Corporation purchased is on land previously owned by pharmaceutical giant Merck Corporation. Kalustyan Corporation was able to work with Merck and the New Jersey Department of Environmental Protection to repurpose it into usable land on which it located its worldwide base.

Kalustyan Corporation currently employs 128 people and expects to hire an additional 10 workers within two years.

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.  

Ceppi was among the NJEDA representatives to visit Kalustyan Corporation today, along with M&T Bank Vice President David Fairbairn. They were joined by NJEDA Business Development Officer Monika Athwal and M&T Bank Vice Presidents Curt Lang and Rajeev Dave.

“Helping small business owners achieve their goals and expand their businesses is a top priority for M&T Bank,” Fairbairn said. “Our status as an NJEDA Premier Lender helps us connect with businesses in a unique way that provides the funding businesses need while allowing us to maximize our impact in the communities we serve.”
 
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 NJEDA resources, call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov  and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.

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TRENTON, N.J. (August 14, 2019) – When PTC Therapeutics signed a long-term lease agreement with Bristol-Myers Squibb (BMS) last week for space at the pharmaceutical giant’s Hopewell campus, it represented the latest chapter in the biopharmaceutical company’s 21-year history. In announcing the lease of 185,000 square of space from BMS, PTC Therapeutics officials noted that the biopharmaceutical company will expand its New Jersey presence to enhance and complement its existing global headquarters in South Plainfield.
 
PTC Therapeutics, which repeatedly turned to the New Jersey Economic Development Authority’s (NJEDA’s) Net Operating Loss (NOL) Program throughout its lifecycle, has grown from a Rutgers University Robert Wood Johnson Medical School spinout to an over 700 employee global enterprise. Founded by Stuart Peltz, PhD, a former BioNJ Board Chairman, the company focuses on discovering, developing, and commercializing groundbreaking treatments for patients living with rare diseases utilizing its multiple scientific platforms including gene therapy. Gene therapy is the ability to transport normal genes into cells in place of missing or defective ones in order to correct genetic disorders.
 
NJEDA Chief Executive Officer Tim Sullivan noted that PTC Therapeutics is an example of how New Jersey’s resources, educated workforce, and collaborative ecosystem can help companies grow.
 
“Together with our ideal location and vast talent pool, New Jersey’s biopharmaceutical landscape is among the Garden State’s biggest assets,” NJEDA Chief Executive Officer Tim Sullivan said. “Companies like PTC Therapeutics understand the value of being close to 13 of the world’s largest pharmaceutical companies and having access to the approximately 27,000 life sciences graduates produced each year by the state’s network of prestigious higher education institutions.”
 
By expanding into Hopewell, PTC Therapeutics will gain access to an existing state-of-the art biologics production facility and supporting research and operations building. PTC Therapeutics also plans to move its research operations to a newly renovated building on the same campus, which will enable the company to execute its plans to rapidly advance its gene therapy pipeline. The company will bring its gene therapy manufacturing in house and accelerate the speed at which it develops and commercializes products.
 
“Our story certainly isn’t a linear one. The time to develop a treatment for patients living with rare disorders is long,” Peltz said. “We remain steadfast in our commitment to the patients who need our therapies and are gratified to be able to bring two of the three treatments in the world for patients living with Duchenne muscular dystrophy. We are grateful to the State and the biopharmaceutical industry for believing and investing in us, as well as the opportunity that our newly-expanded space brings.”
 
New Jersey is fast becoming a hub for cell and gene therapy research and manufacturing. PTC Therapeutics is among nearly a dozen New Jersey companies currently conducting clinical trials in cell and gene therapy. Its overall pipeline of products currently in active clinical trials includes treatments for Aniridia, Relapsed/refractory acute leukemias, Duchenne muscular dystrophy, Limb-girdle muscular dystrophy, Gliomas and other solid tumors, and Spinal Muscular Atrophy.
 
Dr. Peltz credits NJEDA’s NOL Program as critical to sustaining his company’s viability before it reached profitability. The NOL Program enables eligible technology and life-sciences companies to sell New Jersey net operating losses and unused research and development tax credits to unrelated profitable corporations for cash. The cash can then be used for working capital or to fund research. The NJEDA and the New Jersey Department of Treasury’s Division of Taxation administer the program. PTC Therapeutics is one of nearly 550 companies to benefit from the program since it started in 1999.
 
Dr. Peltz has long been a vocal champion of New Jersey’s biotechnology community and was a professor at the Rutgers University Robert Wood Johnson Medical School for a dozen years. During his tenure as BioNJ’s Chairman from 2015 to 2017, Dr. Peltz reinforced BioNJ’s mission of helping its members help patients while ensuring that the patient voice is part of the drug development process.
 
He brings that same mentality to PTC Therapeutics every day.
 
“It has been exciting to watch PTC Therapeutics grow into what is now a global organization,” said Debbie Hart, President and CEO of BioNJ. “Stuart’s passion for patients and dedication to New Jersey is undeniable. We congratulate PTC on its newly-leased facility and thank Stuart and his team for the incredible work they do on behalf of patients. PTC is leading the way in cell and gene therapy; offering hope to patients and families around the world.”
  
To learn more about NJEDA resources for life sciences companies, call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov/tls and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.

TRENTON, N.J. (August 12, 2019) – Zu Fitdance Studio, a Zumba and dance studio in Plainfield, is the latest small business to benefit from the New Jersey Economic Development Authority’s (NJEDA) Small Business Lease Assistance Program. The program, which provides rent support to qualified small businesses in targeted cities around the state, will allow Zu Fitdance Studio to expand into a larger location that will accommodate more customers and classes.

"Investing in communities by supporting small businesses is a key component of Governor Murphy’s plan to build a stronger, fairer New Jersey economy," said NJEDA Chief Executive Officer Tim Sullivan. "The Small Business Lease Assistance Program is part of a larger organizational transformation we are undertaking at the NJEDA to achieve the organization’s full potential as a comprehensive economic development agency. We are thrilled to see this program making an impact and look forward to helping more small businesses access the resources they need to grow."

The Small Business Lease Assistance Program reimburses businesses and nonprofit organizations 15 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 will only receive NJEDA reimbursements on the first 5,000 square feet of leased space. The program is available in select areas in thirteen cities: Atlantic City, Camden, Trenton, Passaic, Paterson, Bridgeton, Jersey City, Millville, Mt. Holly, Phillipsburg, Plainfield, Salem, and Vineland. To ensure the greatest possible impact, the NJEDA has coordinated with participating municipalities to target specific areas of eligibility that fit the city’s long-term vision.

Zu Fitdance Studio joins two other businesses that have already been approved for lease assistance through the program: Haleemah Islamic Fashions, a clothing store that caters to Trenton’s Islamic community; and Arlee’s Raw Blends, a cold-pressed juice store located in Princeton expanding into a second location in Trenton. All three businesses are women-owned small businesses.

"Helping businesses like Zu Fitdance Studio that are looking to grow and lease new space is critical to building vibrant communities and the Small Business Lease Assistance Program is quickly proving to be one of the most valuable tools we have for achieving this goal," said NJEDA Director of Small Business Services Christina Fuentes. "Although it is less than a year old, the program is already on track to be a success and I hope more small business owners take advantage of this great program."

Zu Fitdance Studio plans to use the grant it receives to move into a larger location closer to Plainfield’s train station that will accommodate more students and a wider variety of classes. The increased business this creates will also allow Zu Fitdance Studio to hire two additional instructors over the next two years. 

"The Small Business Lease Assistance Program is opening new doors for my business," said Zu Fitdance Studio owner Wendy Lizano. "People want to exercise in a fun, group environment, but the space I was in just couldn’t keep up with the demand for classes. Being able to move into a larger space will not only allow me to serve more customers and provide a wider variety of classes, but it will also pave the way for Zu Fitdance Studio to give back to the community in a new way by creating two new instructor jobs."

In addition to the Small Business Lease Assistance Program, the NJEDA also supports small businesses with low-interest loans, bond financing, and educational programming.
 
More detail and an application for the Small Business Lease Assistance Program is available here: https://www.njeda.gov/LeaseAssistance.

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 NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.

The New Jersey Economic Development Authority's next public Board Meeting will be held on Tuesday, August 13, 2019 at 10 a.m. at the EDA offices at 36 West State Street, Trenton. A copy of the proposed agenda can be found prior to the meeting at www.njeda.gov/Board. Following the Board Meeting, minutes and the full agenda will also be available at www.njeda.gov/Board.
 
NJEDA offers the public the opportunity to offer public comments during the Open portion of its Board Meetings. Pursuant to provisions of the Open Public Meetings Act, N.J.S.A. 10:4-12, NJEDA is entitled to permit, regulate or prohibit public participation in its meetings.  Members of the public who are interested in offering comment should review the NJEDA’s policy on public comment, which is established to maintain order and prevent disruption of the meeting. The NJEDA’s policy on public comment can be found at www.njeda.gov/publiccomment.

A meeting of the Commission of Science, Innovation and Technology (CSIT) Board has been scheduled for Tuesday, August 6, 2019 at 10:00 am at Stevens Institute of Technology, 1 Castle Point Terrace, Hoboken, NJ.

 

A copy of the proposed agenda can be found at www.njeda.gov/csit

Business Energy is one of 16 collaborative workspaces 
currently approved to offer rent support through NJ Ignite.
 

TRENTON, N.J. (July 18, 2019) – More than a dozen startup companies have moved to Business Energy since the coworking space opened its doors in October 2018. Now, thanks to the New Jersey Economic Development Authority’s (NJEDA’s) NJ Ignite program, the collaborative workspace in downtown Westfield has an added tool to attract even more companies.

NJ Ignite helps technology and life sciences startup companies realize the benefits of collaborative workspaces – incubators, accelerators, and coworking spaces – by providing up to nine months of rent support for startup technology and life sciences businesses that are moving to an approved collaborative workspace.

Business Energy is one of 16 collaborative workspaces currently approved to offer rent support through NJ Ignite. 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 workspace covering rent for half the length of NJEDA’s commitment.

“Entrepreneurial talent is one of New Jersey’s most precious commodities and collaborative workspaces like Business Energy offer environments where this talent can thrive,” said NJEDA Chief Executive Officer Tim Sullivan. “Through NJ Ignite, we are investing in founders, their startups, and the future of New Jersey’s innovation ecosystem.”

Launched by partners Matt and Beth Jarecki, and Steve Silverman, Business Energy is a coworking and networking community for business professionals. Located on Lennox Avenue, Business Energy is steps away from Westfield’s train station, post office, and numerous shops and restaurants. The modern, bright, and newly-renovated space includes individual work stations, private offices, a professional conference room available with daily or monthly rates, and a venue for networking events and educational gatherings.

Current tenants include a startup that helps people get organized, as well as a technology company, a media services consulting firm, attorneys-at-law, and several other businesses. The team at Business Energy believe the participation in NJ Ignite will encourage technology and life sciences companies to consider moving to the coworking space.

“In the short time that Business Energy has been in Westfield, we’ve already created an atmosphere that brings together small business owners and entrepreneurs from within the community and it created an environment for sharing, learning and inspiration,” Steve Silverman said. “We see NJ Ignite as instrumental to our continued growth and look forward to adding companies from new sectors to our community of entrepreneurs.”

“Business Energy is a motivating place for local entrepreneurs to grow their businesses, right here in downtown Westfield,” said Matt Jarecki. “We’re so excited to support growing leaders to give them a place to focus, connect and thrive.”

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 NJEDA resources for life sciences companies, call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov/tls and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.

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The New Jersey Economic Development Authority's next public Board Meeting will be held on Tuesday, July 16, 2019 at 10 a.m. at the EDA offices at 36 West State Street, Trenton. A copy of the proposed agenda can be found prior to the meeting at www.njeda.gov/Board. Following the Board Meeting, minutes and the full agenda will also be available at www.njeda.gov/Board.