TRENTON (March 10, 2016) – Underscoring the lasting impact that companies supported by the New Jersey Economic Development Authority (EDA) have in the global marketplace, @NJEDATech today highlights several recent mergers and acquisitions around the Garden State involving its portfolio companies.

“New Jersey entrepreneurs are building incredible technology companies and we are pleased to support their efforts,” EDA Chief Executive Officer Melissa Orsen said. “Industry leaders are taking notice of these startups, resulting in strategic mergers and acquisitions.”

Mergers and acquisitions are beneficial to startup companies on many different fronts, including helping businesses expand their reach within the global marketplace.

“These transactions lead to an increase in staff, who often bring specific industry knowledge to a company,” EDA Technology and Life Sciences Division Director Kathleen Coviello said. “Mergers and acquisitions can also boost a company’s value by providing access to funds and assets to accelerate development and customer acquisition. It can also provide gains on investments to investors, putting more cash back into the technology ecosystem for more investment.” 

Data Center Service Management (DCSM) provider Nlyte, recently acquired Edison-based FieldView Solutions, the leading real-time event correlation, alarming and analytics provider to the data center industry. FieldView Solutions became the first company to receive financing through New Jersey’s Edison Innovation Green Growth Fund when it received a $1 million growth capital loan from the EDA in 2012. In being acquired by NIyte Software, Fieldview Solutions expects to “bring these robust capabilities to the growing DCSM market,” FieldView Solutions CEO Fred Dirla said.

Cloud Software Company IntegriChain, which has an office in Princeton, announced last week that Accel-KKR will acquire 100 percent of the equity not held by members of IntegriChain’s management team. Used by nine out of the top 10 pharmaceutical manufacturers, IntegriChain’s software helps life sciences manufacturers manage their supply chain relationships, inventories, and orders across a vast network of retailers, ecommerce, and distributors. IntegriChain previously benefitted from a $1 million loan through the Edison Innovation Fund, which it used for a variety of purposes, including expanding sales and marketing capacity, and building up customer service and data operations.

Another way New Jersey supports the growth of the state’s technology industry is through limited partner investments in venture funds that invest in New Jersey-based companies. To date, the EDA has approved investments in 12 venture capital funds totaling more than $40 million; these funds have leveraged the EDA’s investment in New Jersey businesses by more than 62 times. Five of these investments were through Princeton-based Edison Partners (formerly Edison Ventures) funds – Edison III, IV, VI, VII and VIII. Through these funds, Edison Partners has invested $130 million in 25 New Jersey-based technology companies. 

The EDA invested in Premier Healthcare Exchange (PHX) through Edison VII in 2010. Headquartered in Bedminster, the company is a leading provider of healthcare management and electronic payment solutions. PHX and its subsidiary, Pay-Plus Solutions (PPS), announced plans to merge with Stratose and GlobalCare to create the next-generation leader in healthcare claims cost containment and value management. The exit generated more than 10 times in returns for investors.

Fairfield-based Archive Systems, Inc., a document management company, recently announced that it is being acquired by Access®. Archive Systems offers both records center storage for hard copy files and digital services, including web-based image storage and retrieval and document process automation technologies. The EDA invested in Archive Systems, Inc. through its limited partnership in Edison VI. NJTC Venture Fund, another venture fund in which the EDA made a limited partnership investment, is also an investor in Archive Systems. The company also previously benefitted from a $1-million Edison Innovation Fund loan, which helped it retain and create jobs in the Garden State. In 2007, Archive Systems became the first business in the state to take advantage of EDA’s investment approach of converting debt to preferred stock, making the EDA a direct shareholder in the company.

Coviello noted that New Jersey has all the right ingredients for entrepreneurs to find success building their companies in the Garden State – an ideal location, a broad talent base, and an active established technology community.

The EDA offers a multitude of resources to help technology grow and thrive. To learn about these resources, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

The New Jersey Economic Development Authority's next public Board Meeting will be held on Friday, March 11, 2016 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.

TRENTON (March 3, 2016) – Showcasing the synergy and collaboration that has become a hallmark of New Jersey’s vibrant innovation economy, BioNJ’s newest Board members lead companies that have graduated from the New Jersey Economic Development Authority’s (EDA’s) Commercialization Center for Innovative Technologies (CCIT). Bradley L. Campbell of Amicus Therapeutics and Daniel J. O’Connor of Advaxis join executives from several other EDA-supported companies that already serve on the Board of BioNJ, the trade association for the State’s life sciences industry.

“New Jersey’s innovation ecosystem fosters collaboration,” EDA Chief Executive Officer Melissa Orsen said. “BioNJ has been at the forefront of advocating for New Jersey’s biotechnology companies, and to see so many EDA-supported companies actively involved at this level in the industry confirms the value of our industry-focused programs.”

BioNJ is a network of 400 member companies whose mission is to propel New Jersey’s robust life sciences ecosystem forward to accelerate the discovery, development and commercialization of therapies and cures for the patients who need them. BioNJ’s distinguished Board of Trustees leads and supports this critical mission. Campbell, who serves as President and Chief Operating Officer of Amicus Therapeutics, and O’Connor, President and Chief Executive Officer of Advaxis, were elected to the BioNJ Board last month. Both Amicus and Advaxis graduated from CCIT.

Nestled in the heart of the state's "Research Corridor" in North Brunswick, CCIT is advantageously located near world-renowned universities such as Princeton and Rutgers, and a host of pharmaceutical and biotech companies located in the region. Currently home to nearly two-dozen seed stage life sciences companies, CCIT offers its tenants affordable lab and office space, plus a wealth of resources. These include assistance with identifying funding sources, including state incentives, help making matches to private sector support, and access to small business development resources and administrative support. CCIT also offers discounted rent for the first year for university spinouts.

Under Campbell’s direction, Amicus Therapeutics focuses on developing novel, oral therapeutics for the treatment of a range of human genetic diseases. Amicus became CCIT’s first graduate in 2005 when it moved from the incubator to its current facility in Cranbury to accommodate its growing workforce. That same year, the company closed on $55 million worth of Series C financing, which included investment from the Garden State Life Sciences Venture Fund, supported by a $10 million investment from the EDA. 

After graduating from CCIT in 2011, Advaxis moved to Princeton to continue its mission of developing immunotherapies to combat various forms of cancer, including human papillomavirus (HPV)-associated cancers, prostate cancer and certain aggressive types of cancerous solid tumors.  Led by O’Connor, the company was awarded the Farrah Fawcett Foundation's inaugural "Medical Visionary Angel Award" last year in recognition of its commitment to innovative research.

In addition, CCIT graduate Chromocell Corporation’s Chief Executive Officer Christian Kopfli, Esq. was reelected to his position as Secretary of the BioNJ Board. Founded in 2002, Chromocell has grown from a small biotech company into an innovative life sciences company that now employees over 120 people. The company is focused on discovering new drugs to manage patients’ pain and develops and commercializes novel technologies beneficial to the average consumer – including new flavors, nutritional ingredients and therapeutics.

“CCIT plays a vital role in fostering entrepreneurship and innovation, which is critical to the growth of New Jersey’s life sciences ecosystem,” said BioNJ President and CEO Debbie Hart. “CCIT graduates, such as Amicus Therapeutics, Advaxis and Chromocell, are making a significant impact on the industry and BioNJ is grateful and honored to have their leaders as part of our Board of Trustees.”

Several re-elected BioNJ Board members come from companies that have participated in the State's Technology Business Tax Certificate Transfer (NOL) Program.  Administered by the EDA and the New Jersey Department of Treasury's Division of Taxation, this competitive program enables eligible technology and biotechnology companies to sell New Jersey tax losses and/or research and development tax credits to raise cash to finance their growth and operations.

These include PTC Therapeutics CEO Stuart Peltz, Ph.D., BioNJ’s Chairman of the Board; Drais Pharmaceuticals President and CEO Donna Tempel, Vice chair of the Board; Elusys Therapeutics President and CEO Elizabeth Posillico, Treasurer of the Board; Emisphere Technologies President and CEO Alan L. Rubino; Agile Therapeutics President and CEO Al Altomari; Celldex Therapeutics, Inc. Founder, President, CEO and Director Anthony S. Marrucci; and Soligenix President and CEO Christopher Schaber. Amicus and Advaxis have also benefitted from the NOL program.

To learn about the various programs and resources available to support the technology industry, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.
 

EDA and TD Bank Partnership Supports Small Business Growth in New Jersey
 

Nick Miceli, Market President, TD Bank (third from left); Aldo Benavides (back), and Albert Benavides (second from right) of Aldo Design Group; Melissa Orsen, CEO, EDA (Center); and TD Bank executives.

TRENTON, N.J. (February 26, 2016) – The New Jersey Economic Development Authority (EDA) and TD Bank today announced the first closed loan under the New Jersey Advantage Program, a joint initiative aimed at increasing access to capital for small businesses in the State.  The partnership highlights the EDA’s continuous efforts to drive awareness among New Jersey small business owners of the various financing resources available to support their growth.  
 
To mark the loan closing, EDA Chief Executive Officer Melissa Orsen and TD Bank Market President Nick Miceli visited the loan recipient, Carteret-based Aldo Design Group, this afternoon. Founded in 1972, family-owned Aldo Design is a leading flooring and interior products resource for retail and commercial customers and homebuilders of all sizes. The company recently benefited under the New Jersey Advantage Program, receiving both a line of credit for working capital, and a loan to refinance an existing mortgage. 
 
“The financing provided by the New Jersey Advantage Program will improve our cash flow, allowing us to invest more in growing our business and finding even more ways to be the best resource we can to our clients,” said Albert Benavides, President, Aldo Design Group.
 
The New Jersey Advantage Program is designed to provide financing to creditworthy New Jersey businesses committed to job creation and retention. The program offers loans and lines of credit financed by TD Bank up to $5 million, with a subordinate guarantee of up to 50 percent provided by the EDA. Companies benefit from optional fixed or variable below-market interest rates.
 
“Aldo Design embodies the entrepreneurial spirit and perseverance of New Jersey’s small business community that inspired TD Bank and the EDA to partner to launch the New Jersey Advantage Program,” said Orsen. “Businesses like Aldo Design drive job creation and economic growth in the State, and have a ripple effect that leads to ancillary growth of other businesses.”
 
While Aldo Design Group is the first business to have a loan close under the program, TD Bank and EDA are working closely to bring the advantages of the program to other businesses.
 
“Small businesses, no matter how established, can face challenges when seeking financial support to help them grow,” said Miceli. “TD Bank’s partnership with the EDA offers streamlined access to credit while mitigating risk via the EDA’s participation. We are delighted to extend support to a worthy, family-owned business like Aldo Design, and encourage other businesses to explore the New Jersey Advantage Program.”
 
The EDA regularly partners with financial institutions, local organizations and other State agencies to help borrowers bridge financing gaps and increase their access to capital. This includes offering low-interest loans, bond financing, and support for micro-lenders to increase their lending capacity and the technical assistance and training services they offer. In 2015 alone, the EDA supported over 250 projects with more than $443.5 million in assistance, leveraging an estimated $669 million in total public/private investment and the creation of more than 1,400 new jobs across the State.
 
The announcement follows the recent launch of the EDA’s new small and mid-sized business-focused marketing campaign.  Featuring the theme “EDA Was Here,” the campaign uses a testimonial approach to showcase how organizations have used the EDA’s programs and services to overcome challenges, meet financing gaps, and grow. The campaign includes print ads in various New Jersey business publications, as well as digital display ads on various business websites and search engine marketing.  
 
The EDA is part of the state’s results-driven Partnership for Action. Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA. 
 
For information on the New Jersey Advantage program, visit https://www.njeda.gov/njadvantage.
 
To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.

The New Jersey Economic Development Authority (EDA) recently unveiled its second group of Executive-in-Residence (EIR) appointees. These highly-skilled life sciences professionals will mentor and advise emerging companies at EDA’s Commercialization Center for Innovative Technologies (CCIT) in North Brunswick. The EIR program was created in collaboration with BioNJ.  

Over the past few weeks, @NJEDATech has delved into the back-stories of these EIRs. Today we highlight our fifth EIR, Sam Kongsamut, PhD, of Madison.
 

 
Sam Kongsamut, PhD, of Madison (EIR –Investment and Partnering Strategies) is an entrepreneurial neuroscientist with vast pharmaceutical research and development (R&D) experience, as well as business development experience. Kongsamut has spent his career involved with large and small companies, including Sanofi, where he was the Director of External Innovation, Aging Therapeutic Strategy Unit.  He led a variety of multi-disciplinary drug discovery and development projects in neuroscience and aging (including schizophrenia, Alzheimer's disease, Parkinson's disease, and Multiple Sclerosis). Kongsamut helped to lead these therapies through preclinical development and into clinical trials.
 
Kongsamut spends his time at CCIT providing guidance to tenant companies on the best ways to pitch investors and create partnerships within the industry.  On Wednesday, February 24, Kongsamut will deliver a presentation at CCIT entitled The Importance of the Story in Team Building and Fundraising. The program is open to the technology community at large.
 
As a co-organizer of Launch NJ Life Sciences Hub, a Meetup group for entrepreneurs, Kongsamut keeps a finger on the pulse on what’s happening in New Jersey’s technology scene. He is also an adjunct assistant professor of Pharmacology at the Rutgers New Jersey Medical School in Newark.
 
Kongsamut earned a Master of Science degree from the University of Illinois at Chicago, and a PhD in Neuropharmacology from the University of Chicago. He subsequently became a Post-doctoral fellow at the Cornell University Medical College and then a Post-doctoral associate at the Yale University School of Medicine.
 
@NJEDATech asked Kongsamut about his experience with the EIR program and his plans for the future:
 
Why did you choose to apply to the Executive-in-Residence program?
I have known about the EIR Program since its beginning, and had recommended some former colleagues to apply. In June 2015, I had just left a small biotechnology company, attended the BIO International Convention in Philadelphia, and met up with BioNJ Vice President of Talent Services Vicki Gaddy and then-CCIT Program Manager Anne-Marie Maman at the New Jersey Pavilion. Both of them urged me to consider serving as an EIR at CCIT. I applied shortly thereafter, was interviewed in November, and the rest, as they say, is history.

The pharmaceutical industry is undergoing a major structural change from R&D performed in large corporate labs to R&D sourced externally. The term used for this is “external” or “open” innovation. I worked at Sanofi on external innovation until 2012 when the R&D site in Bridgewater closed. I have since been working with entrepreneurs and small companies, through mentorship and consulting; I have started a company myself, and worked for a small, virtual biotechnology company of seven people. I have also been working to try to convert big company scientists into entrepreneurs. Given my extensive background, I believe mentoring at CCIT will give me the opportunity to help smaller biotechnology companies grow and succeed.  I’ve already had discussions with a few CCIT companies, including Grace Therapeutics, Hudson BioPharma, and Urigen, and hope to be helpful to them and others.
 
What do you hope to get out of this Executive-in-Residence program?
I hope to make more connections with entrepreneurial life science companies to both learn more about the challenges of entrepreneurship, and to help the companies make connections to further their development. The biopharmaceutical industry is an inherently multidisciplinary effort; with entrepreneurs, the multiple disciplines are typically outside the company. Hence, connections are critical.
 
What’s the best piece of advice you’ve heard over the years that you hope to impart on these emerging life sciences companies?
Entrepreneurship is hard. Pharmaceutical R&D is hard. You should be congratulated on having the passion and energy to combine two really difficult things. Now get to work building your company and connecting with all the people you need to make it happen.
 
What is the next challenge you want to undertake in your career?
If I return to a pharmaceutical company, I would like it to be in an external innovation role. More likely, I will continue to work to develop the entrepreneurial ecosystem through consulting, advising and educating (through groups like Launch NJ Life Sciences Hub) to help life scientists remain in New Jersey, and continue to develop innovative medicines here. And if I find a technology or project that is particularly interesting, I may join or start a biotechnology company.
 
More information about EIR program, including eligibility, can be found at www.njeda.gov/EIR.
 
To learn about programs and initiatives that support New Jersey’s technology industry, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

Benefits from $4.3 Million in Investments Tied to State’s Angel Investor Tax Credit Program
 

STOPit Chief Financial Officer Parkhill Mays calls Angel Investor Tax Credit Program “catalyst to fuel continued investment"

TRENTON (February 18, 2016) – Bedminster-based technology company STOPit is receiving national attention for its technology platform that lets people report bullying, both traditional and cyber, and other forms of inappropriate behavior in schools, universities and places of employment.

STOPit’s software enables users to instantly and anonymously report incidents via their smartphones or computers. STOPit puts power in the hands of anyone who witnesses an incident, enabling users to take screenshots or videos of the situation in question and pass information along to the school or business. It also allows for two-way communication between the user and the entity to which the incident is being reported, while maintaining the anonymity of the user.

“STOPit is a simple, fast and powerful solution to report inappropriate behaviors, and to deter unethical or illegal activity,” STOPit Chief Financial Officer Parkhill Mays said. “Young people are apprehensive about being labeled as ‘snitches.’ Our technology allows them to anonymously report incidents of bullying or other inappropriate behavior they witness without the threat of retaliation.”

The company has been recognized by national media outlets for its platform, which is currently available for Android and Apple phones. CBS News wrote, “Watch out, cyberbullies: Kids have new tools to fight back” and CNN described STOPit as one of “5 Apps To Help Change The World.” The New Jersey Technology Council gave STOPit the Trailblazer Award at its annual awards celebration in November.

STOPit received more than $4.3 million in funding from investors who took advantage of the State’s Angel Investor Tax Credit Program in 2015. Administered by the New Jersey Economic Development Authority (EDA) in consultation with the New Jersey Division of Taxation, the Angel Investor Tax Credit Program offers a 10 percent refundable tax credit against New Jersey corporation business or gross income tax for qualified investments in an emerging technology business with a physical presence in New Jersey and that conducts research, manufacturing, or technology commercialization in the state. The program is available to all eligible taxpayers, including out-of-state investors.

The EDA recently announced that more than $125 million has been invested in New Jersey-based emerging technology and biotechnology businesses through the Angel Investor Tax Credit Program since its inception in 2013. In 2015 alone, 213 Angel Investor Tax Credit applications were approved to support 28 emerging technology and life sciences companies in the Garden State, representing the investment of over $50 million of private capital.

@NJEDATech spoke with Mays about STOPit’s experience in New Jersey and its plan for the future:

What does STOPit find most beneficial about locating itself in New Jersey?
Our location in New Jersey was initially convenient to several of our founders. However, we soon realized that our location is ideally positioned and in close proximity to the best professional resources suitable to our mission. Furthermore, we are right smack in the middle of a very dense supply of talented people who share our values and who desire to work with STOPit.

How has the Angel Investor Tax Credit Program helped the company?
The Angel Investor Tax Credit has provided a meaningful boost in value to our shareholders.  When first introduced to the program, we were astonished that such a gift existed, and our shareholders were pleasantly surprised. Additionally, since we are still raising capital, the program has been one of the catalysts to fuel continued investment in STOPit by existing shareholders.

What is STOPit’s biggest success to date?
Our biggest success to date has been the overwhelming response to our product. We have been able to offer software that protects kids and other users, and provides institutions with an immediate alert and window into a problem so that they can get out in front of issues and address them before they spiral out of control.

What’s on the horizon for the company?
We are rapidly infiltrating the K-12 education market now, which enables us to protect even more students. We have just released our workplace product, and expect our solution to be adopted rapidly by government agencies and risk-management and compliance personnel from the nation’s largest companies.

To learn about programs and initiatives that support New Jersey’s technology industry, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.
 

A Camden Economic Recovery Board Meeting will take place at 10:00 a.m. on Thursday, February 18, 2016  at the Waterfront Technology Center, 200 Federal Street, Camden, NJ 08102.

A copy of the proposed agenda can be found prior to the meeting at https://www.njeda.gov/public_information/erb/agenda.

Following the Board Meeting, minutes will be available at https://www.njeda.gov/public_information/erb/minutes.

The New Jersey Economic Development Authority (EDA) recently unveiled its second group of Executive-in-Residence (EIR) appointees. These highly-skilled life sciences professionals will mentor and advise emerging companies at EDA’s Commercialization Center for Innovative Technologies (CCIT) in North Brunswick. The EIR program was created in collaboration with BioNJ.  

Over the next few weeks, @NJEDATech will continue to delve into the back-stories of these EIRs; next up is Rick Winneker, of Margate.
 

 
Rick Winneker (Executive-in-Residence – Research Communications, Strategic Planning and Partnering) brings 30 years of experience, specializing in drug discovery and development, and life sciences research and organizational strategic planning to his mentorship role at CCIT. Throughout his career, Winneker has worked in all phases of research and development, including building pharmaceutical research organizations. He has shaped, and led, several pharmaceutical research departments in endocrinology and women’s health that resulted in 14 compounds being delivered to the development pipeline along with four registered products. While Winneker plans to focus his mentoring role on research communications, strategic planning and partnering, he looks forward to sharing his knowledge on a broad array of areas with tenants at the life sciences incubator.
 
Winneker will deliver a presentation at CCIT to the technology community on February 12 at noon about strategies to get funding and other helpful resources from disease foundations such as The Leukemia & Lymphoma Society and many others. 
 
Prior to becoming an EIR, Winneker spent five years as a Senior Vice President at the Leukemia & Lymphoma Society, building and leading a research group focused on the goal of improving the standard of care and accelerating cures for patients with blood cancers. He also worked for nearly 15 years at Wyeth Research, spearheading a drug discovery group focused on contraception, menopausal symptoms and reproductive disorders in women.
 
Winneker earned a Bachelor of Science degree from Penn State University, a Master of Science degree in physiology from University of Illinois at Urbana-Champaign, and a PhD in anatomy from the University of Minnesota.
 
Although he has just started in his role at the life sciences incubator, he has already met with numerous tenant companies, including SunGen Pharma, Grace Therapeutics, Ascendia Pharmaceuticals, Shionogi Inc., Bellerophon Therapeutics and Nexomics Biosciences.
 
@NJEDATech asked Winneker about the Executive-in-Residence Program and his plans for the future:
 
Why did you choose to apply to the Executive-in-Residence program?
While looking for my next full time job, I like to keep busy and contribute to the life sciences community. I’m pleased to be doing some consulting work and volunteering my time while actively networking. It was Vicky Gaddy from BioNJ that brought the opportunity at CCIT to my attention.  I really enjoy advising, coaching and mentoring other scientists and entrepreneurs, so this looked like a great chance to do just that. 
 
What do you hope to get out of this Executive-in-Residence program?
I hope to use my extensive experience to help some of these new companies and their leaders succeed in any way that I can, whether it be to raise money, make new contacts, build better strategic plans or simply sharpen their communications.  I am also looking forward to meeting new people, expanding my job seeking and personal network and becoming more familiar with the biotech startup community in this region of New Jersey. I am pleased to say that I have already met many interesting people during my visits to CCIT including the other new EIRs and have participated in several EDA events. 
 
What’s the best piece of advice you’ve heard over the years that you hope to impart on these emerging life sciences companies?
I would offer two pieces of advice.  First, while it is extremely important to work hard and be passionate about your science and your company, you shouldn’t forget to have some fun, enjoy the experience and be sure to save time for your family and kids. Your children grow up very fast and you can’t get that time back.  Second, don’t forget that even great science can’t overcome bad management and poor planning. It’s critical that you have the right people in place at the right time to lead your company.  I have seen too many examples of poor management killing a great scientific opportunity or delaying its implementation. This is one place where the EIRs can help. 
 
What is the next challenge you want to undertake in your career?
Ideally, I would love to find a leadership position in a biotech life sciences company.  While I have worked closely with many biotech companies over the years, both while leading a research organization in big pharma and as a funder and strategic partner at a disease foundation, becoming a member of the biotech leadership team would represent a new and welcome challenge for me. I feel my skills would lend great value to the right biotech company. Having said that, I am open to any opportunity where I can work with great people in an area of science and medicine that can truly have a positive impact on the lives of patients and their families. 
 
More information about EIR program, including eligibility, can be found at www.njeda.gov/EIR.

To learn about programs and initiatives that support the technology industry, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.

Conveyor Curve (Belt) Company Supports Critical Industries

TRENTON, N.J. (February 9, 2016) – Flow-Turn Inc., a Union Township-based global manufacturer of powered belted curve conveyors, was highlighted at today’s  New Jersey Economic Development Authority (EDA) Board meeting for the approval of a loan the company received through the Premier Lender Program.

The $1.5 million Fulton Bank loan, which includes a $400,000 EDA participation, will allow Flow-Turn to refinance the mortgage on its 35,000-square-foot warehouse and office facility. The EDA partners with more than 30 Premier Lender banks to provide small businesses with low cost financing that includes loan participation and/or guarantees, and faster turnaround than traditional financing programs. Businesses can use Premier Lender financing for fixed assets, working capital to meet operating needs, or the refinancing of bank debt.

“Manufacturing companies like Flow-Turn not only create skilled jobs, but are an essential link in the supply chain of companies in many industries,” said EDA CEO Melissa Orsen. “Flow-Turn’s products support parcel and baggage handling, distribution, and factory automation, all of which are critical to both the State and global economies.”

The company expects to maintain its staff of 18 and create an additional six new full-time jobs.

Another Union County manufacturer, metal hose assembly producer Flexline, was previously approved for a $1.35 million Premier Lender loan through PNC Bank, backed by a 25 percent EDA guarantee.  The loan supported the acquisition of a commercial building in Kenilworth.

Flexline is currently featured in publications throughout the State as part of the EDA’s new small and mid-sized business-focused print and digital marketing campaign, which was created in collaboration with Princeton Partners, Inc.  Launched in October 2015, and featuring the theme “EDA Was Here,” the campaign anecdotally showcases how businesses like Flexline have used the EDA’s financing programs to overcome challenges, meet their needs and grow. The campaign consists of print ads in various New Jersey business publications, as well as search engine marketing and digital display ads on various business websites.  

“We encourage business owners to contact us to learn more about how the State can help them thrive,” added Orsen. “From low interest loans either directly or through one of EDA’s lending partners, to training and technical assistance services to support the expansion and long-term growth of small businesses and not-for-profit organizations, the array of resources offered is available to help businesses in all stages of growth.”

The EDA often partners with financial institutions, local organizations and other State agencies to help borrowers bridge financing gaps and increase their access to capital. This includes offering low-interest loans, bond financing, and support for micro-lenders to increase their lending capacity and the technical assistance and training services they offer.  In 2015 alone, the EDA supported over 90 projects with more than $357 million in assistance, leveraging an estimated $532 million in total public/private investment and the creation of more than 1,100 new jobs across the State.

The EDA is part of the state’s results-driven Partnership for Action. Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA. 

To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.