The New Jersey Economic Development Authority's next public Board Meeting will be held on Friday, November 13, 2015 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 (November 5, 2015) – Continuing its commitment to fostering innovation and supporting emerging technology and biotechnology companies in the Garden State, the New Jersey Economic Development Authority (EDA) today announced that 41 companies have been approved to share a total of $47.4 million through the State’s Technology Business Tax Certificate Transfer (NOL) Program in Fiscal Year 2016. 
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. 

“For more than 15 years, the NOL program has provided a wide variety of New Jersey technology and biotechnology companies with access to capital that is vital to their continued growth in the Garden State,” EDA Chief Executive Officer Melissa Orsen said.

Since the program was established in 1999, more than 500 unique businesses have been approved for awards totaling $860 million. The average benefit amount for companies approved this year totals approximately $1.16 million. Five companies are participating in the NOL program for the first time in Fiscal Year 2016. Twenty-one of the participating companies have previously participated in other programs offered by the State, such as the Angel Investor Tax Credit Program.

“The fact that so many of this year’s participants have benefited from other programs reinforces the State’s pledge to bolster New Jersey’s vibrant technology ecosystem,” Orsen said. 

The following companies are among the 41 businesses sharing this year’s NOL funding. A complete list of NOL award recipients can be found following this article and at https://www.njeda.gov/press-room.

Electromagnetic Technologies Industries, Inc. (ETI), in Boonton, is a high-tech engineering firm and manufacturer of state-of-the-art radio and microwave frequency, broadband subsystems and components. ETI provides custom solutions and products to the United States Military and NASA, as well as the world’s leading military contractors such as Exelis (now part of the Harris Corporation), Lockheed Martin, and L3 Communications.

ETI President and CEO Dr. John Howard commented on the benefits of the State’s NOL Program. "As an engineering firm, we are always monitoring the trends in both the defense and commercial industries to react quickly to the needs of our existing and potential customers. We pride ourselves on being able to provide alternative solutions not considered by our customer. In order to provide innovative solutions, ETI spends time and money on research and development, typically at its own cost. The NOL Program allows ETI to generate revenue to support its R&D work.”
 
Roka Bioscience, Inc., located in Warren, is a molecular diagnostics company focused on developing and commercializing advanced testing solutions for the food safety testing market. Roka Bioscience’s proprietary Atlas Detection Assays incorporate its advanced molecular technologies and are performed on the company’s “sample-in, result-out” Atlas System that automates all aspects of molecular diagnostic testing on a single, integrated platform. The assay kits enable food processors and contract laboratories to detect the presence of pathogenic Salmonella, Listeria, & E. coli in their environment, ingredients, and products. The Atlas System and its Detection Assays are designed to provide customers with accurate and rapid results, with reduced labor costs and improved laboratory efficiencies.

Roka BioScience CEO Paul Thomas told @NJEDATech, “We are so pleased to have the opportunity to participate in this State initiative. The proceeds we received through the NOL Program have enabled us to further the development and commercialization of our innovative food safety assays. Programs such as this help us to continue and strengthen our objective of bringing new technologies to the food industry to better protect our nation’s food supply. We sincerely appreciate the support the State of New Jersey has given us.”

Soligenix, Inc. is a late-stage biopharmaceutical company focused on developing and commercializing products to treat rare diseases where there is an unmet medical need. The Princeton-based company is developing two Phase 3 product candidates, one for the treatment of cutaneous T-cell lymphoma and another for the treatment of pediatric Crohn's disease, as well as a Phase 2 product candidate for the treatment of oral mucositis in head and neck cancer patients. With the support of up to $57 million in funding from the federal government, the company is also developing five biodefense candidates, three therapeutics and two vaccines. The vaccine development programs utilize Soligenix' patented ThermoVax™ heat stabilization technology a proprietary process that enables vaccines to be stored without refrigeration.

When @NJEDATech asked Soligenix CEO Christopher J. Schaber, PhD. how the company has benefited from the program in the past, he responded, “The funds received from the NOL program have contributed to the advancement of our biotherapeutic product candidates. This program is illustrative of the State's commitment to fostering the innovation of New Jersey's biotech and tech companies."  

For additional information about the NOL program, visit https://www.njeda.gov/nol and follow @NJEDATech on Twitter and LinkedIn.  To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at http://www.NewJerseyBusiness.gov.
 
 

Click here for EDA President/COO Tim Lizura's Interview with WABC’s Talkin’ Jersey City Regarding Incentives Available to Businesses in Jersey City

TRENTON (October 29, 2015) –Optics software and hardware developer Simphotek is a small New Jersey business having a big impact on a wide range of industries, particularly in the creation of cancer therapies.
 
Located in the New Jersey Institute of Technology’s (NJIT) Enterprise Development Center (EDC) in Newark, Simphotek creates and commercializes patented optics software, called SimphoSOFT^®. SimphoSOFT^® enables users to calculate photokinetics, the way light interacts with matter, through a series of mathematical equations, allowing these calculations to be executed much faster than ever before. 
 
One example of SimphoSOFT^®’s practical application is the company’s recent projects involving the use of computer optimization tools for light-drug based cancer therapy. Known as photodynamic therapy (PDT), this alternative or adjunct to chemotherapy, radiation therapy or surgery is in clinical studies throughout the world. Simphotek partners with the Hospital of the University of Pennsylvania and Roswell Park Cancer Institute, two of the world’s leading cancer centers. Simphotek is working with these hospitals to combine its optimization software with optical components to create a portable instrument that can be used by the physician in real time in the clinic or operating room. Simphotek believes that such an instrument is a critical missing piece that when developed, will enable PDT to grow as large as radiation therapy.  According to Simphotek Co-founder and President Dr. Mary Potasek, the radiation therapy market is projected to be about $6 billion in 2016.
 
Simphotek’s team not only performs leading software development, but combines it with optical components for complete product development. The company’s three co-founders bring unique areas of expertise to the startup; Potasek is an expert in lasers, optical fibers and optical instruments having worked at Lucent/Bell Labs, while Dr. Karl Besson has over 60 patents in optical devices at Allied-Signal and Honeywell. Dr. Gene Parilov is an expert in applied mathematics and software development. 
 
On Tuesday, October 27, Potasek was among more than 30 executives to participate in New Jersey’s Founders & Funders event. Held at the EDA’s Commercialization Center for Innovative Technologies (CCIT), the program provided an opportunity for entrepreneurs to meet one-on-one with angel and venture investors in a series of 10-minute “speed dating” strategic sessions to discuss strategy, business models and funding opportunities. The EDA hosts Founders & Funders semi-annually, and registration for upcoming Founders & Funders events is currently open.
 
Since it was founded in 2007, Simphotek has taken advantage of various state and federal resources, including the New Jersey Angel Investor Tax Credit Program, which is administered by the New Jersey Economic Development Authority (EDA). Simphotek was one of the first companies to benefit from the program shortly after its launch in 2013. The program provides tax credits of 10 percent of a qualified investment in an emerging New Jersey technology business that conducts research, manufacturing, or technology commercialization in the state. Applications must be submitted within one year of the date of investment. Completed applications, with all required documentation, must be submitted by November 15 in order to be considered for approval for a 2015 tax credit certificate.
 
In addition to resources provided through the Garden State, Simphotek has received more than $1 million in seed funding from the federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR), which provide early-stage capital for innovative small companies in the United States. SBIR/STTR recently held a seminar at CCIT to teach New Jersey-based entrepreneurs how to apply for these funds.
 
@NJEDATech spoke with Potasek about her company’s experience in New Jersey and its plans for the future:
 

Why did you decide to grow Simphotek in New Jersey?
We chose to grow in New Jersey because of the large educated workforce from universities and centers in and around the state. In addition, we settled at the EDC in Newark because it provides a site with excellent office, meeting, laboratory, and collaboration space at a reasonable cost.

How have State resources such as the Angel Tax Credit Program and the New Jersey Founders & Funders help Simphotek?
The Angel Investor Tax Credit Program enabled us to attract Series A and B funding. In addition, the New Jersey Founders and Funders event afforded us the opportunity to meet with several investors. Each potential investor gave us encouragement and we made a number of contacts, which are very, very valuable to us going forward.

What is your company’s biggest success to date?
We have been fortunate to receive external recognition. Our patented software methods were considered a breakthrough technology by the American Physical Society in 2006. We have published more than seven technical papers and six presentations at international conferences.  Two well-known trade journals selected us for special articles. Then in 2012, our first program was selected by an international journal as a Top 20 Innovation and in 2013, our second program was again selected for this honor.

What’s on the horizon for Simphotek?
Simphotek is working in a number of areas with its platform technology. We concentrate on lasers-material interactions that have numerous applications including lasers, optical fibers and amplifiers, rare earth materials, nanomaterials, and microscopy, as well as biomedical areas.

One of our current areas is developing a sophisticated instrument using software and specialized hardware to optimize treatment planning for cancer using light and drugs.  We hope this becomes one of the main treatments for cancer leading to a multi-billion market. I am also a member of the National Photonics Initiative (NPI) that meets with Congress and the White House to educate, guide and initiate funding for photonics industrialization in the US.  One recent project is the $600 million fabrication center for photonic integrated circuits expected to replace current electronic devices used in areas including computers, iPhones, telecommunications, data centers, and cloud computing centers.

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

OceanTailer Co-Founders Gil Bar Lev (left) and Ralph Castro meet with Edison Partners Associate James Hill during a session at the New Jersey Founders and Funders event.

TRENTON (October 27, 2015) – Continuing its proactive approach to bolstering the Garden State’s technology industry, the New Jersey Economic Development Authority (EDA) today hosted its fourth New Jersey Founders & Funders event, providing nearly 30 emerging companies with access to angel and venture capital investors.
 
Held at the EDA’s Commercialization Center for Innovative Technologies (CCIT) in North Brunswick, the event enabled early-stage businesses to meet with potential investors in 10-minute, one-on-one “speed dating” sessions to discuss strategy, business models and funding opportunities.
 
“Fostering collaboration between entrepreneurs and investors remains a top priority in New Jersey,” EDA CEO Melissa Orsen said. “Through the four New Jersey Founders & Funders events we have hosted to date, more than 120 entrepreneurs have met with investors on a variety of topics and gained critical insight on how best to position their startups within the Garden State’s vibrant technology ecosystem.”

Today’s Founders & Funders event featured 18 participating venture and angel investors, including Golden Seeds; JumpStart NJ Angel Network; and Edison Partners.

Investors met with a variety of technology and biotechnology companies, including PineappleHR, located in Freehold, which creates software to streamline human resources administration and financial processes; Gridless Power, located in Collingswood, which designs and manufactures portable power systems; Fair Lawn-based OceanTailer, creator of a business-to-business e-commerce trade platform; and CCIT tenant Taxis Pharmaceuticals,  which seeks to discover and develop therapies targeting multidrug-resistant (MDR) bacterial infections.

The EDA hosts New Jersey Founders & Funders events semi-annually. The next event is scheduled for the spring of 2016 and registration can be accessed via https://application.njeda.com/tls/.
   
Home to nearly two-dozen startup companies, CCIT offers tenant companies affordable lab and office space, as well as a broad array of services and programs. Tenants at the life sciences incubator have access to educational and support programs such as a Lunch and Learn series, during which local enterprises speak about best practices in their industry; and the new Executive-in-Residence Program, which offers mentoring and advice to tenants from high-level life sciences executives in transition.  
 
The EDA is part of the State’s results-driven Partnership for Action.  Created by Governor Chris Christie and led by Lt. Governor Kim 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 about the various programs available to support the technology industry, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.
 
To learn about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call 1-866-534-7789.

Co-working space Indiegrove hosts ribbon cutting at its newly expanded facility. From left: EDA Senior Venture Officer Kamran Hashmi, Indiegrove Founder Zahra Amanpour, EDA Technology & Life Sciences Director Kathleen Coviello, EDA Venture Analyst Madhavi Bhatia

TRENTON (October 22, 2015) – Showcasing the State’s commitment to supporting small, innovative businesses, members of the New Jersey Economic Development Authority’s (EDA) Technology and Life Sciences Division were in attendance as Indiegrove cut the ribbon last week on its newly expanded co-working space facility. The celebration comes three months after Indiegrove closed on a $175,000 loan from the EDA.

Indiegrove used the funding provided by the EDA to nearly double its space, from 6,000 square-feet to 10,268 square-feet, including adding a floor to its location near a transit hub in downtown Jersey City. Indiegrove currently boasts 160 members, of which approximately 50 percent are from the technology industry. The co-working space offers its members a variety of resources, including educational workshops, networking opportunities and ample amenities such as meeting rooms, high-speed wifi networks, and kitchen facilities.

Co-working spaces like Indiegrove enable entrepreneurs from different companies to work side- -by-side, sharing ideas. They are often accessible via mass transit, reflecting renewed interest in urban living and working arrangements. For entrepreneurs and startup companies with limited access to immediate revenue, co-working spaces do not require members to sign long-term leases and also offer mentoring networks to their members.

“Indiegrove is a space for entrepreneurs to focus and interact with like-minded individuals looking to grow their businesses and gain independence,” Indiegrove Founder Zahra Amanpour said. “We are thankful to the EDA for helping to make our expansion possible and look forward to accommodating even more members in the months and years ahead.”

Members of the EDA’s Technology & Life Sciences Division were among the 250 people in attendance at the October 16 ribbon cutting, as were local officials and many of Indiegrove’s partners in the industry.  Indiegrove partners with several entrepreneurship and economic development organizations, including Rising Tide Capital, Greater Newark Enterprises Corporation (GNEC), Freelancer's Union, The Rutgers Center for Urban Entrepreneurship and a multitude of successful entrepreneurs in order to provide education, mentorship and networking opportunities and promote long-term business sustainability. 

As the leader of Indiegrove, Amanpour is very active in Jersey City’s entrepreneurial scene and runs the Indiegrove Women’s Group, designed to foster innovation and collaboration among female entrepreneurs.

This week, New Jersey is celebrating its 2nd Annual Women Entrepreneurship Week, highlighting the positive impact that female entrepreneurs like Amanpour are having in the Garden State. Spearheaded by Montclair State University’s Feliciano Center for Entrepreneurship, the week’s events include numerous speakers and workshops. Indiegrove staff attended Monday’s Women Entrepreneurship Kickoff breakfast at St. Peter’s University, and the EDA’s Technology and Life Sciences Director Kathleen Coviello moderated a funding panel during an all-day Women Entrepreneurship Week conference on Wednesday, October 21. Additional information about the week’s activities can be found on the Feliciano Center’s website.

@NJEDATech spoke with Amanpour about Indiegrove’s experience in New Jersey and its plans for the future:

Why did you decide to grow Indiegrove in New Jersey?
Jersey City is an incredible city with a thriving entrepreneurial community and a growing economy. It presented a great opportunity for Indiegrove. I wanted to contribute to the city in a healthy way and support local momentum by making sure entrepreneurs had a professional and affordable space in which to grow their businesses and connect to the community. Thankfully, it worked, and now, less than three years later, we have enough demand to fill another floor and grow the community even more.

What do you consider Indiegrove’s biggest success to date?
Our community! We have a diverse, focused and vibrant community of entrepreneurs, independent professionals and freelancers. Our businesses contribute to one another's growth and use the resources available in the space to become stronger and more successful. It really is the ideal environment for growing a business. 

What’s in store for Indiegrove in the near future?
After closing a loan, completing a construction project and throwing a huge party in three months, I'm probably going to take a little time to just enjoy our success. With that said, we are constantly growing and pursuing new opportunities. We recently launched our monthly Lunch & Learn Educational Series. In the coming months, we'll be offering great workshops like LinkedIn for Business (including professional headshots!), Managing Your Online Brand and Google Apps Beyond Gmail. I'm excited to offer these to the community and continue to find new ways to support our businesses and grow Indiegrove.

What advice would you give to women entrepreneurs just starting out in the industry?
Work hard and connect with other women entrepreneurs. Also, many times entrepreneurs don't implement the discipline and systems needed to grow a business from the beginning. If you want to create a scalable business, you have to think and act big from the beginning. 

For more information about resources available to New Jersey’s technology industry, visit https://www.njeda.gov/tls and follow @NJEDATech on Twitter and LinkedIn.
 

Councilman Peter Doyle, Atlantic Highlands; Augie Carton, Co-Owner, Carton Brewing; and Tim Lizura, President and Chief Operating Officer, NJ Economic Development Authority

Drives New Small Business Awareness Initiative

TRENTON, N.J. (October 19, 2015) –  As part of the state’s ongoing efforts to raise awareness of financing programs available to small businesses, New Jersey Economic Development Authority (EDA) President and Chief Operating Officer Tim Lizura visited Carton Brewing in Atlantic Highlands on Friday. The business recently received a line of credit through the EDA’s Premier Lender program, which lowers the cost of borrowing for small businesses through the EDA’s alliance with more than 30 banking partners.
 

"Businesses like Carton Brewing create jobs, invest in our communities, and contribute to the quality of life of local residents and visitors," said Lizura.  "We want business owners all over the State to know that resources are available to help companies of all sizes grow and prosper in New Jersey."
 

Since 2010, through the Premier Lender program, $51.8 million in loans has been provided to 78 small NJ businesses, leveraging more than $201 million in private/public investment. 
 

Carton Brewing was recently approved under the Premier Lender program for a line of credit from Provident Bank, with a 50 percent EDA guarantee. The brewery, which samples beer on-premise and self-distributes to over 350 bars, restaurants and liquor stores in New Jersey, will use its line of credit to expand its business, including the purchase of equipment, working capital, and the acquisition of an adjacent building.
 

"We at Carton Brewing are thrilled about the reception our products have received in our community and are looking forward to expanding our capacity and reaching new people," said Augie Carton, co-owner, Carton Brewing.  "It's important to us to continue doing what we do in our neighborhood and we appreciate the support of the State, Provident Bank, and our customers as we grow."
 

The visit coincides with the launch of EDA’s new small and mid-sized business-focused print and digital marketing campaign, which was created in collaboration with Princeton Partners, Inc.  Featuring the theme "EDA Was Here,” the campaign anecdotally showcases how businesses, like Carton Brewery, have used the EDA’s financing programs to overcome challenges, meet their needs and grow.   The campaign will also target the banking community to highlight the benefit of EDA’s network of Premier Lenders and the value that EDA’s involvement brings to a commercial lending transaction.  The campaign will include print ads in various New Jersey business publications, as well as digital display ads on various business websites and search engine marketing.  
 

"Our new awareness initiative was created to ensure that all New Jersey small business owners take advantage of the valuable resources that are available and accessible to support their growth and prosperity," said Lizura. 
 

EDA has also internally realigned its business banking staff in an effort to optimize its support of small and mid-sized businesses.   This realignment, which was driven by the goal of more adeptly connecting small businesses with appropriate resources,  will dedicate business banking officers to specific programs and geographic areas to ensure that staff is best positioned to assist businesses depending on their need and location.  
 

Two recent EDA staff changes were driven by the move to this new model.  Paul Ceppi was promoted to Director – Business Banking & Community Development after nearly 20 years in Community Development, including eight years with the EDA.  Derrick Benns was promoted to Program Manager – Business Banking after ten years with the EDA and several years with a number of New Jersey banks.  Ceppi and Benns both have extensive knowledge of EDA programs and strong relationships with EDA’s banking partners and various other stakeholders.
 

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.
 

Councilman Peter Doyle, Atlantic Highlands; Augie Carton, Co-Owner, Carton Brewing; and Tim Lizura, President and Chief Operating Officer, NJ Economic Development Authority

Drives New Small Business Awareness Initiative

TRENTON, N.J. (October 19, 2015) –  As part of the state’s ongoing efforts to raise awareness of financing programs available to small businesses, New Jersey Economic Development Authority (EDA) President and Chief Operating Officer Tim Lizura visited Carton Brewing in Atlantic Highlands on Friday. The business recently received a line of credit through the EDA’s Premier Lender program, which lowers the cost of borrowing for small businesses through the EDA’s alliance with more than 30 banking partners.
 

"Businesses like Carton Brewing create jobs, invest in our communities, and contribute to the quality of life of local residents and visitors," said Lizura.  "We want business owners all over the State to know that resources are available to help companies of all sizes grow and prosper in New Jersey."
 

Since 2010, through the Premier Lender program, $51.8 million in loans has been provided to 78 small NJ businesses, leveraging more than $201 million in private/public investment. 
 

Carton Brewing was recently approved under the Premier Lender program for a line of credit from Provident Bank, with a 50 percent EDA guarantee. The brewery, which samples beer on-premise and self-distributes to over 350 bars, restaurants and liquor stores in New Jersey, will use its line of credit to expand its business, including the purchase of equipment, working capital, and the acquisition of an adjacent building.
 

"We at Carton Brewing are thrilled about the reception our products have received in our community and are looking forward to expanding our capacity and reaching new people," said Augie Carton, co-owner, Carton Brewing.  "It's important to us to continue doing what we do in our neighborhood and we appreciate the support of the State, Provident Bank, and our customers as we grow."
 

The visit coincides with the launch of EDA’s new small and mid-sized business-focused print and digital marketing campaign, which was created in collaboration with Princeton Partners, Inc.  Featuring the theme "EDA Was Here,” the campaign anecdotally showcases how businesses, like Carton Brewery, have used the EDA’s financing programs to overcome challenges, meet their needs and grow.   The campaign will also target the banking community to highlight the benefit of EDA’s network of Premier Lenders and the value that EDA’s involvement brings to a commercial lending transaction.  The campaign will include print ads in various New Jersey business publications, as well as digital display ads on various business websites and search engine marketing.  
 

"Our new awareness initiative was created to ensure that all New Jersey small business owners take advantage of the valuable resources that are available and accessible to support their growth and prosperity," said Lizura. 
 

EDA has also internally realigned its business banking staff in an effort to optimize its support of small and mid-sized businesses.   This realignment, which was driven by the goal of more adeptly connecting small businesses with appropriate resources,  will dedicate business banking officers to specific programs and geographic areas to ensure that staff is best positioned to assist businesses depending on their need and location.  
 

Two recent EDA staff changes were driven by the move to this new model.  Paul Ceppi was promoted to Director – Business Banking & Community Development after nearly 20 years in Community Development, including eight years with the EDA.  Derrick Benns was promoted to Program Manager – Business Banking after ten years with the EDA and several years with a number of New Jersey banks.  Ceppi and Benns both have extensive knowledge of EDA programs and strong relationships with EDA’s banking partners and various other stakeholders.
 

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.
 

Councilman Peter Doyle, Atlantic Highlands; Augie Carton, Co-Owner, Carton Brewing; and Tim Lizura, President and Chief Operating Officer, NJ Economic Development Authority

Drives New Small Business Awareness Initiative

TRENTON, N.J. (October 19, 2015) –  As part of the state’s ongoing efforts to raise awareness of financing programs available to small businesses, New Jersey Economic Development Authority (EDA) President and Chief Operating Officer Tim Lizura visited Carton Brewing in Atlantic Highlands on Friday. The business recently received a line of credit through the EDA’s Premier Lender program, which lowers the cost of borrowing for small businesses through the EDA’s alliance with more than 30 banking partners.
 

"Businesses like Carton Brewing create jobs, invest in our communities, and contribute to the quality of life of local residents and visitors," said Lizura.  "We want business owners all over the State to know that resources are available to help companies of all sizes grow and prosper in New Jersey."
 

Since 2010, through the Premier Lender program, $51.8 million in loans has been provided to 78 small NJ businesses, leveraging more than $201 million in private/public investment. 
 

Carton Brewing was recently approved under the Premier Lender program for a line of credit from Provident Bank, with a 50 percent EDA guarantee. The brewery, which samples beer on-premise and self-distributes to over 350 bars, restaurants and liquor stores in New Jersey, will use its line of credit to expand its business, including the purchase of equipment, working capital, and the acquisition of an adjacent building.
 

"We at Carton Brewing are thrilled about the reception our products have received in our community and are looking forward to expanding our capacity and reaching new people," said Augie Carton, co-owner, Carton Brewing.  "It's important to us to continue doing what we do in our neighborhood and we appreciate the support of the State, Provident Bank, and our customers as we grow."
 

The visit coincides with the launch of EDA’s new small and mid-sized business-focused print and digital marketing campaign, which was created in collaboration with Princeton Partners, Inc.  Featuring the theme "EDA Was Here,” the campaign anecdotally showcases how businesses, like Carton Brewery, have used the EDA’s financing programs to overcome challenges, meet their needs and grow.   The campaign will also target the banking community to highlight the benefit of EDA’s network of Premier Lenders and the value that EDA’s involvement brings to a commercial lending transaction.  The campaign will include print ads in various New Jersey business publications, as well as digital display ads on various business websites and search engine marketing.  
 

"Our new awareness initiative was created to ensure that all New Jersey small business owners take advantage of the valuable resources that are available and accessible to support their growth and prosperity," said Lizura. 
 

EDA has also internally realigned its business banking staff in an effort to optimize its support of small and mid-sized businesses.   This realignment, which was driven by the goal of more adeptly connecting small businesses with appropriate resources,  will dedicate business banking officers to specific programs and geographic areas to ensure that staff is best positioned to assist businesses depending on their need and location.  
 

Two recent EDA staff changes were driven by the move to this new model.  Paul Ceppi was promoted to Director – Business Banking & Community Development after nearly 20 years in Community Development, including eight years with the EDA.  Derrick Benns was promoted to Program Manager – Business Banking after ten years with the EDA and several years with a number of New Jersey banks.  Ceppi and Benns both have extensive knowledge of EDA programs and strong relationships with EDA’s banking partners and various other stakeholders.
 

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.