CHRISTIE ADMINISTRATION ADVANCES SUPPORT FOR BUSINESS GROWTH, COMMUNITY REVITALIZATION AT MAY EDA BOARD MEETING
TRENTON, N.J. (May 16, 2013) – In support of the Christie Administration’s efforts to accelerate business growth and job creation, businesses from Camden County to Morris County will receive financing assistance through the New Jersey Economic Development Authority (EDA). At its monthly Board meeting, the EDA took action to help businesses of all sizes maintain and grow their operations in communities across the State.
“The projects approved today help to illustrate how our resources are stimulating business growth and job creation, while also working to strengthen our communities,” said EDA Chief Executive Officer Michele Brown. “From bond financing and incentives to an array of low-cost lending programs, the EDA remains committed to stimulating local economies and creating new jobs for our residents.”
The Board took action on several projects in the City of Camden, including a working capital loan to support the growth of Coriell Life Sciences, a new, for-profit spin-out of the Coriell Institute for Medical Research. The company is expected to create a total of 26 new jobs in the City and is considering leasing space at the EDA’s Waterfront Technology Center at Camden. In addition, two projects were approved that will help advance the redevelopment of the former Riverfront State Prison site, considered to be the most valuable piece of real estate in North Camden. A Memorandum of Understanding between the EDA and the Department of Treasury’s Division of Property Management and Construction will allow for the planning, funding and disposition of the site; and, a planning grant for Cooper’s Ferry Partnership, Inc. will help fund the costs of developing preliminary engineering and final design work for parks and roads in and adjacent to the site.
A $6 million tax-exempt bond will allow The Village Charter School to acquire the facility it currently operates out of in Trenton. The 47,000-square-foot building is located on 10 acres and serves 360 students in kindergarten through the 8th grade. The Village Charter School, which leases the space from Mercer Street Friends, opened in 1999 and “saw the school as an investment in Trenton’s future.”
Small businesses in Burlington, Mercer, Middlesex, Morris and Ocean counties are taking advantage of the EDA’s low-cost lending programs. Collectively, these businesses expect to maintain their staffs of 120 and create an estimated 50 new jobs in the coming years.
A TD Bank loan and EDA participation will help Luminer Converting Group, a printer and manufacturer, purchase the property it currently leases in Lakewood. The EDA works with its more than 40 Premier Lender banking partners, including TD Bank, to offer low-cost financing opportunities with faster turnaround through the Statewide Loan Pool Program.
Through its Small Business Fund, the EDA provides below-market rate financing as either direct loans or guarantees to eligible businesses. A Small Business Fund direct loan approved today will assist woman-owned manufacturer AEON Corporation, a West Windsor-based company that recently spun out from Alphion Corporation.
Four companies will benefit from the Main Street Business Assistance Program, which provides financial support to commercial banks to assist in offering loans, guarantees and line of credit guarantees to small businesses. Allied Recycling in Mount Holly serves as a metal junk yard and is receiving a Fulton Bank line of credit and EDA guarantee. Monroe-based manufacturer Broadway Industries is benefitting from a Provident Bank line of credit and EDA guarantee. In Denville, audio visual provider Audio Visual Associates is utilizing a Two Rivers Community Bank loan that includes an EDA participation to refinance its mortgage. Finally, the Learning Experience in South Brunswick will use a Bank of Princeton loan backed by an EDA guarantee and participation to refinance debt.
The EDA Board also approved a Business Employment Incentive Program (BEIP) grant to encourage the expansion of GENEWIZ, Inc. in New Jersey. In 2002, GENEWIZ was a four-person start-up at the EDA’s Commercialization Center for Innovative Technologies in North Brunswick; today, the global company employs over 500 and maintains its worldwide headquarters in South Plainfield. Additionally, the Board approved a BEIP to encourage one of the world’s largest apparel companies – PVH Corp. – to expand its footprint in New Jersey by relocating over 100 jobs to its Bridgewater facility over a site in Connecticut.
At the Board meeting, CEO Michele Brown provided an update on the Stronger NJ Business Grant Program, which the EDA launched on May 1 to support the recovery and rebuilding of storm-impacted businesses. Brown noted that more than 800 businesses, organizations and municipalities have signed up to receive updates on the business recovery programs, and over 500 applications for grant funding have been started.
EDA Board meetings are typically held at 10 a.m. on the second Tuesday of each month at 36 West State Street in Trenton. The Board meeting schedule, as well as Board agendas and minutes, are available at www.njeda.gov. All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.
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.