CHRISTIE ADMINISTRATION ADVANCES SUPPORT TO FUEL JOB CREATION, BUSINESS EXPANSION AT JULY EDA BOARD MEETING
TRENTON, N.J. (July 11, 2013) – In support of the Christie Administration’s efforts to stimulate job creation and encourage business growth, large and small companies from Bergen County to Cumberland County were approved for financing through the New Jersey Economic Development Authority (EDA) at its July Board meeting.
“From an e-commerce retailer based in the United Kingdom to a cooperative of fisherman in Monmouth County, the companies that were approved for assistance this month illustrate the diverse range of business that are looking to remain and grow in New Jersey,” said EDA Chief Executive Officer Michele Brown.
Brown said that through the Business Employment Incentive Program (BEIP) alone EDA assistance of approximately $11 million is expected to leverage more than $31 million in private investment and lead to the creation of an estimated 880 new jobs in the State.
The U.S. subsidiary of Nature Delivered Limited, a United Kingdom-based e-commerce retailer, is looking to New Jersey to expand in the U.S. market. The fast growing company specializing in healthy snack foods is considering New Jersey or Pennsylvania for the site of its new mail order distribution center. Also considering New Jersey for its U.S. expansion is Orexo US, Inc., the U.S. subsidiary of Orexo AB, headquartered in Sweden. The emerging specialty pharmaceutical company is contemplating New Jersey for the location of corporate office space.
As part of its growth strategy, CVS Pharmacy, Inc. is planning to establish a new operations facility to support its pharmacy services. The company is considering several potential locations, including Florham Park, as well as sites in Texas and Arizona. David Yurman Enterprises is considering Lyndhurst for its new East Coast Logistic & IT Center. The designer, manufacturer, wholesaler and retailer of fine jewelry, women’s fragrances and luxury eyewear would be moving operations that are currently located in New York.
During the meeting, EDA CEO Michele Brown also updated the Board on the State’s business recovery efforts. Brown noted that 26 businesses have been awarded funding of up to $1.4 million through the Stronger NJ Business Grant Program, which makes grants of up to $50,000 available to storm-impacted small businesses. Brown announced that the EDA launched the Stronger NJ Business Loan Program on July 1, offering low-cost loans of up to $5 million to businesses and non-profits that were impacted by the storm, as well as businesses looking to expand within storm-impacted communities. To date, the EDA has received over 30 applications.
Brown noted that companies can also take advantage of the EDA’s various small business lending programs. Middletown-based Belford Seafood Cooperative Association, Inc. is utilizing the Small Business Fund to help finance equipment repairs following damage from the storm. The cooperative sells fish caught by its members to wholesale fish markets and also provides its members with boat slips. EDA Premier Lender Two River Community Bank is providing a $350,000 term loan to the company for working capital, which includes a 50-percent EDA participation.
“By partnering with our Premier Lender banking partners, EDA is helping to increase access to capital for small businesses across New Jersey,” Brown said. “With Premier Lender status, we are able to work with more than 40 commercial banks to offer businesses low-cost financing opportunities with fast turnaround.”
Through the Main Street Business Assistance Program, the EDA is working with Premier Lender Bank of America to support Dataline Analytics, Inc. of West Windsor. The consumer marketing information company, which expects to add three new employees to its existing staff of 15, is receiving a working capital line of credit with a one-year EDA guarantee. In Vineland, Giordano Vineland Scrap Material, LLC is using a loan from Premier Lender Fulton Bank that includes a 50-percent EDA participation through the Statewide Loan Pool Program to refinance an existing line of credit and equipment loans. The recycling plant and solid waste hauling company expects to create 10 new jobs, growing to 90 employees.
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 EDA and the Office of the Secretary of Higher Education.
To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.
For more information on the Stronger NJ Business Grant and Loan programs, visit http://application.njeda.com/strongernjbusiness or call EDA’s Sandy hotline at 1-855-SANDY-BZ (1-855-726-3929).