CHRISTIE ADMINISTRATION MOVES TO SPUR JOB CREATION, BUSINESS GROWTH AT FEBRUARY EDA BOARD MEETING
TRENTON, N.J. (Feb. 12, 2013) – At its monthly Board meeting, the New Jersey Economic Development Authority (EDA) took action to assist businesses impacted by Hurricane Sandy, encourage companies to locate and expand in the State, and help drive the growth of New Jersey’s life sciences industry.
In December 2012, EDA created a program to boost the lending capacity of Community Development Financial Institutions offering support to small businesses impacted by Hurricane Sandy. Today, the Board approved the second loan under this program, investing $500,000 to help fund an initiative the Cooperative Business Assistance Corporation is undertaking to provide assistance to impacted businesses in the South Jersey region. The first investment of $500,000 helped support New Jersey Community Capital’s REBUILD New Jersey loan fund, which was created to aid recovery for small businesses in areas most severely impacted by the storm.
At the meeting, EDA Chief Executive Officer Michele Brown also updated the Board on the State’s rebuilding efforts.
“As Governor Christie recently announced, the EDA hopes to be able to get assistance to impacted businesses as quickly as possible to ensure they have the capital they need to resume, maintain or grow their operations,” Brown said. “We are working to develop programs and a marketing strategy to best meet the needs of our businesses and communities and ensure that the world knows New Jersey is open for business.”
In other Board action, Cherry Hill-based Bestwork Industries for the Blind, Inc. will be able to purchase a larger property to support increased demand for its products as a result of the Premier Lender Program. The not-for-profit, which was founded by a veteran who lost his sight during World War II, provides rehabilitation services in a work setting for adults who are legally blind or visually impaired. The organization engages in the manufacturing of various items, including examination gloves, reinforced construction worker aprons and military clothing. Through the Premier Lender Program, TD Bank approved a $3 million loan that included a $1 million EDA participation.
The Board also approved awards through the Business Employment Incentive Program (BEIP) to encourage companies to locate and grow in New Jersey. Full-service packaging solutions provider Nosco, Inc. is evaluating locations to expand its footprint on the East Coast. The company is considering establishing a new facility in Branchburg, New Jersey, or locations in Pennsylvania and Virginia. If Nosco chooses New Jersey, it expects to create over 50 new jobs and invest an estimated $7.6 million. Dade Paper & Bag Co., one of the largest independent distributors of food service disposables, janitorial supplies and equipment, is contemplating an expansion of its New Jersey distribution capability in order to meet customer demand in the Northeast. The company, which is also considering locations in Maryland, expects to create 25 new jobs and invest an estimated $1.64 million to support its growth.
A Grow New Jersey award was approved to encourage Siemens Healthcare Diagnostics Inc. to establish a $36.6 million global center of excellence in New Jersey. The new facility would support the development, design and assembly of healthcare diagnostics devices for the company, a global leader in in-vitro diagnostics. Siemens Healthcare is considering renovating its current facility in Mount Olive and constructing a new, adjoining property, or relocating out of state. The project would result in the creation of 525 new jobs in the State.
Building on the market success of New Jersey’s first technology accelerator – TechLaunch, which the State created last year with industry pioneer Mario Casabona, the EDA announced it is seeking a private partner to operate a new Life Sciences/Healthcare IT Accelerator at the EDA’s Commercialization Center for Innovative Technologies (CCIT) in North Brunswick. This initiative will allow the State to support early-stage life sciences and healthcare technology companies with mentoring, funding, and real estate support. The EDA plans to publish the competitive solicitation at the end of February.
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 three interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center and the EDA.
To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov.