DCI SIGNS & AWNINGS FINDS PERMANENT HOME IN NEWARK
One of 380 Businesses in Urban Communities Supported by EDA since October 2006
Trenton, N.J. (Oct. 7, 2009) – Officials toured DCI Signs & Awnings today to mark the company’s decision to establish a permanent location in the City of Newark. The sign manufacturing company is one of 389 businesses assisted by the New Jersey Economic Development Authority (EDA) since October 2006 in support of a key priority of Governor Jon S. Corzine’s Economic Growth Strategy to stimulate investment in the state’s urban communities.
“Governor Corzine’s commitment to enhancing our urban communities helps to re-energize our cities and provides additional resources to foster community economic development and growth throughout New Jersey,” said EDA Chief Executive Officer Caren S. Franzini. “Investments in companies like DCI and in communities like Newark remain critical to strengthening New Jersey’s economy.”
DCI, a minority-owned business formed in 1994, is a manufacturer of commercial signage. The company received a $258,000 loan participation from the EDA to help it acquire a building in Newark, which will serve as its headquarters.
“Newark has been an ideal location to grow DCI Signs & Awnings and we are thankful for the assistance we received from the state,” said DCI President Danny Castillo. “We look forward to continuing to expand our operations and presence in New Jersey.”
The assistance to DCI brings total EDA support in the state’s urban communities to more than $610 million since 2006. This assistance is responsible for injecting an estimated $1.5 billion in total public/private investment in New Jersey’s urban economy and setting the foundation for the creation of an expected 11,769 new jobs.
The EDA launched two additional programs in 2008 to advance Governor Corzine’s commitment to increasing the viability of projects in urban areas and re-energizing New Jersey’s cities. The Urban Plus Program provides up to $3 million for projects in the targeted municipalities of Atlantic City, Camden, East Orange, Elizabeth, Jersey City, Newark, New Brunswick, Paterson and Trenton. The Urban Transit Hub Tax Credit Program, created by Governor Corzine to encourage business development, capital investment and employment in designated communities near commuter rail stations, provides tax credits equal to up to100-percent of a qualified capital investment. Additionally, in June 2009, the EDA launched the New Jersey Food Access Initiative, which was part of Governor Corzine’s Economic Recovery and Assistance Plan of 2008. This initiative is designed to spur supermarket development throughout New Jersey’s urban centers to further community revitalization, job creation and reduce health disparities in the state. The EDA recently approved a $3 million investment to The Reinvestment Fund (TRF) to create the Food Access Fund, with the goal of leveraging additional public and private investment. To complement the statewide program, the EDA also invested $1 million in a pilot supermarket initiative in the City of Newark. In collaboration with TRF and Brick City Development Corporation, the City has launched its $5 million Newark Fresh Food Program.
The EDA is a state financing and development agency that works to strengthen New Jersey’s economy by retaining and growing businesses through financial assistance, by renewing communities, and by promoting the state’s strategic advantages to attract domestic and international business.
For more information on EDA resources, visit www.njeda.gov. 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 DCI Signs & Awnings, visit www.dcisigns.com.