EDA Visits Riding High Farm in Monmouth County to Showcase State Financing Resources
TRENTON, N.J. (June 30, 2016) – As part of the Economic Development Authority’s (EDA) efforts to raise awareness of financing resources available for small businesses and not-for-profit organizations, Chief Executive Officer (CEO) Melissa Orsen today visited Riding High Farm in Allentown. Riding High recently worked with the EDA to refinance its mortgage, demonstrating the EDA’s ability to help organizations in all industries and stages of growth meet their unique financing needs.
Riding High, which was founded in 1979 as a not-for-profit 501c(3) corporation, is dedicated to providing special needs riders with recreational and therapeutic instruction. Riding High’s mission is to enrich the lives of physically, cognitively and emotionally challenged persons through riding instruction that engages these individuals in a mainstream activity and therapeutically helps them to improve both physical and cognitive functioning through the modality of the horse. Riding High consists of an indoor riding facility and stable on more than ten acres in Allentown.
“Riding High Farm illustrates the dual role not-for-profit organizations play in the State’s economy,” said Orsen. “They contribute to the community by improving quality of life for the individuals and families they support while creating jobs and opportunities for members of the community to give back.”
Riding High Farm first received a direct loan from the EDA through its Small Business Fund in 2010 to refinance existing debt. The savings generated from this refinancing were used to support a program called “Equine Care and Farm Management Day Program for the Disabled.” Riding High recently closed on a refinancing of its loan, enabling it to maintain a low interest rate and manageable payments.
“Support from the State has helped Riding High manage cash flow and continue programs that encourage the assimilation of the special needs population with the able-bodied, and help us to recruit and train volunteers and community service workers,” said Dennis Kahn, President, Riding High Farm.
The EDA’s Small Business Fund requires that a business be in operation for at least one full year. Not-for-profit corporations that have been operating for at least three full years may also be eligible. Over $19 million has been provided to nearly 70 businesses through the Fund since 2010, with an average loan size of more than $285,000.
The visit complements the EDA’s enhanced efforts to facilitate awareness of the programs it offers to support small and mid-sized businesses and not-for-profits, including a print and digital marketing campaign and social media channels. Centered on the theme “EDA Was Here,” the campaign and new social media presence showcase how organizations, like Riding High, have used the EDA’s financing programs to overcome challenges, meet their needs and grow.
“The State offers a multitude of financing, mentoring, and training for small businesses and not-for-profits,” said Orsen. “We encourage business owners, whether they are just starting out or have been in business for years, to contact us to learn more about how the State can support their growth.”
Other programs offered by the EDA for small businesses include the Premier Lender Program, through which the EDA partners with more than two dozen banks to provide new, low-cost financing opportunities with faster turnaround; and the New Jersey Advantage Program, a joint program of the EDA and TD Bank., offering creditworthy small and mid-sized companies financing for fixed assets, working capital or refinancing of existing debt.
To learn about EDA resources for small businesses and not-for-profits, visit
https://www.njeda.gov/small_midsize_business and follow @NJEDAWasHere on Twitter and LinkedIn.
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.