FOX REHABILITATION TO RELOCATE CORPORATE HEADQUARTERS IN CHERRY HILL WITH FINANCING FROM TD BANK AND EDA
In-Home Therapy Services Provider Expects to Maintain 400 jobs and Add 240 New Positions
TRENTON, N.J. (June 11, 2009) – Fox Rehabilitation Services, P.C., a provider of in-home physical, occupational and speech therapy, expects to maintain 400 jobs and add as many as 240 new positions over the next two years with its relocation to larger facilities in Cherry Hill Township. The move will be made possible with the help of a $6.25-million TD Bank loan that includes a $1.25-million participation from the New Jersey Economic Development Authority (EDA) made under the Statewide Loan Pool for Business program.
“This investment by Fox Rebabilitation is good economic news for the South Jersey region,” said Governor Jon S. Corzine. “Community growth is being facilitated with this development while existing jobs are being maintained and new job opportunities are being created for residents.”
The 20-percent EDA participation supports Governor Corzine’s Economic Growth Strategy to create and maintain jobs and encourage the development of small and mid-size businesses in New Jersey.
“We are pleased to be able to participate in this joint financing that is going to expand essential services for homebound citizens, maintain existing jobs and bring many new jobs into the Camden County region,” said EDA Chief Executive Officer Caren S. Franzini.
Fox Rehabilitation anticipates completing the approximate four-mile move from its present 9,000-square-foot North Kings Highway corporate location to a 90,000-square-foot vacant building at 7 Carnegie Plaza on Aug. 1. It plans to occupy 65,000 square feet of the building and lease the remaining space to an unaffiliated tenant.
“For 11 years, Fox Rehabilitation has provided geriatric house calls to its patients, enabling them to receive exceptional physical and occupational therapy services in the comfort of their own homes,” said founder and Executive Director Tim Fox. “These loans from TD Bank and the EDA will allow Fox Rehabilitation to continue to rehabilitate the lives of the aging population. Additionally, we are thrilled to have the new office space to allow for our continued growth of administrative and clerical positions. The future is very bright for Fox Rehabilitation.”
Fox Rehabilitation serves all of New Jersey, as well as New York, Pennsylvania, Delaware and Virginia, from its Cherry Hill headquarters. It employs about 100 people based at its corporate location and a force of more than 300 mobile therapists throughout the five states.
“TD Bank is proud to provide this loan to Fox Rehabilitation Services and to partner with the New Jersey Economic Development Authority,” said Joseph P. Tredinnick, regional vice president, TD Bank. “We are committed to investing in our communities, and this loan will enable Fox Rehabilitation to expand its services to the local community as well as create more jobs for area residents.”
The Statewide Loan Pool program is an innovative partnership that brings together the resources of the EDA with scores of New Jersey financial institutions like TD Bank. By participating in bank loans, the EDA makes it easier for banks to lend money that supports business growth. Since the early 1990s, the EDA has provided more than $170 million in loan participations through this program, which has assisted over 700 projects that have created in excess of 9,500 new jobs.
The EDA portion of the loan to Fox Rehabilitation was made at an interest rate fixed at 3 percent for the first five years of a 10-year term.
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 the Statewide Loan Pool program, 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.