Homestead Princeton Expands Footprint in Central Jersey with EDA Support
From left: EDA President & COO Tim Lizura, M&T Bank Vice President, Senior Relationship Manager Vincent F. Moretti, Homestead Princeton Co-owners Kristin & Ron Menapace
TRENTON, N.J. (May 31, 2018) – When husband-and-wife Ron and Kristin Menapace opened their store in the heart of Princeton in 2012, their focus was on furniture. Ron had made furniture for 25 years and the couple wanted to fill what they saw as a void in the local marketplace.
Today, Homestead Princeton, which focuses on American-influenced crafts and eclectic home furnishings, is a mainstay on Palmer Square. Customers have grown accustomed to the store’s wide variety of products that complement any room in the home and personalized attention from Homestead Princeton’s knowledgeable staff.
“Whether you’re looking for a graduation present, a cabinet to hold your wine collection or a custom-made barnwood table, we should be your first stop,” Ron Menapace said. “We pride ourselves on our friendly, professional staff and our community-focused, customer-first attitude.”
To accommodate overflow inventory from its storefront in Princeton, Homestead Princeton had also been leasing 2,000 square feet of space within a warehouse in Blawenburg, a section of Montgomery.
Last month, the company closed on an M&T Bank loan that included a participation from the New Jersey Economic Development Authority (EDA). The loan supported Homestead Princeton’s purchase of the entire warehouse. As the owner of the property, the business will now be able to utilize an additional 6,000 square feet of warehouse and office space in the building.
“We’ve got some exciting ideas for the future of Homestead Princeton and are grateful to M&T Bank and the EDA for helping us take our business to the next level,” Ron Menapace said.
The property is zoned for commercial use, which Ron Menapace envisions will ultimately enable Homestead Princeton to vastly expand its offerings.
“Helping small businesses succeed is at the core of the EDA’s mission,” EDA President and Chief Operating Officer Tim Lizura said. “Learning first-hand how Ron and Kristin are leveraging State support to fuel Homestead Princeton’s growth reinforces the impact of the EDA’s resources for entrepreneurs and our partnerships with New Jersey’s banking community.”
Lizura visited Homestead Princeton’s warehouse today to raise awareness of the range of low-cost financing solutions offered by the EDA to support the growth of small businesses in New Jersey. M&T Bank’s Vice President, Senior Relationship Manager Vincent F. Moretti and Business Banking Relationship Manager Frank Cesaro accompanied Lizura on the visit.
“M&T Bank is pleased to have helped Homestead Princeton broaden its presence in central New Jersey,” Moretti said. “Our partnership with the EDA enables us to bridge financing gaps and offer our clients access to additional capital.”
Homestead Princeton has 13 employees and plans to hire several more in the next few years.