NJEDA Support Enables Manufacturing Company Trenton Corrugated Products to Continue Operating Under New Ownership
M&T Bank Vice President – Business & Professional Banking Laurie B. Kaminsky, NJEDA Director Business Development – South Derrick Benns, M&T Bank Vice President Andrew Martin, NJEDA CEO Tim Sullivan, Trenton Corrugated Products Owner Ian Bernstein, NJEDA Senior Business Development Officer Kathleen Durand.
TRENTON, N.J. (May 6, 2019) – Trenton Corrugated Products, a designer and manufacturer of corrugated boxes and containers, received financing from M&T Bank and the New Jersey Economic Development Authority (NJEDA) that will enable the company to expand in Trenton. Trenton Corrugated Products’ new owners are using a $2.5 million M&T Bank loan with a 50 percent NJEDA participation to purchase the 160,000-square-foot building from the company’s previous owners.
A Mercer County mainstay since 1970, Trenton Corrugated Products has grown from a two-person venture into a thriving manufacturing business employing 35 people operating out of the 160,000-square-foot warehouse in the Capital City’s Hill Industrial Park. The company’s co-founders Anthony and Helen Pecoraro are retiring and recently sold the business to first-time entrepreneurs Ian and Cheryl Bernstein. The husband-and-wife team saw an opportunity to build on the established business’s success.
The financing was provided under NJEDA’s Premier Lender Program, through which the NJEDA works with more than two dozen banks throughout New Jersey to guarantee or participate in a portion of commercial loans or lines of credit. Businesses can use this financing for fixed assets or term working capital, and NJEDA’s involvement in the transaction provides lenders with greater flexibility by reducing their overall exposure.
“The advantage of working with small businesses such as Trenton Corrugated Products is that customers can expect high-quality service, well-crafted products, and personalized attention,” Bernstein said. “Thanks to M&T Bank and the NJEDA, we’ll be able to build upon the enterprise that Anthony and Helen started nearly a half-century ago.”
The company expects to hire 10 new employees.
“The NJEDA offers a growing number of programs and resources specifically designed to support small businesses as they hire locally and impact the local and national marketplace,” NJEDA Chief Executive Officer Tim Sullivan said. “Supporting small businesses like Trenton Corrugated Products is a centerpiece of Governor Murphy’s plan for a stronger and fairer New Jersey economy.”
Sullivan recently visited Trenton Corrugated Products to raise awareness of the range of low-cost financing solutions offered by the NJEDA to support the growth of small businesses in New Jersey. Kathleen Durand, NJEDA Senior Business Development Officer, M&T Bank Vice President – Business & Professional Banking Laurie B. Kaminsky, and M&T Bank Vice President Andrew Martin accompanied Sullivan on the visit.
“Through our partnership with the NJEDA, we can broaden the types of services that we offer to our clients and tailor them to each business owner’s specific needs,” Kaminsky said. “We are delighted to support the next phase of Trenton Corrugated Products’ growth.”
About the New Jersey Economic Development Authority
The New Jersey Economic Development Authority (NJEDA) serves as the State’s principal agency for driving economic growth. The NJEDA is committed to making New Jersey a national model for inclusive and sustainable economic development by focusing on key strategies to help build strong and dynamic communities, create good jobs for New Jersey residents, and provide pathways to a stronger and fairer economy. Through partnerships with a diverse range of stakeholders, the NJEDA creates and implements initiatives to enhance the economic vitality and quality of life in the State and strengthen New Jersey’s long-term economic competitiveness.