Small Business Archives - Page 3 of 3

Authority has distributed more than $165 million in economic relief since March

TRENTON, N.J. (November 23, 2020) – The New Jersey Economic Development Authority (NJEDA) today announced that it has provided more than $165 million in COVID-19 relief to more than 30,000 businesses since March 2020. The Authority’s announcement comes in advance of the kickoff of most businesses’ holiday seasons, which begins with Thanksgiving and the accompanying retail-oriented holidays Black Friday, Small Business Saturday, and Cyber Monday.

“Throughout the COVID-19 pandemic, my administration has focused on not only addressing the public health crisis the virus has caused but also providing economic support to the thousands of businesses and workers who have been impacted by the pandemic. The NJEDA has been central to these efforts, acting quickly to stand up new programs that have provided millions of dollars to more than 30,000 businesses in communities across our state,” said Governor Phil Murphy. “These efforts have been vital to getting us through the darkest days of the pandemic, and the NJEDA’s ongoing work will help many more businesses overcome the challenges they face today and make a strong recovery.”

“Since March, Governor Murphy has made it a top priority to support small businesses that are bearing the brunt of the COVID-19 pandemic’s economic impact. NJEDA staff has worked tirelessly to provide relief to more than 30,000 businesses already, and we expect to support thousands more before the end of the year,” said NJEDA Chief Executive Officer Tim Sullivan. “COVID-19 has created an extraordinary and ongoing need for economic relief throughout New Jersey. The NJEDA is committed to doing all we can to meet this need now and to provide the ongoing support businesses and communities need to recover.”

The NJEDA’s suite of COVID-19 relief programs provides a variety of resources for businesses of all sizes, including grants for small businesses, low-interest loans, support for private-sector lenders and CDFIs, and funding for entrepreneurs. The NJEDA’s largest COVID-19 program is the Small Business Emergency Assistance Grant Program, which provides grants to small businesses impacted by the pandemic. To date, 22,390 small businesses have been approved for grants worth a total of more than $65 million through Phases 1 and 2 of the Program. To ensure equitable distribution of funds, during Phase 2 of the program, the NJEDA set aside one-third of the funding for qualified businesses located in one of the 715 Census tracts that were eligible to be selected as a New Jersey Opportunity Zone. This targeting helped to ensure minority- and women-owned businesses that were hardest hit by the pandemic’s economic impact were able to get the support they need.

In October, the NJEDA launched Phase 3 of the Small Business Emergency Assistance Grant Program with $70 million in CARES Act funds. Phase 3 further expanded eligibility to any business or nonprofit located in New Jersey with 50 or fewer employees and further increased the amount of funding businesses could receive. To ensure funds flow to businesses that need them most, the NJEDA targeted Phase 3 grants to restaurants, micro-businesses, and businesses in census tracts that were eligible to be designated as Opportunity Zones. More than 22,000 businesses applied for Phase 3 grants, and in early November, Governor Murphy committed an additional $60 million in CARES Act funds to the program to ensure all eligible applicants receive funding. To date, 9,081 businesses have been approved for grants totaling more than $80 million.

In addition to the targeted support for restaurants included in Phase 3 of the Emergency Assistance Grant Program, the NJEDA recently announced Sustain and Serve NJ, a $2 million grant program that will provide funding to organizations to purchase meals from restaurants that have been negatively impacted by the COVID-19 pandemic and distribute the meals at no cost to New Jersey residents.

To help businesses purchase the PPE they need to keep employees and customers safe during the holiday season, the NJEDA launched the NJ Small and Micro Business PPE Access Program. The program offers a 10 percent discount on a curated selection of PPE products to all New Jersey businesses through NJEDA-approved “Designated Vendors,” including Boxed, Office Depot, and Staples. The program also allows businesses with 100 or fewer full-time equivalent employees (FTEs) to apply for vouchers that provide additional discounts on purchases made through certain Designated Vendors. To date, the NJEDA has awarded vouchers totaling nearly $850,000 to 1,950 businesses.

Another important component of the NJEDA’s COVID-19 relief efforts has been providing low-cost financing options. The Small Business Emergency Assistance Loan Program provides working capital loans of up to $100,000 to businesses with less than $5 million in revenues, and the Authority has also partnered with six New Jersey-based Community Development Financial Institutions (CDFIs), which target at least 60 percent of their financing activities to low- and moderate-income populations or underserved communities. To date, the NJEDA has approved 150 loans worth a combined total of more than $10.3 million through the Emergency Assistance Loan Program and the six partner CDFIs have provided 280 loans worth a total of more than $7 million.

The NJEDA has also supported early-stage innovation economy businesses, which are facing their own unique set of COVID-19-related challenges. The NJ Entrepreneur Support Program encourages continued capital flows to new companies by providing 80 percent loan guarantees for working capital loans to entrepreneurs. To date, this program has supported investments in 12 companies with more than $1.8 million in guarantees.

In addition to financial support, the NJEDA has also provided a variety of technical assistance programs for businesses struggling to adjust to new health and safety guidelines. The Authority partnered with the African American Chamber of Commerce of New Jersey (AACCNJ), the Statewide Hispanic Chamber of Commerce of New Jersey (SHCCNJ), the New Jersey State Veterans Chamber of Commerce, and Rising Tide Capital to provide technical assistance for 447 businesses applying for federal Small Business Administration support. Since then, the Authority has rolled out a number of other initiatives to help businesses adjust to doing business safely during the pandemic, including free business consulting for micro-businesses in Opportunity Zones and training on ecommerce solutions for retail businesses and restaurants. 57 businesses have received support from these programs.

Looking to the future, the NJEDA plans to continue exploring new ways to address the challenges business owners and employees face as a result of the COVID-19 pandemic and will announce additional programs and funding opportunities as they become available. Comprehensive information about the NJEDA’s COVID-19 response is available at https://covid19.business.nj.gov.

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.

To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

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40 small business owners graduated from the Small Bonding Business Readiness Assistance Program earlier this week.

TRENTON, N.J. (November 12, 2020) – The New Jersey Economic Development Authority (NJEDA) and the African American Chamber of Commerce of New Jersey (AACCNJ) today congratulated 40 small business owners on their graduation from the Small Business Bonding Readiness Assistance Program on Tuesday night. Since the Small Business Bonding Readiness Assistance Program’s inception in 2018, 67 small-, minority- and woman-owned businesses have participated and more than 46 have qualified for $20.8 million in surety bonding.

The Small Business Bonding Readiness Assistance Program provides a comprehensive series of classes, workshops, and strategic counseling sessions covering a variety of topics relevant to small businesses in all sectors, including bonding and insurance, business development, financial presentation, construction and contract law, construction management, estimating, and credit. At the end of the program, all participating businesses receive a Bonding Readiness Segment Report, which provides an in-depth assessment of their strengths and weaknesses to help them plan for the future.

Tuesday’s virtual graduation celebrated the culmination of months of training for three classes of small-, minority- and women-owned businesses as they learned how to prepare to obtain bonds, a crucial step in competing for state and federal government contracts. The graduation honored the most recent virtual program class, which hailed from Atlantic City and Newark, as well as previous classes of Camden and Jersey City business owners. To date, these classes have already qualified for a total of more than $9.4 million in surety bonding.

“Small businesses are the backbone of New Jersey’s communities, providing opportunities, creating jobs, driving economic growth, and making our state a great place to live and work,” said NJEDA Chief Executive Officer Tim Sullivan. “The fact that these small business owners chose to participate in this program in the midst of a pandemic, when they were juggling pandemic-related challenges in multiple areas of their lives, speaks volumes about their commitment to the success of their businesses and their local economies.”

Sullivan noted that Governor Phil Murphy has always prioritized supporting minority- and women-owned businesses and he called the Small Business Bonding Readiness Assistance Program “an important mechanism for leveling the playing field” among entrepreneurs vying for state contracts.

Twenty-three of the 40 small business owners who graduated on Tuesday have already received confirmation that they would be favorably considered for bonds ranging from $100,000 to $750,000. Final bond approvals will be conditional upon contract terms and bond forms, confirmation of satisfactory financing, and a favorable review of the underwriting information at the time the small business actually requests the bonds.

“Study after study has shown that COVID-19 has disproportionately affected businesses owned by people of color, making programs like the Small Business Bonding Readiness Assistance Program absolutely essential to helping New Jersey recover from the pandemic in an equitable and inclusive manner,” said John E. Harmon, Sr., IOM, AACCNJ, Founder, President and CEO. “The NJEDA has been a phenomenal partner for us and for the small business community as a whole even before the pandemic and has become a centralized force in helping the Garden State’s economy re-emerge stronger than ever.”

For more information on the Small Business Bonding Readiness Assistance Program, visit https://www.aaccnj.com/bonding-program—sbbrap.html.

To read Governor Murphy’s full economic plan, please visit: https://nj.gov/economicplan

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.

To learn more about EDA resources for businesses call EDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, LinkedIn and Instagram.

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TRENTON, N.J. (October 29, 2020) – New Jersey small businesses can now purchase discounted Personal Protective Equipment (PPE) through the NJ Small and Micro Business PPE Access Program. The New Jersey Economic Development Authority (NJEDA) program uses an innovative public-private partnership model to provide automatic discounts on PPE purchased through NJEDA-approved “Designated Vendors.” Small businesses can purchase discounted PPE and apply for grants at https://covid19.nj.gov/ppeaccess.

“Ensuring equitable and reliable access to affordable personal protective equipment is vital to helping businesses reopen and operate safely during the COVID-19 pandemic,” said NJEDA Chief Executive Officer Tim Sullivan. “The PPE Access Program takes an innovative approach to solving this problem that will make it easy for small business owners to determine what protective equipment they need and to purchase that equipment at an affordable price. This addresses multiple, overlapping economic challenges associated with the pandemic and sets us on the path to a stronger, fairer recovery.”

“Personal protective equipment is a powerful tool in fighting the COVID-19 pandemic. The use of PPE can help keep businesses safe as they continue to reopen as well as residents who are in the workplace or returning to work,” said New Jersey Department of Health Commissioner Judith M. Persichilli. “The NJEDA’s PPE Access Program is an important support that will help business owners learn what equipment they need to protect the health of their employees and customers and purchase that equipment at an affordable price.”

The NJEDA developed the NJ Small and Micro Business PPE Access Program in response to consistent concerns emerging from the Governor’s Restart and Recovery Commission, the nine sector-based committees of the Governor’s Restart and Recovery Advisory Council, and input from numerous small businesses indicating the need for readily available, fairly priced PPE.

The NJEDA has approved two “Designated Vendors” for the launch of the Program, including Boxed, an online shopping club that delivers household essentials in bulk, and Office Depot. These Designated Vendors have created “microsites” where New Jersey-based businesses can register and purchase a curated selection of PPE products at a 10 percent discount. Links to these microsites are available at https://covid19.nj.gov/ppeaccess.

“Boxed is proud to do our part to support hardworking business owners as they make the changes they need to keep their employees and customers safe during the COVID-19 pandemic,” said Dave Taft, Boxed Spokesperson. “The PPE Access Program provides essential support for businesses and workers and we are proud to play a role in this vital initiative.”

“Office Depot is dedicated to helping hardworking business owners start, manage, and grow their business,” said Stephen Mohan, EVP, BSD for Office Depot. “We’re proud to be a part of the new NJEDA program to offer small business owners great savings on our wide assortment of PPE, dividers, floor decals, and more to help them reopen and keep business going during these unprecedented times.”

To help businesses understand what PPE they need to purchase, the NJEDA has also created an interactive Small Business PPE Planning Tool. Developed in consultation with the New Jersey Department of Health, this tool helps businesses understand PPE product requirements and estimate their organizational PPE needs. The online tool can be accessed at https://covid19.nj.gov/ppeaccess.

A second phase of the PPE Access Program will make $20.4 million available to subsidize small and micro businesses’ PPE purchases from Designated Vendors. Launching soon, this phase of the program will allow businesses with 100 or fewer full-time equivalent employees (FTEs) to receive grants equal to 25 percent of the cost of purchases made through Designated Vendors. All eligible businesses can receive up to $400 in discounts, and businesses in one of the 715 census tracts that were eligible to be designated as Opportunity Zones can receive up to $500. These grants will be applied in addition to the 10 percent discount offered to all businesses, meaning small businesses will be able to save more than a third of the cost of their PPE purchases. Small businesses and organizations interested in receiving the additional 25% discounts can sign up for alerts on their availability at https://covid19.nj.gov/ppeaccess.

In addition to the PPE Access Program, the NJEDA administers a variety of grant, low-cost financing, and technical assistance programs for small and mid-sized businesses impacted by COVID-19. Comprehensive information about these programs and other State support for businesses impacted by the pandemic is available at https://cv.business.nj.gov.

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.

To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, Instagram, and LinkedIn.

TRENTON, N.J. (April 17, 2020) – The New Jersey Economic Development Authority (NJEDA) today announced partnerships with six Community Development Financial Institutions (CDFIs). These partnerships will leverage New Jersey-based CDFIs to provide between $20 million and $30 million in low-cost financing to small and microbusinesses and nonprofits impacted by the COVID-19 outbreak.

“Microbusinesses, nonprofits, and other small businesses that rely on CDFIs for the capital they need to grow are a vital component of New Jersey’s economy. They have been hit particularly hard by the COVID-19 outbreak,” said NJEDA Chief Executive Officer Tim Sullivan. “These partnerships will allow CDFIs to expand their operations to help more businesses withstand today’s challenges and return to full strength as soon as possible.”

New Jersey Community Capital (NJCC), UCEDC, Regional Business Assistance Corporate (RBAC), Cooperative Business Assistance Corporation (CBAC), Greater Newark Enterprise Corporation (GNAC), and 1^st Bergen Federal Credit Union will be participating in the Authority’s new CDFI Emergency Loan Loss Reserve Fund, and all but 1^st Bergen Federal Credit Union will also take part in the new CDFI Emergency Assistance Grant Program.

“CDFIs are a crucial player in New Jersey’s economy that provide financing to businesses and organizations that are too small to qualify for traditional bank financing,” said UCEDC President Adam Farrah. “At a time when so many businesses are suffering and small businesses are at particular risk, the NJEDA’s partnerships with CDFIs will be vital to protecting our economy in the short term and laying the foundation for recovery.”

“Under the best of circumstances, business owners in underserved communities still face challenges accessing capital,” said NJCC President Wayne Meyer. "As the COVID-19 pandemic continues, we are finding new ways to help the small businesses that are the economic engines of our local communities and neighborhoods. With the help of the NJEDA, we are working together and across sectors so that these enterprises can fight to keep paying their employees and supporting their families.”

In March, the NJEDA announced a suite of COVID-19 initiatives focused on businesses that have been most impacted by the novel coronavirus outbreak: local small businesses, mid-size businesses that have had to close or drastically reconfigure operations, and new businesses that were just getting on their feet before the crisis hit. The programs provide a variety of compatible offerings that address these businesses’ varied needs and include mechanisms to provide funding and assistance as quickly as possible.

“Northern New Jersey was hit early and hard by the coronavirus outbreak, and we recognize the long road to recovery our small business customers are facing,” said Robert Moore, CEO of 1^st Bergen Federal Credit Union. “Never has it been more important for us to empower and strengthen our local businesses, and the partnership of the NJEDA will expand our reach deeper into our communities.”

“While all small businesses are suffering, minority-led microbusinesses that often cannot access traditional bank financing are having a particularly difficult time weathering the COVID-19 outbreak,” said Steven Gomez, Executive Director of GNEC. “During this time, CDFIs are a vital lifeline for these business owners. Working in partnership with the NJEDA will enable us to provide resources to more businesses to help them survive this unprecedented challenge.”

The CDFI Emergency Loan Loss Reserve Fund is a $10 million capital reserve fund that the NJEDA will use to take a first loss position on CDFI COVID-related loans that provide low-interest working capital to microbusinesses that have been negatively impacted by the outbreak. The NJEDA will back these loans up to 50% if they default in the future. This will allow the CDFI partners to increase their capacity and participate in more loans, at flexible term and lower interest rates.

“Small businesses are the lifeblood of our communities, providing unique, personal service and job opportunities. South Jersey has been hit particularly hard by the COVID-19 outbreak, and we must help these businesses if we are to emerge from social distancing to the same communities we left in March,” said CBAC President and CEO Harry Stone. “CDFIs are an essential resource for these small businesses, and the NJEDA’s support during the COVID-19 outbreak will allow us to expand our capacity to serve more business owners and communities.”

The CDFI Emergency Assistance Grant Program is a $1.25 million program that will provide five CDFIs grants of $250,000. These grants will help the CDFIs scale their operations due to the high demand for assistance from business owners and buy down interest rates on their loans to offer borrowers more flexible loan terms at lower rates to help small and micro businesses survive during this COVID-19 outbreak.

“Beyond the valuable services and products they supply, small businesses are also an important driver of economic growth that provide good jobs and support local economies,” said RBAC Executive Director William Pazmino. “Ensuring these businesses can survive the COVID-19 outbreak and remain viable as things return to normal will be critical for ensuring a complete recovery. As flexible lenders that can support businesses that do not qualify for traditional financing, CDFIs will be vital during this process. The NJEDA’s support will be an important tool for us as we work to help businesses throughout New Jersey survive today’s challenges and recover in the future.”

The NJEDA’s role in these programs is to support participating CDFIs. Businesses and nonprofits seeking financing should contact the CDFIs directly. Comprehensive information about New Jersey’s response to the novel coronavirus outbreak is available here: https://covid19.nj.gov/.

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.

To learn more about NJEDA resources for businesses call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.

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Pilot Program to Demonstrate Potential Function of Public Bank

TRENTON, N.J. (November 14, 2019) – The New Jersey Economic Development Authority (NJEDA) today approved the creation of a pilot loan program to provide financing to early stage and microbusinesses in New Jersey, furthering Governor Phil Murphy’s commitment to providing better support for small businesses – a critical component of the Governor’s plan for building a stronger and fairer New Jersey economy.

Governor Murphy signed Executive Order #91 yesterday, establishing a Public Bank Implementation Board, which will be tasked with planning the development of a public bank for the Garden State. Under Governor Murphy’s vision for a public bank, public funds could be directed toward reducing unmet community capital needs. The Microbusiness Loan Program will serve as the initial demonstration project for how a public bank could serve to make financing available, at a low-cost and with flexible terms, to early-stage businesses that may have difficulty accessing conventional bank financing.

Through the Microbusiness Loan Program, the NJEDA will make financing of up to $50,000 available to for-profit New Jersey businesses, who can use the financing for working capital or to purchase equipment. To ensure that the financing is accessible to the early-stage and microbusinesses that need it most, to qualify, a business must have annual revenues of less than $1,500,000 in the most current fiscal year, and cannot have more than 10 full-time employees at time of application. Startup businesses may be eligible for financing, but must first demonstrate that they have completed an entrepreneurship training program or Small Business Development Center counseling sessions.

“Governor Murphy’s comprehensive economic plan for building a stronger and fairer New Jersey economy prioritizes support for aspiring entrepreneurs and small businesses that have struggled to access capital,” NJEDA Chief Executive Officer Tim Sullivan said. “The pilot phase of the Microbusiness Loan Program will expand the NJEDA’s reach to include smaller and earlier-stage businesses than we have traditionally assisted, while evaluating the potential long-term effectiveness of the program.”

The Microbusiness Loan Program will operate as a pilot program for a period of up to three years from the date applications are made available to the public, or until the $1,000,000 total funding pool is fully exhausted.

“Access to funding is a common obstacle to successfully growing a business,” said Christina Fuentes, NJEDA Director of Small Business Services. “That is why the Microbusiness Loan Program is the latest in a host of products and resources that the NJEDA has recently established to broaden its support for New Jersey small businesses.”

Last year, the NJEDA realigned its operations to create a new small business-dedicated team, and has since introduced a variety of new small business programs including the Small Business Lease Assistance Program, which offers reimbursement of a portion of lease payments for businesses leasing new or additional space in targeted communities; and the Access Program, which ensures that more small businesses can access NJEDA financing by utilizing underwriting criteria that places greater emphasis on the borrower's cash flow and less emphasis on hard collateral. Most recently, the Community Development Financial Institution (CDFI) Initiative was introduced by the NJEDA to support community financing organizations, who make financing available to New Jersey small businesses, many of whom have difficulty accessing conventional bank financing. In addition, the NJEDA recently teamed up with Governor Murphy’s Office, the state’s Office of Innovation, and the New Jersey Business Action Center to launch a beta version of Business First Stop, a one-stop-shop website that offers business owners resources to start, operate and grow their businesses.

About the New Jersey Economic Development Authority

To learn more about NJEDA resources, call NJEDA Customer Care at 609-858-6767 or visit https://www.njeda.gov and follow @NewJerseyEDA on Facebook, Twitter, and LinkedIn.

State Resources Support Small Business Expansion

TRENTON, N.J. (January 11, 2017) – The growth of many small- and mid-sized businesses throughout New Jersey was supported in 2016 by tailored financing solutions created from a toolkit of programs administered by the New Jersey Economic Development Authority (EDA).

“Each of the businesses that make up New Jersey’s diverse small business community have unique financing needs, and in some instances, a business is best served through a combination of EDA programs,” EDA Chief Executive Officer Melissa Orsen said. “We encourage businesses of all sizes to explore the creative and versatile solutions the EDA offers.”

Through its traditional financing programs, which include direct loans, bank participations and guarantees, and tax-exempt bonds, the EDA supported the growth and sustainability of a wide range of small- and mid-sized businesses and not-for-profit organizations across New Jersey in 2016 with more than $538 million in financing, leveraging more than $920 million in public/private assistance. These 157 projects are associated with the expected creation of approximately 1,270 new jobs and an estimated 4,700 construction jobs.

In some cases, EDA small business programs serve as a complement to tax credits offered under the Grow New Jersey (Grow NJ) program, which is administered by the EDA under the Economic Opportunity Act. Through Grow NJ, the State’s primary job creation and retention program, companies with as few as 25 employees may be eligible for “per job” tax credits associated with relocating to New Jersey or creating and retaining jobs at risk of moving elsewhere.

In Middlesex County, New York Popular, Inc. is utilizing a $1.1 million EDA direct loan to acquire and expand a 54,560-square-foot facility consisting of three buildings in Carteret. The company, an apparel wholesaler, was also approved for a $5.3 million tax-exempt bond, and Grow NJ tax credits of $9.7 million over 10 years to encourage the company to relocate all of its operations from Brooklyn, New York, creating 150 new jobs.

Through the EDA’s Premier Lender Program, the EDA partners with more than two dozen banks. Businesses benefit from low-cost financing with quick turnaround time from approval to closing, while the EDA’s exposure by participating in or guaranteeing a portion of a loan reduces the lender’s risk. Businesses can use this financing for fixed assets, working capital, and/or the refinancing of other bank debt.

In Ocean County, Rubbercycle, LLC, a manufacturer of top quality rubber and surfacing for military, commercial and residential use, closed on a $13.5 million loan with Premier Lender TD Bank that included a $2 million EDA participation to acquire a property in Lakewood to house its operations. The company was also previously approved for Grow NJ tax credits of up to $2.4 million over 10 years to encourage it to remain and grow in New Jersey, where it will retain 25 jobs and create 15 new positions, rather than relocate its operations to New York.

Also approved for a TD Bank loan under EDA’s Premier Lender program was Liscio’s Bakery in Glassboro, Gloucester County. In 2016, Liscio’s closed on a $5 million loan with a $1 million EDA participation to help the bakery purchase equipment. Liscio’s, which provides baked goods for wholesale customers in the Mid-Atlantic region, was approved previously for Grow NJ tax credits of up to $13.5 million over 10 years to encourage the company to remain and expand in Glassboro, where it will create 71 new jobs and retain 176 jobs that were at risk of leaving for Pennsylvania.

“The support offered by the EDA has enabled Liscio’s to remain and grow in New Jersey,” said Liscio’s co-owner Chad Vilotti. “As a small and growing business, EDA programs have helped us overcome challenges and ultimately create jobs.”

To learn about EDA resources for small businesses and not-for-profits, visit 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. 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.

All Board actions will take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.

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.

Clifton Journal
October 12, 2012

Passaic County Board of Chosen Freeholders announced that Passaic County Department of Planning and Economic Development, Division of Economic Development and William Paterson University Small Business Development Center will sponsor a free seminar for Passaic County businesses Thursday, Oct. 18 from 8:30 a.m. to noon.

The seminar topic is “How to Secure Financing to Survive and Expand in a Challenging Economy” and will be held at William Paterson University, 1600 Valley Road, Wayne.