Union Township Manufacturer Flow-Turn Approved Under EDA Lending Program
Conveyor Curve (Belt) Company Supports Critical Industries
TRENTON, N.J. (February 9, 2016) – Flow-Turn Inc., a Union Township-based global manufacturer of powered belted curve conveyors, was highlighted at today’s New Jersey Economic Development Authority (EDA) Board meeting for the approval of a loan the company received through the Premier Lender Program.
The $1.5 million Fulton Bank loan, which includes a $400,000 EDA participation, will allow Flow-Turn to refinance the mortgage on its 35,000-square-foot warehouse and office facility. The EDA partners with more than 30 Premier Lender banks to provide small businesses with low cost financing that includes loan participation and/or guarantees, and faster turnaround than traditional financing programs. Businesses can use Premier Lender financing for fixed assets, working capital to meet operating needs, or the refinancing of bank debt.
“Manufacturing companies like Flow-Turn not only create skilled jobs, but are an essential link in the supply chain of companies in many industries,” said EDA CEO Melissa Orsen. “Flow-Turn’s products support parcel and baggage handling, distribution, and factory automation, all of which are critical to both the State and global economies.”
The company expects to maintain its staff of 18 and create an additional six new full-time jobs.
Another Union County manufacturer, metal hose assembly producer Flexline, was previously approved for a $1.35 million Premier Lender loan through PNC Bank, backed by a 25 percent EDA guarantee. The loan supported the acquisition of a commercial building in Kenilworth.
Flexline is currently featured in publications throughout the State as part of the EDA’s new small and mid-sized business-focused print and digital marketing campaign, which was created in collaboration with Princeton Partners, Inc. Launched in October 2015, and featuring the theme “EDA Was Here,” the campaign anecdotally showcases how businesses like Flexline have used the EDA’s financing programs to overcome challenges, meet their needs and grow. The campaign consists of print ads in various New Jersey business publications, as well as search engine marketing and digital display ads on various business websites.
“We encourage business owners to contact us to learn more about how the State can help them thrive,” added Orsen. “From low interest loans either directly or through one of EDA’s lending partners, to training and technical assistance services to support the expansion and long-term growth of small businesses and not-for-profit organizations, the array of resources offered is available to help businesses in all stages of growth.”
The EDA often partners with financial institutions, local organizations and other State agencies to help borrowers bridge financing gaps and increase their access to capital. This includes offering low-interest loans, bond financing, and support for micro-lenders to increase their lending capacity and the technical assistance and training services they offer. In 2015 alone, the EDA supported over 90 projects with more than $357 million in assistance, leveraging an estimated $532 million in total public/private investment and the creation of more than 1,100 new jobs across the State.
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.