The New Jersey Economic Development Authority (EDA) and TD Bank announced the first closed loan under the New Jersey Advantage Program, a joint initiative aimed at increasing access to capital for small businesses in the state. The partnership highlights the EDA’s continuous efforts to drive awareness among New Jersey small business owners of the various financing resources available to support their growth.
To mark the loan closing, EDA Chief Executive Officer Melissa Orsen and TD Bank Market President Nick Miceli visited the loan recipient, Carteret-based Aldo Design Group, this afternoon. Founded in 1972, family-owned Aldo Design is a leading flooring and interior products resource for retail and commercial customers and homebuilders of all sizes. The company recently benefited under the New Jersey Advantage Program, receiving both a line of credit for working capital, and a loan to refinance an existing mortgage.
“The financing provided by the New Jersey Advantage Program will improve our cash flow, allowing us to invest more in growing our business and finding even more ways to be the best resource we can to our clients,” said Albert Benavides, President, Aldo Design Group.
The New Jersey Advantage Program is designed to provide financing to creditworthy New Jersey businesses committed to job creation and retention. The program offers loans and lines of credit financed by TD Bank up to $5 million, with a subordinate guarantee of up to 50 percent provided by the EDA. Companies benefit from optional fixed or variable below-market interest rates.
“Aldo Design embodies the entrepreneurial spirit and perseverance of New Jersey’s small business community that inspired TD Bank and the EDA to partner to launch the New Jersey Advantage Program,” said Orsen. “Businesses like Aldo Design drive job creation and economic growth in the state, and have a ripple effect that leads to ancillary growth of other businesses.”
While Aldo Design Group is the first business to have a loan close under the program, TD Bank and EDA are working closely to bring the advantages of the program to other businesses.
“Small businesses, no matter how established, can face challenges when seeking financial support to help them grow,” said Miceli. “TD Bank’s partnership with the EDA offers streamlined access to credit while mitigating risk via the EDA’s participation. We are delighted to extend support to a worthy, family-owned business like Aldo Design, and encourage other businesses to explore the New Jersey Advantage Program.”
The EDA regularly 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 250 projects with more than $443.5 million in assistance, leveraging an estimated $669 million in total public/private investment and the creation of more than 1,400 new jobs across the State.
The announcement follows the recent launch of the EDA’s new small and mid-sized business-focused marketing campaign. Featuring the theme “EDA Was Here,” the campaign uses a testimonial approach to showcase how organizations have used the EDA’s programs and services to overcome challenges, meet financing gaps, and grow. The campaign includes print ads in various New Jersey business publications, as well as digital display ads on various business websites and search engine marketing.
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.
For information on the New Jersey Advantage program, visit http://www.njeda.com/njadvantage.
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.Related Articles: