Reaffirming the State’s commitment to supporting small businesses and not-for-profits, the New Jersey Economic Development Authority (EDA) today announced the approval of financing to encourage the growth of several organizations. From a Morris County agency that trains guide dogs, to a designer and printer of advertising in Camden County, and an installer of hardwood floors in Monmouth County, entities in a variety of sectors are taking advantage of EDA programs.
“Projects presented at today’s meeting underscore the diverse nature of the State’s small businesses and the spectrum of support offered by the State,” EDA Chief Executive Officer Melissa Orsen said.
The EDA Board today approved The Seeing Eye, Inc., a 501 (c)(3) not-for-profit organization and longtime EDA customer, for two tax-exempt bonds totaling $27.3 million. Headquartered in Morristown, The Seeing Eye, a pioneer and innovator in guide dog services, has paired more than 16,500 specially bred and trained dogs with blind people throughout the United States and Canada, and employs more than 150 people at three Morris County facilities. The Seeing Eye plans to use some of the funding approved today to construct an 11,744-square-foot addition to its kennels, which will provide housing for up to an additional 80 dogs in training.
“We are grateful to the EDA for its support as we continue our mission to enhance the independence, dignity and self-confidence of people who are blind,” said Jim Kutsch, President & CEO of The Seeing Eye. “This funding will enable us to improve the environment for our dogs and continue to make a profound impact in people’s lives.”
In addition to the bonds approved by the Board today, several other companies benefitted from the approval of EDA financing.
The EDA approved two direct loans totaling $1.9 million for Edison Lithography to help it expand to Pennsauken. The company, which will maintain its headquarters in Bergen County, prints and designs advertisements and cardboard displays for globally recognized brands. Edison Lithography will use the loan to purchase a property in Pennsauken and support the purchase of new printing equipment. TD Bank will also provide two tax-exempt bonds to support the project. Edison Lithography was previously approved for a Grow New Jersey award to encourage the company to remain in New Jersey and set up its operations at its new Camden County location. The company plans to create 95 new positions in the State.
TD Bank is one of more than two dozen banks that are designated as EDA Premier Lenders. Businesses can 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. The following loans were recently approved through the Premier Lender Program:
Persian Area Rugs, LLC, located in Piscataway, was approved for a $250,000 line of credit from Provident Bank with a one year, 50 percent EDA guarantee. Established in 2013, the company, which offers interior and exterior area rugs, sells and distributes merchandise via its online subsidiary Adorablerugs.com and through other websites. Persian Area Rugs plans to use the line of credit as working capital. The company currently has 13 employees and expects to create five new jobs over the next two years.
A $432,000 Ocean First Bank loan, with a 16.67 percent EDA participation, was approved to help Gorsegner Brothers & Company, Inc. establish a permanent home in New Jersey. The family-owned and operated installer of hardwood floors since 1951 will relocate to a new property in Holmdel. The company currently employs 28 people and plans to create three new jobs within the next two years.
Tetrus Corporation of East Brunswick will use a $300,000 Provident Bank line of credit for working capital purposes. The loan has a one year, 50 percent EDA guarantee. Tetrus Corporation provides information sharing and analysis products and services for the public safety, homeland security, justice, corrections, and other industries. The company currently has 20 employees and plans to create 15 new jobs within the next two years.Related Articles: