Family-owned Snack Innovations, a manufacturer, distributor, and wholesaler of healthy snack foods, has relocated to a new home in Middlesex County, supported by financing received from the New Jersey Economic Development Authority (EDA) and Provident Bank. Through the EDA’s Premier Lender Program, the company received a Provident Bank loan with a 35 percent EDA participation to acquire a new facility in Piscataway that better meets its operational needs, after it had outgrown the antiquated three-story building it had occupied in Brooklyn since the company was founded in 2009.
Snack Innovations manufactures chips, popcorn, Smart Fries, and Drizzilicious™ whole grain snacks for clients throughout the country, including national retailers, club stores, and convenience stores. The company’s new, 35,000-square-foot facility in Piscataway preserves the logistical advantages of a New York metropolitan area location while providing the company with operational efficiencies and access to major highways. Since its move, Snack Innovations has grown from 30 to 75 employees.
According to Snack Innovations’ leadership, locating in Piscataway helps to position the company for continued growth and affords the flexibility to configure and expand to suit its unique operational needs. The company cites the support it has received from the partnership between Provident Bank and the EDA as a key factor in its ability to continue to grow and create innovative, healthy products that shoppers can feel good about feeding their families.
Through the Premier Lender Program, EDA partners with 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 EDA’s involvement in the transaction provides lenders with greater flexibility by reducing their overall exposure. Provident Bank is one of EDA’s approximately two dozen Premier Lender partners.
EDA President and Chief Operating Officer Tim Lizura visited Snack Innovations to raise awareness of the Premier Lender Program and the range of other low-cost financing solutions offered by the EDA to support the growth of small businesses in New Jersey. Lizura was joined by Provident Bank executives John Falco, Senior Vice President, and Tejinder Gill, Vice President, Business Banking.
“Companies in many industries are recognizing all that New Jersey has to offer in terms of its location and skilled workforce,” said Lizura. “We welcome the addition of Snack Innovations to the State’s already thriving food and agricultural sector, and are excited to have helped the company advance to an exciting new phase.”Related Articles: