Two small businesses are expanding in North Jersey with financing support from the New Jersey Economic Development Authority (NJEDA). JRL Imports, a fashion accessory company, and MTB AMG, a specialized contracting company and high-end metal fabricator focused on windows, doors, skylights, and custom metal work, are together bringing nearly 200 jobs to Paterson and Newark.
“Building a supportive environment where growing businesses have access to the resources they need is an important component of Governor Murphy’s plan to build a stronger, fairer economy,” said NJEDA Chief Executive Officer Tim Sullivan. “We are proud see growing businesses choose New Jersey as the site for their expansion and take advantage of NJEDA programs designed to support their immediate financing needs and put them on the road to long-term success in the Garden State.”
Sullivan added that low cost financing offered through the NJEDA in the form of direct loans or loans with an NJEDA participation or guarantee through the NJEDA’s Premier Lender Program provide greater access to capital for companies looking to grow in New Jersey.
Through the Premier Lender Program, the NJEDA works with more than two dozen 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 NJEDA’s involvement in the transaction provides lenders with greater flexibility by reducing their overall exposure.
MTB AMG, Inc. is a contracting company that specializes in fenestration solutions—the design, construction, and installation of openings in a building such as windows, doors, louvres, vents, skylights, and storefronts. MTB is also a metal fabricator specializing in custom, high-end metal fabrication including interior and exterior custom metal work, exterior panel work, roofing systems, and interior decorative work. The company closed on a loan in July 2019 for $1.4 million from ConnectOne Bank, an NJEDA Premier Lender, with a $410,000 participation from the NJEDA. MTB AMG is using the funding to relocate the company’s headquarters and 160 jobs from Brooklyn to Newark.
“If you run a growing company, moving to New Jersey is the smart move,” said MTB AMG owner Arthur Nelson. “You get access to the same markets and resources you have in New York, but with lower overhead cost. Add to that the deep talent pool and vibrant community in Newark, and it’s clear Jersey offers the whole package.”
“We are excited to partner with the NJEDA through the Premier Lender program to play a pivotal role in MTB AMG’s continued growth while bringing new jobs, which in turn, benefits the Newark community,” said Elizabeth Magennis, executive vice president & chief lending officer at ConnectOne Bank. “Participating in this program allows us to achieve our people-first mission by supporting small businesses and building up our local communities.”
JRL Imports, Inc. launched in 2013 selling fashion accessories to the wholesale market and the retail online industry. Recently the company has also grown its web presence through the “MKF Collection by Mia K. Farrow” brand. JRL Imports was approved for a $524,000 direct loan from the NJEDA in July 2019, which combined with a $655,000 loan from Cross River Bank, will enable the company to acquire a facility in Paterson. JRL Imports plans to maintain 21 jobs and create an additional 7 after completing the move.
“As a company that relies on warehousing and solid logistics infrastructure, locating in Paterson was the obvious choice,” said Joseph Lefkowitz, owner of JRL Imports. “New Jersey’s unparalleled connectivity to all the major Northeast markets as well as global connections through the airports in the region will allow us to expand our online business, and the state’s diverse, talented workforce will make it easy to grow.”
In addition to low cost financing, the NJEDA offers a wide range of resources for growing businesses, including the Small Business Lease Assistance Program, bond financing for manufacturers and not-for-profit organizations, technical support, and a variety of programs for technology and life sciences programs in all stages of growth.
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