Innovation New Jersey
  • Home
  • Our Coalition
    • Contact Us
  • News
  • Resources
    • State Supports
    • Federal Supports
    • Higher Ed Supports
  • Join Us

Innovation News

Everything Innovation. Everything New Jersey.
Follow us and stay connected.

Small Businesses Throughout New Jersey Benefit from EDA Programs

4/15/2016

0 Comments

 
​Trenton, NJ ― As the New Jersey Economic Development Authority (EDA) continues its efforts to raise awareness of State resources available to small businesses and not-for-profit entities, organizations across New Jersey are realizing the benefits of EDA programs. 
 
Espinosa Beef and Provisions Inc. in Hudson County, C&A Marketing in Middlesex County, and Millville Rescue Squad in Cumberland County are all investing and expanding in New Jersey with support from these programs.
 
“It’s encouraging to see such a diverse group of businesses recognizing benefits of financing options offered by the State,” said EDA Chief Executive Officer Melissa Orsen. “Small businesses and not-for-profits create jobs and provide valuable resources to our residents and communities.”
 
Espinosa Beef and Provisions, located in Union City, wholesales fresh meats to commercial clients in Hudson County and New York City.  With the support of a direct loan from the EDA’s Small Business Fund, the company recently purchased the facility it had been leasing since the company was founded in 1975. 
​Freehold-based USA Funding helped Luis Rabelo, President, Espinosa Beef and Provisions identify his company’s financing needs and facilitated the connection with the EDA. USA Funding is a team of accountants that specialize in SBA, EDA and commercial loans for clients located throughout New Jersey.
 
“This location, here in the heart of our customer base, has served my family’s business well for more than 40 years,” said Rabelo. “Purchasing this facility makes sense both financially and in terms of our commitment to our longstanding customers and the local community.”
 
The EDA’s Small Business Fund features an expedited approval process and provides up to $500,000 in low-cost financing to qualified businesses and not-for-profits through direct loans, participations or guarantees with a fixed interest rate. The program requires that a business be in operation for at least one full year. 
 
Not-for-profit corporations that have been operating for at least three full years may also be eligible. Funds can be used for fixed assets or working capital.
 
C&A Marketing, a wholesale importer and distributor of cameras and accessories since 2003, with retail stores throughout the U.S. and a vibrant Internet presence, was approved for a TD Bank loan with a 20 percent EDA participation to support acquisition of a building in Edison.
 
TD Bank is part of the EDA’s Premier Lender program, which was created to be more responsive to the needs of businesses and bank partners.  The program offers 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 to meet operating needs, and/or the refinancing of other bank debt.
 
A renewal of a Susquehanna Bank line of credit with a 28 percent EDA guarantee was recently approved for Millville Rescue Squad, a not-for-profit that provides both emergency and non-emergency medical transportation and rescue services to its community. With more than 200 trained personnel and volunteers, Millville Rescue Squad is one of the largest rescue squads in South Jersey. Susquehanna Bank, a Premier Lender, first provided the line of credit for working capital in 2012, along with a commercial mortgage with a 20 percent EDA guarantee.
 
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.
 
“We encourage business owners to contact us to learn more about how the State can support their growth,” said 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, we are positioned to help businesses in all stages grow.”
 
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.
 
0 Comments



Leave a Reply.

    Do not miss a single innovative moment and sign up for our newsletter!
    Weekly updates


    Categories

    All
    3D Printing
    Academia
    Acquisitions
    Aerospace
    Agriculture
    AIDS
    Algae
    Alumni
    Animals
    Architecture
    Astrophysics
    Autism
    Awards
    Big Data
    Bioethics
    Biofuel
    Biomedical
    BioNJ
    Bioterrorism
    Bit Coins
    Brain Health
    Business
    Camden
    Cancer
    CCollege
    Cellular
    Centenary
    Chemistry
    ChooseNJ
    Climate Change
    Clinical Trials
    Cloud Tech
    Collaboration
    Computing
    Congress
    Coriell
    Council On Innovation
    Crowdfunding
    Cybersecurity
    DARPA
    Defense
    Degree
    Dementia
    Dental Health
    DOC
    DOD
    DOE
    Drew
    Drones
    Drug Creation
    Einstein's Alley
    Electricity
    Energy
    Engineering
    Entrepreneurship
    Environmental
    FAA
    Fairleigh Dickinson
    FDA
    Federal Budget
    Federal Government
    Federal Labs
    Federal Program
    Finance
    Food Science
    Fort Monmouth
    Fuel Cells
    Funding
    Genome
    Geography
    Geology
    Global Competition
    Google
    Governor Christie
    Grant
    Hackensack
    HackensackUMC
    Healthcare
    Health Care
    HHS
    HINJ
    Hospitals
    Immigration
    Incubator
    Infrastructure
    International
    Internet
    Investor
    IoT
    IP
    IT
    Jobs
    Johnson & Johnson
    K-12
    Kean
    Kessler
    Legislation
    Logistics
    Manufacturing
    Medical Devices
    Med School
    Mental Health
    Mentor
    Microorganisms
    Molecular Biology
    Montclair
    NAS
    Neuroscience
    Newark
    New Jersey
    NIFA
    NIH
    NIST
    NJBDA
    NJBIA
    NJ Chemistry Council
    NJCU
    NJDOLWD
    NJEDA
    NJEDge
    NJHF
    NJII
    NJIT
    NJMEP
    NJPAC
    NJPRO
    NJTC
    Nonprofit
    NSF
    OpEd
    Open Data
    OSHE
    OSTP
    Parasite
    Patents
    Paterson
    Patients
    Perth Amboy
    Pharma
    POTUS
    PPPL
    Princeton
    Prosthetics
    Ranking
    Rare Disease
    R&D Council
    Report
    Resiliency
    Rider
    Robotics
    Rowan
    Rutgers
    SBA
    Seton Hall
    Siemens
    Smart Car
    Smart Cities
    Software
    Solar
    Space
    SSTI
    Startup
    State Government
    STEM
    Stevens
    Stockton
    Subatomic
    Supports
    Sustainability
    Taxes
    TCNJ
    Teachers
    Telecom
    Therapy
    Thermodynamics
    Transportation
    Undergraduate
    USEDA
    Verizon
    Video Game
    Virtual Reality
    Water
    WHO
    William Paterson
    Women In STEM
    Workforce Development

Home   Coalition   News   Resources   Events   Join Us
Picture
Innovation New Jersey Coalition
222 West State Street
Suite 302
Trenton, NJ 08608
732-729-9619