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The state’s Economic Development Authority says nearly 200 jobs are heading to Paterson and Newark.
On Friday, NJEDA announced small businesses JRL Imports and MTB AMG will expand in North Jersey with the Authority’s financial support.
After closing on a loan in July for $1.4 million from NJEDA Premier Lending Partner ConnectOne Bank – with a $410,000 participation from the Authority – specialized contracting company MTB AMG will relocate its headquarters, and 160 jobs, from Brooklyn, N.Y. to Newark.
“If you run a growing company, moving to New Jersey is the smart move,” MTB AMG owner Arthur Nelson said in a prepared statement. “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.”
Serving wholesale and retail online industries, fashion accessory company JRL Imports was approved for a $524,000 direct loan from NJEDA in July 2019. Together with a $655,000 loan from Cross River Bank, JRL will acquire a facility in Paterson which will maintain 21 jobs and create seven more following its move.
“As a company that relies on warehousing and solid logistics infrastructure, locating in Paterson was the obvious choice,” Joseph Lefkowitz, owner of JRL, said in a prepared statement. “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.”
Through its Premier Lender Program, NJEDA partners with more than two dozen banks throughout the state to guarantee or participate in a portion of commercial loans or lines of credits; financing which can be used for fixed assets or term working capital. The Authority also offers financing via direct loans.
“Building a supportive environment where growing businesses have access to the resources they need is an important component of Gov. Murphy’s plan to build a stronger, fairer economy,” NJEDA Chief Executive Officer Tim Sullivan said in a prepared statement. “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.”
In addition to low cost financing, the NJEDA offers resources for growing businesses including the Small Business Lease Assistance Program, bond financing for manufacturers and not-for-profit organizations, technical support, and a number designed for technology and life sciences programs in all growth stages.
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