NJEDA financing supports small business expansion in North Jersey

- PIXABAY

By: NJBIZ Staff / editorial@njbiz.com

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.

Prudential US Businesses announces Pelletier's retirement, leadership changes

By: Jessica Perry / jperry@njbiz.com

Stephen Pelletier will retire from Newark-based Prudential Financial after nearly 30 years with the company, during which time he led Group Insurance and Prudential Annuities, and established the company’s international asset management business – now PGIM Global Partners.

Sullivan - PRUDENTIAL

On Thursday afternoon, Prudential announced Andrew Sullivan will succeed Pelletier, effective Dec. 1, as executive vice president and head of U.S. Businesses, reporting to Chairman and Chief Executive Officer Charles Lowrey.

Pelletier will stay on in an advisory role until April 1, 2020, Prudential said.

“Our future is now,” Pelletier said in a Q&A posted to Prudential’s newsroom regarding the leadership transition. “We have an enormous opportunity to deliver financial wellness to more people.

“Andy’s focus has always been customer-first,” he added. “He’ll lead a growth-oriented and purpose-driven executive team of proven innovators and market builders. I have the highest confidence that Andy, our team of next-generation leaders and all of Prudential’s employees will deepen our customer relationships and capture the market opportunity before us.”

The company also announced three appointments to the U.S. Business executive team.

Phil Waldeck will take over for Sullivan as the head of the Workplace Solutions Group, he currently serves as president of Prudential Retirement and pioneer of its Pension Risk Transfer business.

Yanela Frias will be promoted to president of Prudential Retirement. She is the current lead of Investment and Pension Solutions, which the company said has exceeded $100 billion in pension and longevity risk transfer sales under Frias’ leadership. Scott Gaul will succeed Frias; he currently serves as senior vice president, Sales and Strategic Relationships for Prudential Retirement.

Dylan Tyson, who serves as CEO of Prudential of Taiwan, will become president of Prudential Annuities. A successor will be named for Tyson’s current position upon receiving regulatory approval, the company said.

Prudential Financial’s five U.S. businesses are aligned under three groups oriented to the needs of specific customers. - BUSINESS WIRE

“Andy and his executive team will continue to bring a broader set of financial wellness solutions to more people in new ways,” Lowrey said in a prepared statement. “Our conviction in this strategy, and the significant opportunity it represents for expanding our market reach, has never been stronger.”
Ken Sluyter, president of Prudential Annuities, will also retire, according to Prudential. He has been with the company for 38 years.

Continuing in their roles amid the change up in leadership are: David Hunt as president and CEO of PGIM; Caroline Feeney as CEO of Individual Solutions Group; Jamie Kalamarides as president, Prudential Group Insurance; Salene Hitchcock-Gear as president, Individual Life Insurance and Prudential Advisors; Naveen Agarwal as senior vice president and chief marketing officer; and Caroline Faulkneras senior vice president, Enabling Solutions.