NJEDA
BIZ BUZZ
Issue: 6
Sep 2017
 
 
 

EDA NJ Small Business Support By The Numbers

 
 
 

 
 
  *Numbers reflect activity 1/1/2017 - 8/31/2017  
 
 
 


 
 
 

 
 

 
 
 

Latest News

 
 
 
 
 


EDA's financing for small to mid-sized businesses and manufacturers have helped businesses across New Jersey overcome challenges, meet financing gaps, and create/retain jobs in New Jersey.

Please visit www.NJEDA.com/EDAWasHere to learn more about how EDA assisted these businesses.

 
 
 

 
 
 

When Ramesh Nuthi was looking for a permanent location for his manufacturing business, he turned to the New Jersey Economic Development Authority (EDA) for support. With a $425,000 EDA direct loan in hand, Nuthi was able to establish Flame Cut Steel's new home in an 18,291-square-foot facility in Irvington and purchase new machinery to help expand its services.

The company manufactures precision cut steel components for a broad range of sectors, including the military, aerospace, energy, construction, medical, and electronics industries.  

 
 
 

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The New Jersey Economic Authority (EDA) and Camden Mayor Dana Redd announced that street level small businesses can now apply for grants to help them locate or expand in selected areas of Camden.

Administered by the EDA in collaboration with GSGZs, the Business Lease Incentive (BLI) and Business Improvement Incentive (BII) programs are designed to support the growth of new and expanding retail and service businesses in targeted commercial corridors.

 

 
 

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John Gorsegner Hardwood Floors opened its doors in Monmouth County in 1951 as a family-owned and operated business.  

In 2016, after years of assisting customers in its leased office/showroom in Atlantic Highlands, the Gorsegner brothers decided to seek a permanent location. Upon identifying a 1,900-square-foot facility in Holmdel as its new home, Gorsegner Brothers was approved for a $432,000 Ocean First Bank commercial mortgage loan with a 16.67 percent Economic Development Authority (EDA) participation through the EDA's Premier Lender Program.

 

 
 

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As a one-stop preventative maintenance and automotive repair center, All Towns Brake and Auto Center (All Towns) in Vauxhall has been providing critical services to the Union County community since 2007.

The family-owned business is operated by entrepreneur Jorge Recio and his son Andrew. While Jorge oversees the company's operations, Andrew, a master technician accredited by the National Institute of Automotive Service Excellence, is the company's manager/foreman. Jorge's wife, Amelia, and their other son, Kevin, also share ownership in the company.

 
 
 

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UCEDC, a statewide nonprofit economic development corporation, has received a $40,000 grant from the Wells Fargo Foundation to support its small business development initiative in underserved New Jersey communities.

"Our team is committed to working with funding partners such as Wells Fargo to support small business owners and entrepreneurs in their successes. Our goal is to expand our services such as loan products, mentoring services and business workshops to strengthen more Main Street businesses and communities," said Maureen Tinen, UCEDC president.

 
 
 

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Upcoming Events

 
 
 
Oct
3

Event: UCEDC: Starting a Business in NJ: The Steps You Need to Take - Camden County
Location: 203 Laurel Road, Voorhees, NJ 08043
Time: 6:30 pm - 8:30 pm
Oct
5

Event: 2017 Governor's Conference on Housing and Economic Development
Location: Harrah's Resort, Atlantic City
Time: 7:30 am
Oct
19

Event: UCEDC: Business Insurance & Bonding for Small Businesses
Location: 1085 Morris Avenue, Union, NJ 07083
Time: 8:30 am
 
 
 

Event Calendar

 
 
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New Jersey Economic Development Authority
36 West State Street
Trenton, NJ 08625-0990