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Supremo Food Markets partners Eduardo Trujillo and Benjamin Parra wanted to renovate and expand a shopping center. TheraGen, a specialty pharmaceutical business, sought space for research and development and to maximize production efficiency. Creative Business Decisions was looking to market its Web-based software products.
What do they have in common? They are all located in Mercer County and were among the nearly 100 businesses statewide that received funding from the New Jersey Economic Development Authority (EDA) in 2005 to grow their companies.
The EDA serves companies of all sizes, but its core focus is small- and mid-size businesses. Its low-cost financing, real estate development and technical assistance resources help boost business and foster economic growth and job creation throughout the state. EDA financing can be used for acquiring, building and renovating facilities, upgrading equipment to improve production capabilities and competitiveness, and for working capital needs to support operational costs. Nearly half of the businesses benefiting from EDA financing tools last year were manufacturers.
Funding for Small, Mid-Size Businesses
Trujillo and Parra, who own several Supremo Food Markets throughout New Jersey, wanted to help revitalize Trenton's West Ward by operating a small shopping center on North Hermitage Avenue. The EDA provided a $ 1 million loan at a fixed interest rate of 3% for 10 years, which was part of a financing package that also included funding from Thrift Institutions Community Investment Corporation of New Jersey. Today, Westside Shopping Plaza, featuring a...