PATERSON, NJ - “Paterson is in growth mode,” Mayor Andre Sayegh told TAPinto Paterson following an announcement by the New Jersey Economic Development Authority that JRL Imports, Inc. will be acquiring a facility within the city’s borders thanks, in part, to a $524,000 loan from the state agency. “As the first planned industrial city in the country we are looking to return to our manufacturing roots and by bringing hundreds of jobs to Paterson we are well on our way.”
Currently located in Teterboro, the company established in 2013 to sell fashion accessories to the wholesale market and the retail online industry, the company will make 21 existing jobs local and create an additional seven, according to a statement released on Friday.
“As a company that relies on warehousing and solid logistics infrastructure, locating in Paterson was the obvious choice,” said Joseph Lefkowitz, owner of JRL Imports. “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 the Premier Lender Program, the NJEDA works with more than two dozen banks throughout New Jersey to guarantee or participate in a portion of commercial loans or lines of credit. Businesses can use this financing for fixed assets or term working capital, and NJEDA’s involvement in the transaction provides lenders with greater flexibility by reducing their overall exposure.
“Building a supportive environment where growing businesses have access to the resources they need is an important component of Governor Murphy’s plan to build a stronger, fairer economy,” said NJEDA Chief Executive Officer Tim Sullivan. “We are proud to 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.”
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