The transaction is being assisted by the New Jersey EDA's 23% participation in a $650,000 loan from Commerce Bank NA to Premium Color under the EDA's Statewide Loan Pool for Business program. The program combines EDA and bank financing to provide funding for small- and mid-sized businesses in the state.
In this particular case, the EDA's share of the five-year loan was made at an initial interest rate of 3%, which will be adjusted quarterly. The borrower, in this case, is a commercial printer specializing in retail printing and color graphics. Partners John Watson and Mark Fitzgerald head the firm.
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