Small Biz Loans to Reap About 200 Jobs for New Jersey; Including NY Relocation

TRENTON, NJ—The New Jersey Economic Development Authority reports that small business loans provided through its Premier Lending Program have convinced one Brooklyn specialty construction firm to relocate from Brooklyn to Newark and a fashion accessories firm to expand to Paterson.

The two financing will attract or retain approximately 200 jobs to the Garden State.

“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,” says NJEDA CEO 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.”

MTB AMG, Inc., a contracting company that specializes in fenestration solutions—the design, construction, and installation of openings in a building such as windows, doors, louvres, vents, skylights, and storefronts, closed on a loan in July 2019 for $1.4 million from ConnectOne Bank, an NJEDA Premier Lender, with a $410,000 participation from the NJEDA. MTB AMG is using the funding to relocate the company’s headquarters and 160 jobs from Brooklyn to Newark.

“If you run a growing company, moving to New Jersey is the smart move,” says MTB AMG owner Arthur Nelson. “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.”

“We are excited to partner with the NJEDA through the Premier Lender program to play a pivotal role in MTB AMG’s continued growth while bringing new jobs, which in turn, benefits the Newark community,” said Elizabeth Magennis, EVP and chief lending officer at ConnectOne Bank. “Participating in this program allows us to achieve our people-first mission by supporting small businesses and building up our local communities.”

JRL Imports, Inc., which was launched in 2013 and sells fashion accessories to the wholesale market and the retail online industry, was approved for a $524,000 direct loan from the NJEDA in July 2019, which combined with a $655,000 loan from Cross River Bank, will enable the company to acquire a facility in Paterson. JRL Imports plans to maintain 21 jobs and create an additional seven after completing the move from Teterboro.

“As a company that relies on warehousing and solid logistics infrastructure, locating in Paterson was the obvious choice,” says 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.”

Recently JRL Imports has grown its web presence through the “MKF Collection by Mia K. Farrow” brand.