The bulk of the financing is in the form of a $3.9 million loan from Vista Bank. Also contributing to the package is a $1 million low-interest loan from the New Jersey Economic Development Authority, tied to the project's creation of 40 new jobs. EDA is providing the money through its Local Development Financing Fund at an interest rate of 5% for 10 years.
"The LDFF loan was the critical last piece needed to bring together the financing for this very substantial business expansion," according to Caren S. Franzini, executive director of the EDA. "Job creation is one of the most important criteria in determining EDA financing.
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