TRENTON, N.J. (September 21, 2017) – (RealEstateRama) — When Ramesh Nuthi was looking for a permanent location for his manufacturing business in 2015, he turned to the New Jersey Economic Development Authority (EDA) for support. With just over $645,000 in EDA direct loan funds in hand, Nuthi was able to establish Flame Cut Steel’s new home in an 18,291-square-foot facility in Irvington and purchase new machinery to help expand the company’s services.
The company manufactures precision cut steel components for a broad range of sectors, including the military, aerospace, energy, construction, medical, and electronics industries. It specializes in flame cutting of steel plate sheet and round bar, and also offers waterjet and plasma cutting services.
“With our new facility and high-tech laser cutting machine, Flame Cut Steel is now in a better position to customize our offerings to clients and grow our business even further,” said Nuthi. “The financing provided by the EDA was critical to our company moving forward.”
Nuthi also noted the new facility’s proximity to the New Jersey Turnpike, Route 78, and New York City as advantages of locating in Irvington, as well as the power capacity of the industrial building to support the company’s operations.
Low-interest direct loans from the EDA can provide eligible businesses with up to $2 million for fixed assets and up to $750,000 for working capital. Direct loans are one solution in the EDA’s portfolio of programs designed to increase access to capital and support the growth of small businesses in New Jersey. Through the Premier Lender Program, the EDA partners with banks to offer low-interest financing through loans, loan participations and guarantees, and line of credit guarantees; its Small Business Fund offers direct loans of up to $500,000 for businesses that may not have an ability to get bank financing; manufacturing companies and 501(c)(3) not-for-profit organizations may be eligible for long-term financing through the Bond Financing Program; and, entrepreneurs and small businesses can take advantage of technical assistance and training through EDA’s strategic partnership with UCEDC, a statewide, not-for-profit economic development corporation.
EDA President and Chief Operating Officer Tim Lizura visited Flame Cut Steel today to raise awareness of these programs. The visit coincides with the launch of the EDA’s new marketing campaign – “Look Here First” – which encourages business owners to contact EDA early in the process of making a borrowing decision so that they can be informed of all financing options available to support their growth in New Jersey.
“We urge any New Jersey business owner in need of financing to explore options available through the EDA,” Lizura said. “Flame Cut Steel is a great example of how the EDA’s cost-effective financing solutions can help small businesses access capital and grow.”