New Brunswick, NJ (May 5, 2017) – New Jersey Community Capital (NJCC), through its THRIVE South Jersey program, is partnering with the Cumberland County Improvement Authority to finance the construction of the Food Industry Specialization Center in Bridgeton. The new 27,000 square foot facility will provide state-of-the-art food production space and support programs for developing food-related businesses.
“NJCC is already supporting workforce training initiatives in this area, and when we saw the demand for business incubation facilities and programs in this area, we immediately wanted to get on board,” said Wayne T. Meyer, NJCC President. “The partnership with the Cumberland County Improvement Authority, and the facility that grows from it, will bolster the area’s emerging business sector, enhancing existing job creators and attracting new ones.”
The Center will be located in Bridgeton’s Florida Avenue Industrial Park, adjacent to the Rutgers Food Innovation Center. Through a public-private partnership, the Center will offer low-cost, flexible workspaces, ranging from 2,000 to 5,000 square feet, for domestic and international companies to support their growing commercialization needs.
Growing businesses need access to affordable capital, and NJCC will offer low-cost financing to tenants for leasehold improvements, equipment purchases, and working capital. The Center will provide short-term solutions for businesses not able to construct or lease an entire production facility alone, and will prepare them to move to independent facilities in Cumberland County. During the first three years of operation, the Center expects to attract over six companies that will each create six to fourteen jobs. The project is also expected to create 66 construction jobs.
“This is a tremendous opportunity to build on our work in Cumberland County, and create a space for businesses to nurture their ideas before planting them in local soil,” said Laura Wallick, THRIVE South Jersey Program Manager. “The Center will be a catalyst for the region and quickly become an essential asset to local business creation and expansion. We are very excited to be a part of it.”
THRIVE South Jersey works to expand local and regional capacity to generate economic growth in the targeted region of Southern New Jersey that includes Cumberland, Gloucester, Salem and Western Atlantic counties. Through a combination of strategic funding and capacity building, THRIVE South Jersey seeks to support organizations fostering community revitalization activities that will generate jobs and sustain low-income families in the four county region.
To learn how THRIVE South Jersey can help your business, contact Laura Wallick at firstname.lastname@example.org.
About New Jersey Community Capital (NJCC)
NJCC is a nonprofit community development financial institution (CDFI) that transforms at-risk communities through strategic investments of capital and knowledge. NJCC invests in affordable housing, community facilities, and economic development ventures that strengthen neighborhoods, improve education, and increase jobs, ultimately providing greater opportunities for low-income populations. Since inception, NJCC has facilitated the investment of over $570 million into over 800 high-impact projects across the state, supporting the creation and preservation of 13,800 education seats, 9,700 housing units, 6,900 early care slots, and 9,200 jobs. For more information, please visit www.newjerseycommunitycapital.org.