Elmwood Park-based Adagio Teas, which manufactures and sells gourmet teas and tea-making accessories, began largely as an online tea company in 1999. Today, the company offers a range of products, including the IngenuiTEA, AnTEAdote and realiTEA teabags.
“From my mother’s tiny basement to our state-of-the-art facility in Bergen County, we are proud to be a part of New Jersey’s small business community,” Adagio Teas Chief Executive Officer Michael Cramer said. “With the support of M&T Bank and the EDA, we will be able to continue our growth and focus on providing our customers with the best quality teas and products.”
Through the Small Business Fund, the company received an M&T Bank loan that included a 50 percent EDA participation. The Fund offers creditworthy small, minority-owned or women-owned businesses assistance of up to $500,000 and features an expedited approval process and fixed interest rates. In addition to ramping up its manufacturing abilities, Adagio Teas has increased its workforce by approximately 20 percent since securing the loan in 2014.
To showcase Adagio’s growth and highlight financing opportunities available to small businesses throughout the Garden State, EDA President and Chief Operating Officer Tim Lizura today visited the company at its Elmwood Park facility. M&T Bank Group Vice President/Metro Market Manager Eleni Monios joined Lizura on the visit.
“Small businesses and manufacturing play a key role in New Jersey’s robust economy,” Lizura said. “With the Small Business Fund assistance, Adagio Teas is able to increase their product output and improve efficiencies, ultimately creating jobs and helping to ensure the company’s continued success in New Jersey.”
Nearly $24 million has been provided to 76 businesses through the EDA’s Small Business Fund since 2010, with an average loan size of more than $300,000. To be eligible, businesses must have been in operation for at least one full year. Not-for-profit corporations that have been operating for at least three full years may also be eligible.
Today’s visit complements the EDA’s enhanced efforts to facilitate awareness of the programs it offers to support small and mid-sized businesses and not-for-profits, including a print and digital marketing campaign and social media channels. Centered on the theme “EDA Was Here,” the campaign and new social media presence highlight how organizations, like Adagio Teas, have used the EDA’s financing programs to overcome challenges, meet their needs and grow.
The EDA is part of the state’s results-driven Partnership for Action. Created by Governor Christie and led by Lt. Governor Guadagno, the Partnership is the hub for all economic development activity in New Jersey and is comprised of four interconnected and highly focused organizational elements: Choose New Jersey, the Business Action Center, the Office of the Secretary of Higher Education and the EDA.
To learn more about opportunities for business growth throughout New Jersey, visit the state’s business portal at www.NewJerseyBusiness.gov or call the Business Action Center at (866) 534-7789.