Trenton, NJ — Continuing the State’s efforts to raise awareness of financing programs available to small businesses, New Jersey Economic Development Authority (EDA) Chief Executive Officer Melissa Orsen visited Tri-Power Consulting Services, LLC (“Tri-Power”) in Denville on Monday. The engineering, design, manufacturing and consulting business recently received a direct loan through EDA’s Small Business Fund, which provides financial assistance to qualified businesses through direct loans, participations or guarantees.
“Tri-Power and businesses like it are so important to our communities for the skilled jobs they create, and the services they provide to other businesses,” said Orsen. “We are committed to the success of New Jersey’s small businesses and encourage business owners to explore resources offered by the State.”
Tri-Power received a loan through the Small Business Fund to consolidate leasehold capital improvement costs it made in connection with a full interior renovation prior to the purchase of the building it had been leasing since 2010, establishing a permanent home for the company in Denville. Tri-Power provides document/contract management services and staffing solutions (www.tripowerjobs.com) and services, to development services for custom computer applications which model business processes. Tri-Power Design, LLC offers product development, prototyping and the design and build of machine automation (www.tripowerdesign.com). Tri-Power is wholly owned by Anthony La Rosa and Robert C. Mastice, both of whom earned master’s degrees in mechanical engineering from NJIT.
“Tri-Power’s client base consists of biomedical, pharmaceutical and aerospace clients, mostly in the Northeast, so Denville is an ideal location for the company,” said Robert Mastice, Managing Director/Co-Owner, Tri-Power. “It was important to us to invest in the community, our employees’ workplace and in the future of NJ where we have built our business and grown our client base; and the State’s support was instrumental in making that happen.”
In business since 1996, Tri-Power continues to work with Fortune 500 leaders in the industries it serves.
The Small Business Fund requires that a business be 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. Over $12 million has been provided to 50 businesses through the Fund since 2010, with an average loan size of more than $240,000.
The visit follows the recent launch of EDA’s new small and mid-sized business-focused print and digital marketing campaign, which was created in collaboration with Princeton Partners, Inc. Featuring the theme “EDA Was Here,” the campaign anecdotally showcases how businesses, like Tri-Power Consulting, have used the EDA’s financing programs to overcome challenges, meet their needs and grow. The campaign includes print ads in various New Jersey business publications, as well as digital display ads on various business websites and search engine marketing.
“The EDA’s new small business awareness initiative was created to encourage New Jersey small business owners to explore the valuable resources that are available through the State to support their expansion and long-term growth,” said Orsen.
Other programs offered by the EDA for small business include the Premier Lender Program, through which the EDA partners with over 30 banks to provide new, low-cost financing opportunities with faster turnaround; and the New Jersey Business Growth Fund, a joint program of the EDA and PNC Bank offering creditworthy small and mid-sized companies financing for real estate or equipment.
In 2015 alone, through its small business programs, the EDA has advanced 65 projects totaling $35 million in assistance. These projects are associated with $126 million in private investment.
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.