Representatives from the New Jersey Economic Development Authority (NJEDA) and M&T Bank visited Kalustyan Corporation in Kenilworth recently to highlight how financing helped the company establish a permanent global headquarters in New Jersey.
“Under Governor Murphy’s leadership, the NJEDA is refocusing on our mission to serve the state as a comprehensive economic development agency,” said NJEDA Managing Director of Business Development Paul Ceppi. “As part of that transformation, we are placing a renewed focus on small businesses where our support can have a major impact. Kalustyan Corporation is a great example of a growing business with deep roots in New Jersey, and we are proud to support them as they establish a permanent headquarters here.”
In March 2019, the family-owned global spice importer and supplier closed on a $9.85 million loan from M&T Bank with a $1 million participation from the NJEDA. Funding from the loan enabled the company to purchase a permanent location in Kenilworth, following years of leasing space throughout the state. The 144,000-square-foot facility is a complement to the 100,000-square-foot facility that Kalustyan Corporation owns in Union. Kalustyan will consolidate multiple rented sites from around the state at the new Kenilworth facility.
“After so many years of renting space, finally being able to purchase a permanent location has been a huge step for our company,” said Kalustyan Corporation Chief Operating Officer Fernando Porras. “New Jersey’s location and diverse, talented workforce are major assets, and we are incredibly thankful for the funding from M&T Bank and the NJEDA that will allow us to continue growing in the Garden State.”
The building that Kalustyan Corporation purchased is on land previously owned by pharmaceutical giant Merck Corporation. Kalustyan Corporation was able to work with Merck and the New Jersey Department of Environmental Protection to repurpose it into usable land on which it located its worldwide base.
Kalustyan Corporation currently employs 128 people and expects to hire an additional 10 workers within two years.
Through the Premier Lender Program, the NJEDA works with more than two dozen banks throughout New Jersey to guarantee or participate in a portion of commercial loans or lines of credit. Businesses can use this financing for fixed assets or term working capital, and NJEDA’s involvement in the transaction provides lenders with greater flexibility by reducing their overall exposure.
Ceppi was among the NJEDA representatives to visit Kalustyan Corporation today, along with M&T Bank Vice President David Fairbairn. They were joined by NJEDA Business Development Officer Monika Athwal and M&T Bank Vice Presidents Curt Lang and Rajeev Dave.
“Helping small business owners achieve their goals and expand their businesses is a top priority for M&T Bank,” Fairbairn said. “Our status as an NJEDA Premier Lender helps us connect with businesses in a unique way that provides the funding businesses need while allowing us to maximize our impact in the communities we serve.”