ELIZABETH — 866 Bayway Circle, L.L.C., recently closed a $2.2 million loan with Capital One Bank that was supplemented by a $700,000 loan from the New Jersey Economic Development Authority (EDA) under the state’s Main Street Business Assistance Program.
The project involves the acquisition of a 47,000-square-foot former gas station in Elizabeth, and the development of a 5,000-square-foot Laundromat named Laundry Warehouse, as well as a 3,000-square-foot Capital One Bank branch. The project is expected to create 32 construction jobs, and will result in the creation of an estimated 12 new full-time jobs.
The Main Street Business Assistance Program supports small and mid-sized businesses and not-for-profit organizations in the state by providing financing assistance to commercial banks in New Jersey. The goal of the program is to reduce the credit risk for the bank and provide access to capital for the borrower.
For more information on the Main Street program and other available state resources, contact the Business Action Center at 1-866-534-7789 or email CustomerCare@njeda.com.
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