Article: Building their strength

Despite jobs decline, manufacturers find state financing in a recession

EAST COAST POWER Systems has moved to a new factory in Tinton Falls that's 10 times bigger than its old Keyport plant, landed $11 million in financing from the state Economic Development Authority and The Provident Bank, and now plans to hire up to 30 new employees.

"I always had a gut feeling that you could still manufacture in New Jersey, and this is the way to bring it back: with new, state-of-the-art equipment," said Salvatore J. Rinaldi, whose company supplies electrical equip ment vendors.

The nation is in the grips of a recession, and credit is tight. Strong net worth isn't good enough, as banks want to see ...

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