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Article: Building their strength
- Article from:
- NJBIZ
- Article date:
- July 27, 2009
- Author:
CopyrightCopyright Journal Publications Inc. Jul 27, 2009. Provided by ProQuest LLC. (Hide copyright information)
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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 ...