From left : Lon Weiss, chief operating officer and co-CEO of Consumer Product Testing Co.; Robert Frega, senior vice president with Bank of America; Monika Athwal, business development officer with the state Economic Development Authority; Melissa Orsen, CEO of the EDA; and Craig Weiss, CPTC president — Courtesy: EDA
By Joshua Burd
A business that tests consumer products has acquired a 44,000-square-foot facility in Essex County that it had been leasing for 20 years, thanks in part to a small business loan program offered by the state Economic Development Authority.
In a news release, the EDA said it participated in a $4.1 million loan provided by Bank of America to the firm, Consumer Product Testing Co. The loan under the EDA’s Premier Lender Program allowed the firm to purchase the facility at 70 Dutch Lane in Fairfield.
Bank of America also provided CPTC with a line of credit to purchase equipment.
CPTC, which was founded in 1975, is a family-owned and -operated firm that tests cosmetics, personal care, pharmaceuticals, medical devices and specialty chemicals for clients. The company has grown to a staff of 128.
CPTC marked its purchase recently during a ceremony with EDA officials and others involved in the transaction.
“Today’s visit enabled me to see firsthand how CPTC has leveraged funding through state programs to thrive here in New Jersey and contribute to the Garden State’s workforce,” said Melissa Orsen, the authority’s CEO. “I encourage other small business owners to reach out to the EDA to see how we can support their growth.”
The Premier Lender Program lowers the cost of borrowing for small businesses through the EDA’s partnership with more than two dozen banking partners, the authority said. It offers low-cost financing with quick turnaround time from approval to closing, and by participating in or guaranteeing a portion of a loan, EDA reduces the lender’s risk.
Businesses can use the financing for fixed assets or term working capital.
Also on hand at the recent event were CPTC Chairman Melvin Weiss and Robert Frega, senior vice president with Bank of America. Weiss said the company’s full-time workforce has grown by 11 percent since acquiring the building.
“Our location here in Essex County is ideal, as it is easily accessible to so many pharmaceutical, cosmetic and personal care clients,” Weiss said. “Using our innovative services, our esteemed professionals routinely test products for companies of all sizes, from the smallest of startups to Fortune 100 companies. We are thankful to the EDA and Bank of America for helping us continue to grow.”