By Joshua Burd
New owners have taken the reins of a nearly 40-year-old manufacturing firm, having recently acquired the company’s 160,000-square-foot warehouse facility in Trenton.
The business, Trenton Corrugated Products, is now planning to expand with assistance from M&T Bank and the state Economic Development Authority. The bank has provided a $2.5 million loan with a 50 percent participation by the authority, helping owners Ian and Cheryl Bernstein purchase the building from the company’s previous owners.
In a news release, the EDA said Trenton Corrugated Products has grown from a two-person venture into a thriving business with 35 employees. Co-founders Anthony and Helen Pecoraro are retiring and recently sold the firm to the Bernsteins, who plan to hire 10 people.
The new owners are receiving the financing through the authority’s Premier Lender Program, through which the EDA 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 the financing for fixed assets or term working capital, while the authority’s involvement in the deal aims to give lenders greater flexibility by reducing their overall exposure.
“The advantage of working with small businesses such as Trenton Corrugated Products is that customers can expect high-quality service, well-crafted products and personalized attention,” Ian and Cheryl Bernstein said in a prepared statement. “Thanks to M&T Bank and the NJEDA, we’ll be able to build upon the enterprise that Anthony and Helen started nearly a half-century ago.”
Sullivan recently visited Trenton Corrugated Products’ facility at 17 Chelten Way to raise awareness of the EDA’s programs for small businesses.
“The NJEDA offers a growing number of programs and resources specifically designed to support small businesses as they hire locally and impact the local and national marketplace,” authority CEO Tim Sullivan said. “Supporting small businesses like Trenton Corrugated Products is a centerpiece of Governor Murphy’s plan for a stronger and fairer New Jersey economy.”
Also on hand for the visit were Kathleen Durand, the authority’s senior business development officer, along with M&T Bank Vice President for Business and Professional Banking Laurie B. Kaminsky and Vice President Andrew Martin.
“Through our partnership with the NJEDA, we can broaden the types of services that we offer to our clients and tailor them to each business owner’s specific needs,” Kaminsky said. “We are delighted to support the next phase of Trenton Corrugated Products’ growth.”