From left: Alejandro Amador, chief operating officer, Ammon Labs; Tejinder Gill, vice president – business banking, Provident Bank; Tim Sullivan, CEO, New Jersey Economic Development Authority; Ammon Labs CEO Stephen Haupt; Senior Vice President Of Marketing Andrew Haupt, President Evan Haupt — Courtesy: EDA
By Joshua Burd
A drug testing and monitoring company has unveiled its new 23,400-square-foot headquarters and laboratory in Linden, thanks to a mix of private and public funding sources.
The business, Ammon Labs, has completed its renovation of the three-story facility at 35 East Blancke St. after purchasing the property last year. The company on Tuesday welcomed representatives of the state Economic Development Authority and Provident Bank, which both provided financing to help support its expansion.
“Our ongoing commitment to ethical practices and quality requires a methodical approach to growth,” said Evan Haupt, president of Ammon Labs. “The complementary financing provided by Provident Bank and the EDA has enabled us to expand our services in a strategic manner and hire over 50 people in the last six months alone.
“The EDA’s commitment to fostering sustainable growth has provided us with the opportunity to hire New Jersey residents and support our clients’ needs as they strive to better understand and combat this perilous threat to people across all socioeconomic levels.”
Ammon Labs was founded in 1998 and has grown into a 150-employee operation, providing drug testing and monitoring solutions to addiction treatment professionals across the United States. The company calls itself a dedicated partner in the fight against substance misuse and provides addiction treatment professionals with the services to help them treat their clients and support sustainable recovery.
After completing its expansion, the company obtained a $2.56 million loan from Provident Bank to refinance its mortgage and fund additional improvements. Ammon then approached the EDA to close a funding gap, prompting the authority to provide a $500,000 loan through its Small Business Fund.
The company, which services health care partners from small practices to large treatment providers, also plans to expand its services later this year to include genetic testing and data analytics.
EDA CEO Tim Sullivan visited Ammon Labs on Tuesday to raise awareness of the Small Business Fund and the authority’s other low-cost financing options to support the growth of small businesses in New Jersey. He was joined by Tejinder Gill, vice president and commercial lending relationship manager for Provident Bank.
“Fostering an environment where small and midsized businesses can thrive and give back to their communities is paramount to our ability to create a stronger and fairer economy in New Jersey,” Sullivan said. “Improving access to capital is a critical component of this effort.”
The Small Business Fund supports creditworthy, small, minority-owned or women-owned businesses in New Jersey that have been in operation for at least one year and nonprofit corporations in operation for at least three years. Up to $500,000 is available and can be used for fixed assets and working capital.
