By Joshua Burd
A building maintenance supplies wholesaler is relocating most of its operations from Brooklyn to Passaic, where it recently acquired a nearly 11,000-square-foot warehouse.
The state Economic Development Authority, which provided financing for the purchase, announced Friday that Star Supplies Maintenance has recently expanded its footprint in New Jersey. The family-owned and -operated company has more than doubled the size of its previous space with its purchase of 149-151 Passaic Ave., thanks in part to the $281,000 direct loan from EDA and a $1.1 million commercial mortgage loan from Columbia Bank.
Star Supplies, which had been leasing the space in Brooklyn, wholesales cleaning products such as mops, brooms and soaps, as well as items needed for renovations, including paints, doors, gardening tools and an array of tiles, the EDA said in a news release. The move has already enabled Star Supplies to create 10 new jobs, while it plans to create eight more within two years.
“We’ve always had a customer-first approach to our business, and we strive for 100 percent satisfaction,” said Jack Stern, who co-owns the company with his wife Susan. “Thanks to support from the NJEDA and Columbia Bank, we are now able to reach a whole new market. We are also excited to be contributing to the local community by hiring area residents to fill jobs in our warehouse.”
The EDA noted that its low-interest direct loans can provide eligible businesses with up to $2 million for fixed assets and up to $750,000 for working capital. In addition, through its Premier Lender Program, the authority partners with banks to offer low-interest financing through loans, loan participations and guarantees and line of credit guarantees.
“One of the many benefits that customers experience when they come to the NJEDA is that we work closely with dozens of banks to develop a customized solution tailored to meet each business’s unique financing needs,” said Lori Matheus, the authority’s senior vice president for finance and development.
