Representatives from the New Jersey Economic Development Authority (NJEDA), Newark Mayor Ras J. Baraka’s office, and M&T Bank visited Brick City Gold in Newark today to raise awareness of the range of low-cost financing solutions offered by the NJEDA to support the growth of small businesses in New Jersey. The jewelry retailer recently opened the doors on its new, permanent facility with support from the NJEDA’s Premier Lender Program.
“Helping small Newark businesses to prosper and increase hiring is an important goal of Mayor Baraka’s Equitable Growth strategy,” Newark Deputy Mayor of Economic Development Allison Ladd said. “In helping Brick City Gold to expand, Governor Phil Murphy and the NJEDA have again demonstrated their deep commitment to the people of Newark.”
Brick City Gold has been selling jewelry in Newark since 2000 and specializes in custom made jewelry, laser welding, laser engraving and casting of jewelry. Company founder and owner Mohamed Shameer Sadar has been in the jewelry business for more than 35 years.
Due to continued success, Brick City Gold outgrew a leased 1,000-square-foot facility and purchased a 5,500-square-foot building next door. Financing for the purchase was secured in the form of a $1.25 million M&T Bank loan with a 50 percent NJEDA participation through the NJEDA’s Premier Lender Program.
“After more than a decade of paying rent, Brick City Gold finally has a permanent home, thanks to the NJEDA and M&T Bank,” Sadar said. “Now we can expand our role in the global jewelry market with the online presence, via our website – www.brickcitygold.com, while creating opportunities for Newark’s highly-talented workforce.”
Sadar relocated Brick City Gold’s entire operations to the new facility and plans to expand the manufacturing component of the business with the extra space. Brick City Gold plans to double its workforce – from five employees to 10 – within the next two years.
NJEDA Chief Executive Officer Tim Sullivan was among NJEDA representatives to visit Brick City Gold today. He was joined by NJEDA Vice President of Policy & Communications Tai Cooper and Business Development Officer Monika Athwal. Ladd and M&T Bank Vice Presidents Philip Wagenti and Shannon Lazare also accompanied Sullivan.
“Under Governor Murphy’s leadership, we are focused on working with our partners in cities like Newark to drive economic activity and build a stronger and fairer New Jersey economy,” Sullivan said. “Through our Premier Lender Program, we’re working hand-in-hand with local banks like M&T Bank to provide small business owners with the funding they need to succeed.”
Through the Premier Lender Program, the NJEDA 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 this financing for fixed assets or term working capital, and NJEDA’s involvement in the transaction provides lenders with greater flexibility by reducing their overall exposure.
“Partnering with the NJEDA enables us to offer more financing to more small businesses in the Garden State,” Wagenti said. “We are excited to see what’s in store for Brick City Gold in 2020 and beyond.”