Spurring 484 new jobs, EDA approves business incentive awards

TRENTON – Five companies were awarded business incentives by the N.J. Economic Development Authority today, intended to spur 484 new jobs down the road.

The majority of the awards were under the Business Employment Incentive Program (BEIP), which caps grants at an average of $50,000 per new employee.

The largest of the awards was for Tower Insurance Company, which is planning to consolidate its New York headquarters with its Paramus office at a new location in either New Jersey or New York.

The project was approved for a grant over ten years totaling $2.33 million contingent on the move to New Jersey and creation of 174 new jobs. It was also approved for a $202,500 Business Retention and Relocation Assistance Grant.

The other BEIP grants awarded were: AccelRx LLC, of East Windsor ($130,625); All Thing Media LLC, of Mahwah ($747,656); Amneal Pharmaceuticals LLC, of East Hanover ($600,000); and Glenmore Plastic Industries, Inc., of Edison ($693,577).

The board also awarded an Edison Innovation Fund loan to CareKinesis, Inc., of Moorestown, for $500,000 at a fixed-rate 4.3 percent, which is a match loan.

Spurring 484 new jobs, EDA approves business incentive awards