ELMWOOD PARK, N.J.– An Elmwood Park-based gourmet tea company recently expanded, moving into a larger facility and adding 50 new employees, through a loan program.
“From my mother’s tiny basement to our state-of-the-art facility, we are proud to be a part of New Jersey’s small business community,” Adagio Teas Chief Executive Officer Michael Cramer said inside the 40,000-square-foot Elmwood Park facility.
“With the support of M&T Bank and the Economic Development Authority (EDA), we will be able to continue our growth and focus on providing our customers with the best quality teas and products.”
Adagio received an M&T Bank loan that included a 50 percent EDA participation in 2014. Since then, the company has increased its workforce by approximately 20 percent.
The family-owned Adagio Teas was founded 17 years ago. The company, which sells gourmet teas and tea-making accessories, began as an online company in 1999.
“Small businesses and manufacturing play a key role in New Jersey’s robust economy,” EDA President and Chief Operating Officer Tim Lizura said. “With the Small Business Fund assistance, Adagio Teas is able to increase their product output and improve efficiencies, ultimately creating jobs and helping to ensure the company’s continued success in New Jersey.”
Nearly $24 million has been provided to 76 businesses through the EDA’s Small Business Fund since 2010, with an average loan size of more than $300,000.
To be eligible, businesses must have been in operation for at least one full year. Not-for-profit corporations that have been operating for at least three full years may also be eligible.