Ammon Labs, an operation that provides drug testing and monitoring solutions to addiction treatment professionals, was recently provided loans from the New Jersey Economic Development Authority and Provident Bank to help with its expansion efforts.
Provident Bank provided a loan of $2.56 million and the EDA provided a $500,000 loan through its Small Business Fund.
Ammon Labs said it outgrew its two facilities in Linden, so it purchased and renovated a nearby three-story 23,400-square-foot facility. The loans will help Ammon Labs remain in Linden and allow the property to serve as its corporate headquarters and new laboratory.
“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.
Haupt said the loans have helped the company hire over 50 people in the last six months.
“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 socio-economic levels,” he said.
The company said it plans to expand its services later this year to include genetic testing and data analytics.
“Fostering an environment where small and mid-sized businesses can thrive and give back to their communities is paramount to our ability to create a stronger and fairer economy in New Jersey,” EDA CEO Tim Sullivan said after visiting the property to raise awareness of the Small Business Fund.
“Improving access to capital is a critical component of this effort.”