Provident Bank and New Jersey Economic Development Authority representatives visited Barth’s Market in New Providence on Wednesday to raise awareness of low-cost financing solutions for small businesses in the state.
Barth’s Market sells German specialty products and an assortment of meats, seafood, produce and baked goods. It also offer sandwiches, poke bowls and a salad and hot food bar.
From a Provident Bank loan with participation by the NJEDA through the Premier Lender Program, the marketwas able to expand its first floor to 9,486 square feet, add a 7,000-square-foot second floor and purchase 18,000 square feet of land next door.
With currently 50 people employed, Barth’s Market said it intends to hire another 10 employees within the next two years.
The market has been around for close to eight decades, with the founder, Otto Barth, beginning the business after arriving from Germany in 1940. It’s currently under the leadership of his grandson, Jim Barth, and Jim’s son Max.
“At Barth’s Market, we’re proud of our high-quality products and our personal relationship with our loyal patrons,” Jim Barth said. “Funding from the NJEDA and Provident Bank has enabled us to broaden our offerings while maintaining that personalized touch our customers know and love.”
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.
“Connecting small businesses like Barth’s Market with the financing necessary to thrive is an essential part of Governor Phil Murphy’s vision for a stronger and fairer New Jersey economy,” Paul Ceppi, managing director of business development, NJEDA, said. “The Premier Lender Program is one of several tools available to help these small businesses grow within the Garden State, and we encourage business owners to contact NJEDA to learn more about our financing and resources.”