Representatives from the EDA and M&T Bank said they recently visited the company, which ethically sources herbs and spices, to highlight how financing helped it establish permanent roots in the state.
“Under Gov. Murphy’s leadership, the NJEDA is refocusing on our mission to serve the state as a comprehensive economic development agency,” Paul Ceppi, managing director of business development, NJEDA, said. “As part of that transformation, we are placing a renewed focus on small businesses where our support can have a major impact. Kalustyan Corp. is a great example of a growing business with deep roots in New Jersey, and we are proud to support them as they establish a permanent headquarters here.”
In March 2019, the global spice importer and supplier closed on a $9.85 million loan from M&T Bank with a $1 million participation from the EDA. Funding allowed it to purchase a 114,000-square-foot building in Kenilworth. Kalustyan Corp., which plans to consolidate its rented sites around the state at the new facility, also owns a 100,000-square-foot space in Union.
“After so many years of renting space, finally being able to purchase a permanent location has been a huge step for our company,” Fernando Porras, chief operating officer, Kalustyan Corp., said. “New Jersey’s location and diverse, talented workforce are major assets, and we are incredibly thankful for the funding from M&T Bank and the NJEDA that will allow us to continue growing in the Garden State.”
Kalustyan Corp. currently has 128 employees and expects to hire an additional 10 over the next two years.
“Helping small business owners achieve their goals and expand their businesses is a top priority for M&T Bank,” David Fairbairn, vice president, M&T Bank, said. “Our status as an NJEDA Premier Lender helps us connect with businesses in a unique way that provides the funding businesses need while allowing us to maximize our impact in the communities we serve.”