By Robert A. Vandenbergh
At Lakeland Bank, encouraging local investment is one of our key objectives. We believe localized lending is the ultimate win-win. We’re not just investing in a business; we’re also investing in a community. That was the case with the Thorlabs project.
The NJ-based manufacturer of photonic tools and systems had plenty of locations to choose from to expand its facilities for its growing business, but ultimately they decided to build their new headquarters in Newton, NJ. For Alex Cable, president and founder of the company, the decision to build in Newton was about investing in the community where his roots were. And, that decision was aided by an innovative public and private finance agreement that Lakeland Bank spearheaded.
We worked closely with the town of Newton, a key community partner in the project’s success, to align the financing in a way that allowed Thorlabs to build a new facility from scratch, while maintaining the cash flow necessary to achieve their growth objectives. As the largest manufacturing employer in the Newton area, they will support 300 permanent jobs and 150 new jobs by mid-2013, ranging in positions from the production floor to PhD level jobs in research and development.
Lakeland Bank recently attended the Thorlabs Ribbon Cutting Ceremony for the opening of the new headquarters. Celebrating the achievement of this project along with 300 of Thorlabs employees and local, county and state officials, Lakeland Bank was proud to be a part of this success story. It’s proof that strong businesses build strong communities.
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. And if you’re thinking about a business expansion, we’re here to help. Visit lakelandbank.com, call 866-224-1379 or stop by any of our office locations