“Our client’s successful loan acquisition was very rewarding,” said Larry Jenkins, regional center director at NJSBDC at Raritan Valley Community College. “We were involved with the financial loan process at every stage, ensuring that our client had the best chance possible of succeeding to obtain financing.”

“We are very grateful for the assistance and services provided by experts at the NJSBDC at Raritan Valley Community College,” said Dr. Pankaj Mohan, founder of Oncobiologics, Inc. “Their guidance with the formulation of our business plan and referrals for company human resources needs as well as identifying the right lenders led to the successful approval of a loan which will help develop and launch cancer therapy at low cost.”   

 Dr. Mohan is an industry leader with more than 20 years of multi-company biopharmaceutical industrial experience at Genentech, Eli Lilly and BMS. He has played a vital role in the industry concerning the development and manufacture of block buster biologics entities and is the recipient of several top leadership awards. He has published a book, Pharmaceutical Operations, with McGraw-Hill and has authored articles for more than 30 publications.

The financing made available to the firm will help create up to 30 new jobs by year’s end, attracting both R & D scientists, as well as additional administrative and professional support.  The company also projects that within one year, up to 60 jobs will be added. The loan will make it possible to get state of the art equipment and speed the process of trials.

Oncobiologics, operating in a 12,000 square foot of state-of-the art development laboratory space with 7,000 square feet of accompanying office and collaboration space, was founded by a group of leading scientists and engineers from top-tier global pharmaceutical and biotech companies, including Genentech, Eli Lilly, Bristol-Myers Squibb, Bayer, Merck, Johnson & Johnson, Schering-Plough and Medarex.

The company will launch itself to the biopharmaceutical industry at the 2011 BIO International Convention. The convention is being held June 27-30 at the Walter E. Washington Convention Center in Washington, DC and is planning a grand opening event with government and industry dignitaries in August 2011.

SBA’s Customer Service Representatives will be on hand at the Centers to issue loan applications, answer questions about the disaster loan program, explain the application process and assist business owners in completing their applications. Also, SBDC Counselors are available to assist business complete their application package.  To obtain additional assistance and for more information, call the SBA Customer Service Center at 800-659-2955
(800-877-8339 for the deaf and hard-of-hearing) or send an email to disastercustomerservice@sba.gov.   Those affected by the disaster may also apply for disaster loans electronically from SBA’s website at https://disasterloan.sba.gov.  The filing deadline to return applications for physical property damage is October 31, 2011. The deadline to return economic injury applications is May 31, 2012.

The New Jersey business recovery assistance services are designed to support businesses and workers who may be temporarily unable to perform their jobs due to the storm with services such as: access to lines of credit, grant awards, access to telephone and internet services, access to Disaster Unemployment benefits, and availability of services for disaster relief and clean-up. In addition, BAC’s Business Call Center is also the one-stop resource for more information on how to get businesses back up and running including helping businesses connect with government services that can help with post-storm recovery efforts. These services include the Small Business Development Center, which can provide assistance with insurance claims as well as loans and business plan revisions.

To find out more about New Jersey’s business recovery assistance program in the aftermath of Hurricane Irene, please follow this link: http://www.nj.gov/governor/news/news/552011/approved/20110828c.html.

The Small Business Development Center@RVCC recently received Small Business Jobs Act grant funding through the Small Business Administration (SBA).  The Small Business Jobs Act, signed into law in 2010, provides critical resources to help small businesses continue with economic recovery and jobs creation.   

Over the next two years, the SBA grant funding will help the SBDC@RVCC  to provide targeted training, free counseling and financial guidance  to qualified small businesses looking to hire employees or retain those already on their payroll. 

To find out more about this program and qualifications, please contact the SBDC@RVCC by calling 908-526-1200,  ext. 8516.

For more information on SBA Small Business Jobs Act resources, visit:   www.sba.gov/content/small-business-jobs-act-2010

Word Beginners       
23879 Jan 14         
23881 Feb 4      
23983 Apr 1         
24264 June 3        

Word Intermediate*   
23884 Feb 25    
23984 Mar 11     
23985 Apr 15     
24287 May 27     
24265 June 17  

Excel Beginner    
23889 Jan 21      
23980 Feb 11       
23981 Mar 4     
23982 Apr 29     
24266 May 20    

Excel Intermediate*
23890 Jan 28 
23977 Feb 18  
23978 Mar 18
23979 Apr 8
24253 May 13
24267  June 10 

*Beginner class is a prerequisite.  All classes take place on Fridays starting at 9:00 am.
Fee:  FREE, however you must register using the NJBIA registration form.  For registration form, visit http://www.raritanval.edu/uploadedFiles/cce/NJBIA%20REG%20FORM-ComputerTrainingClasses-Revised.pdf.  (Note: The NJDOL requires that you complete a registartion form for each class you wish to attend). For more information contact:  Kathy Petrillo at 908-526-1200  x8624 or kpetrill@raritanval.edu
 Fax:  908-722-4716

• Women-owned small businesses (WOSBs) or
• Economically disadvantaged women-owned small businesses (EDWOSBs)

 Eligibility Requirements

To be eligible, a firm must be at least 51% owned and controlled by one or more women, and primarily managed by one or more women. The women must be U.S. citizens. The firm must be “small” in its primary industry in accordance with SBA’s size standards for that industry. In order for a WOSB to be deemed “economically disadvantaged,” its owners must demonstrate economic disadvantage in accordance with the requirements set forth in the final rule.

WOSB Program Certification

There are two ways to certify for the WOSB program:

• Self certification with supporting documents, or
• Third Party Certification with supporting documents

Getting Started

For details about  the expansion to the WOSB program visit the SBA /WOSB webpage at:  http://www.sba.gov/content/contracting-opportunities-women-owned-small-businesses

The new refinancing loan is structured like SBA’s traditional 504, with borrowers committing at least 10 percent equity and working with third-party lending institutions and SBA-approved development companies. A key feature of the new program is that it does not require an expansion of the business in order to qualify.

SBA will begin accepting refinancing applications Feb. 28, and will be in effect through Sept. 27, 2012.

“The economic downturn of recent years and the declining value of real estate have had a significant, negative impact on many small businesses with mortgages maturing within the next few years,” said agency Administrator Karen Mills. “As a result, even small businesses that are performing well and making their payments on time could face foreclosure because of the difficulties they face in refinancing and restructuring their mortgage debt.”

Borrowers will be able to refinance up to 90 percent of the current appraised property value or 100 percent of the outstanding mortgage, whichever is lower, plus eligible refinancing costs.

E-mail Joe Arney at jarney@njbiz.com

[Published in NJBiz.com, Feb. 17, 2011]