NEWARK, NJ — A jewelry store in Newark recently got an assist with a big expansion from the New Jersey Economic Development Authority (NJEDA).

With assistance from the NJEDA's Premier Lender Program, Brick City Gold – which has been operating in Newark since 2000 – nabbed a $1.25 million M&T Bank loan to help pay for a 5,500-square-foot building. It's a big step up for the business, which formerly operated out of a 1,000-square-foot, leased facility. Company founder and owner Mohamed Shameer Sadar said Brick City Gold's entire operations will be moved to the newly purchased building. He plans to expand the manufacturing component of the business with the extra space, and to double its workforce from five employees to 10 within the next two years.

The loan came with a 50 percent NJEDA participation through the state agency's Premier Lender Program. Through the 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. The NJEDA's involvement in the transaction provides lenders with greater flexibility by reducing their overall exposure, the agency stated.

"After more than a decade of paying rent, Brick City Gold finally has a permanent home, thanks to the NJEDA and M&T Bank," Sadar said. "Under Governor Murphy's leadership, we are focused on working with our partners in cities like Newark to drive economic activity and build a stronger and fairer New Jersey economy," NJEDA Chief Executive Officer Tim Sullivan said.

"Through our Premier Lender Program, we're working hand-in-hand with local banks like M&T Bank to provide small business owners with the funding they need to succeed," Sullivan added.