Shawnee Trucking Co. expanded its footprint in North Jersey late in 2019, thanks to a $11.5 million loan from ConnectOne Bank and the New Jersey Economic Development Authority, the agency announced Jan 17.
The trucking and logistics company bought a 6-acre property in Clifton – which includes a 121,000-square-foot warehouse, 4,000 square feet of office space and a 2-acre parking lot – to serve as its national headquarters, the EDA said.
Under the financing scheme, Shawnee received $11.5 million – $2 million contributed by the EDA and the rest from ConnectOne bank – through the Premier Lender Program, a loan incentive initiative that offers financing to businesses looking to move into New Jersey or expand current operations in the state.
“The transportation and logistics sector is a major contributor to our economy, accounting for close to 200,000 private-sector jobs and $23 billion into the economy,” Paul Ceppi, managing director of business development at the EDA, said in a Jan. 17 statement.
Shawnee employs roughly 125 New Jersey residents with plans to hire more in the coming years. Its fleet of 180 trucks and trailers services hundreds of customers between New Jersey and Virginia.
“We chose to base our operations in the Garden State because of its strategic location at the center of the Northeast Corridor, its proximity and easy access to ports throughout the region, its first-rate infrastructure and its dynamic workforce within the state,” Balram “Chris” Lall, Shawnee’s founder, said on Jan. 17.
“We’re grateful that NJEDA and ConnectOne Bank support has enabled us to grow our business and expand our customer base.”
Editor’s note: This article was updated at 3:32 p.m. on Jan. 21, 2020 to clarify the amount and breakdown of funding received by Sahwnee Trucking Co., and to correct that company’s founder’s name.