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TD Bank SBA loan provides $5M for Flemington biotech manufacturer
NJBIZ STAFF//July 5, 2019
The Foster Corp. – doing business as Bio-Serv and Radon Supplies – will continue manufacturing operations in Flemington with the help of debt refinancing from TD Bank.
The Cherry Hill-based financial institution recently announced closing on a 25-year, $5 million 7(a) Small Business Administration loan for the biotechnology manufacturer, which will facilitate the continuation of operations at Bio-Serv/Radon’s 50,000-square-foot facility in Flemington and maintain employment of the company’s 38 employees.
The refinancing comes during a buyout process and transition, TD said, from previous ownership of the company.
The Forster Corp. is headed by Chief Executive Officer Tim Fisher and President Karen Froberg-Fejko, both of whom were nominated by TD for the 2019 New Jersey Small Business Persons of the Year, and with which they were awarded in May 2019.
TD Bank issued 381 SBA loans from Oct. 1, 2018 to May 31, 2019.
