Financing future expansion

by Dan Malovany
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To fund its latest expansion, Tribeca Oven received help from the New Jersey Economic Development Authority, which provided $10 million in tax-free bonds. In return for the financing, the Carlstadt, NJ, bakery added 20 full-time jobs, reduced its energy usage by one-fourth and tripled production to more than 100,000 loaves a day.

The company owners — including Marc Essenfeld, Tribeca’s CEO; George Erasmus, executive vice-president of innovation; and Peter Lobel, founder and chairman — also contributed significantly to the bakery’s major expansion that began production in 2011.

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