Financing future expansion
March 1, 2012
by Dan Malovany
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.