Adagio Teas taps local funding to fuel steady expansion
Adagio Teas, a New Jersey-based gourmet tea supplier, has tapped into a local financing program to fund the expansion of operational capacity. The company secured a loan to purchase state-of-the-art blending equipment that allows to blend leaves, herbs and flavorings in large quantities. The funds were also used to create operational efficiencies at its 40,000-square-foot facility in Elmwood Park, NJ and increase workforce by a fifth in the past couple of years. Adagio Teas was founded 17 years ago in a basement flat and now boasts retail and wholesale operations in the US, Europe and South America with a portfolio of over 200 artisan teas sourced directly from origin. New Jersey's Small Business Fund offers creditworthy small, minority-owned or women-owned businesses assistance of up to $500,000, including an expedited approval process and fixed interest rates.