Paramount Bakeries, Inc., a commercial bakery primarily serving supermarket chains, expects to maintain 40 jobs and add 15 new positions over the next two years as the company builds a 12,000-square-foot addition to its production plant and 2,500 square feet of office space in Newark. The project will be made possible with the help of a $2.7-million TD Bank loan that includes a $1.25-million participation from the New Jersey Economic Development Authority (EDA) made under the Statewide Loan Pool for Business program. 

"New Jersey remains committed to supporting small, minority and women-owned businesses and encouraging private investment in our cities,” said Governor Jon S. Corzine. "Our continued support of small business growth and community investment are critical to ensuring our state emerges from the national economic recession, and the success of Paramount Bakeries is great news for New Jersey, particularly during these tough economic times."
   
When Linda Kiesel-Zabludovsky and husband, Shraga Zabludovsky, purchased Paramount Bakeries in 1994, it had already been in Newark for 70 years.

“At the time we bought the bakery, it was a small company dealing primarily with mom and pop stores, bodegas and small bread routes,” said Linda. “Since then, we have built the company into a major commercial bakery serving supermarkets such as ShopRite, A&P, Pathmark, Foodtown and Gristedes, among others.”

Shraga added, “Newark has been an ideal place to grow Paramount Bakeries and this project will help ensure we continue to thrive and create more jobs in the city. The process was seamless thanks to the City of Newark, Brick City Development Corporation, and the EDA. We are especially thankful to receive support for this expansion from the state.”