This week Governor Jon S. Corzine toured the recently expanded Cavalier Restaurant-Banquet in Roselle Borough, where construction for the addition of two social event rooms was funded under the Main Street Business Assistance Program.

“Restaurant’s like Cavalier are a quintessential part of New Jersey and I am pleased that the Main Street initiative was able to provide the funding to ensure Cavalier remains and flourishes in Roselle,” said Governor Corzine. “This program is one of several critical initiatives established under the Economic Assistance and Recovery Plan to aid businesses during the national recession and Cavalier’s continued growth is great news for New Jersey.”

The EDA participation in the $450,000 TD Bank loan will enable owners George Andrianos, Louis Andrianos and Angelo Vayas to finance construction costs associated with renovations to the Cavalier Restaurant-Banquet on Wood Avenue to host wedding receptions and other social events. Cavalier expects to maintain its current staff of 28 and add six new positions as it continues to expand in Roselle. The renovation project also is expected to create 11 construction jobs.  In addition to assistance from the EDA and TD Bank, UCEDC also supported this project.

“New Jersey has been a great place to grow Cavalier and we are very excited to be able to expand our services by opening up a new banquet facility to host wedding receptions and other social events,” said Louis Andrianos, co-owner of Cavalier. “We are thankful to receive support from the state and TD Bank under the Main Street program and look forward to continued success in New Jersey.”

Developed in partnership with the New Jersey departments of Banking and Insurance and Treasury and the state’s banking community, the Main Street program has been funded by a $50-million state appropriation. The program has two components – a loan participation and/or guarantee product that is being offered through participating banks and a line of credit guarantee offered for the first time through the EDA’s 14 Preferred Lender partners.  To qualify, borrowers must be in business at least two years, maintain jobs in New Jersey and meet other EDA eligibility requirements. 

Applications and program details for the Main Street program are available online at www.njeda.com.  For more information on the Main Street Business Assistance Program, you also may call 1-(800) 537-7397 or e-mail MainSt@njeda.com.