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TD Bank Provides $5MM Debt Refinancing for Biotech Manufacturer Bio-Serv and Radon Supplies

July 02, 2019, 08:45 AM
Filed Under: Manufacturing
Related: TD Bank

TD Bank announced today that it closed a Small Business Administration loan in a $5 million debt-refinancing deal with The Foster Corporation dba Bio-Serv and Radon Supplies. The restructure will allow Bio-Serv and Radon Supplies to continue daily operations at their 50,000-square-foot manufacturing facility in Flemington, N.J.

The debt refinancing comes during a buyout process of Bio-Serv’s former ownership and the resulting transition. The SBA 7(a) loan has a 25-year term. The funds also will be used to maintain the employment of the manufacturer’s 38 employees following the buyout.

“The Foster Corporation needed a bank that understood the nuances of their buyout situation and could refinance their debt with the least amount of interruptions possible. By really knowing our customer, TD Bank was able to provide the right loan product and help the company get on track to financial success,” said Jimmy Jarrell, SBA Business Development Officer, TD Bank. “We look forward to growing our relationship with the company and continuing to offer it products tailored to its future financial needs.”

Founded in 1970 and 1999 respectively, New Jersey-based biotechnology manufacturer Bio-Serv and radon mitigation supply company Radon Supplies are owned by The Foster Corporation. Day-to-day management of The Foster Corporation is overseen by CEO Tim Fisher and President Karen Froberg-Fejko. Recently, TD Bank nominated Fisher and Froberg-Fejko for the 2019 New Jersey State Small Business Persons of the Year, which they were awarded by the U.S. Small Business Administration. TD Bank is the no.1 SBA lender in New Jersey.

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