TD Bank Provides $5M Debt Refinancing for Biotechnology Manufacturer Bio-Serv and Radon Supplies

Business meeting

July 01, 2019 - Lending Small Business & Commercial New Jersey, New York and PA

TD Bank, America's Most Convenient 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.

About Foster Corporation

For nearly 50 years, The Foster Corporation has been serving biotechnology and pharmaceutical companies with industry leading technology, products, and services in field of biomedical research. These include Custom Diets and Environmental Enrichment Products. The Foster Corporation operates under an ISO 9001:2015 registered quality management system and offers comprehensive support from formulation development through production. 

About TD Bank, America's Most Convenient Bank® 

TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 9 million customers with a full range of retail, small business and commercial banking products and services at more than 1,200 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.tdbank.com. Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US.

TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com.

Media Contact:

Martha A. Gaston, APR
TD Bank
856-505-1168
martha.gaston@td.com


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