September 28, 2021
Governor Tom Wolf announced today the approval of new funding for two minority-owned businesses in Bucks and Delaware counties through the Department of Community and Economic Development’s (DCED) Pennsylvania Minority Business Development Authority (PMBDA) that will help support the businesses in growth and job creation.
“This funding is so critical in supporting the growth and expansion of minority-owned businesses throughout Pennsylvania,” said Gov. Wolf. “PMBDA assistance allows businesses to take the steps necessary to advance their missions and increase their reach to consumers, all while bringing new jobs to communities in the state’s southeast region.”
FairyGene, Inc., was awarded a $100,000 loan to finance working capital required to produce a skincare line. The company is a minority business enterprise that was founded in 2018 and is a leading research and development, innovative cosmetic contract manufacturer and a private label company that provides turnkey service for skincare, haircare, and body care products. The Newtown-based business will relocate to Bristol in October. It will use the loan to secure inventories, and for workforce development, which will include employee salaries and benefits. FairyGene will retain three full-time positions and will create four new full-time jobs at the project site within three years.
FairyGene’s mission is to introduce the concept of skincare products with traditional Chinese medicine to the US markets, while maintaining its unique, effective, and affordable model. The company’s goals are to increase market shares within three to five years and to develop skincare products such as facial cleanser, toner, serum, day cream, and night cream.
Lewis M. Hunt-Irving Funeral Home was awarded a $150,000 loan to purchase state-of-the-art cremation equipment, including a Facultatieve Technologies FT III Single Ender Human Cremator and a Facultatieve Technologies Automatic Loading System – FDI AutoLoader.
The company expanded into cremation in 2020 and purchased its first cremator but has already outgrown the machine as the business currently averages about 60 cremations per month which puts the cremator close to capacity. With the purchase of the new cremator, the company will be able to operate the most technically advanced crematory in North America.
Established in 1974, PMBDA administers low-interest loan financing to businesses owned and operated by ethnic minorities, to stimulate job creation and entrepreneurial development. Governor Wolf has prioritized the empowerment of minority-owned small businesses through Executive Order 2015-11, “Diversity, Inclusion and Small Business Opportunities in Commonwealth Procurement and in Pennsylvania’s Economy.”
For more information about PMBDA and other Department of Community and Economic Development (DCED) initiatives, visit the DCED website or follow the department on Twitter, LinkedIn, Facebook, and YouTube.