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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Toronto-Dominion Bank    TD   CA8911605092

TORONTO-DOMINION BANK (TD)
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Toronto Dominion Bank : Miles Technologies Uses New Jersey Economic Development Authority Support to Establish Permanent Burlington County Headquarters

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01/12/2019 | 08:15am EST

TRENTON, New Jersey, Jan. 10 -- The New Jersey Economic Development Authority issued the following news release:

* * *

- New Lumberton Facility Supports IT Service Provider's Growing Employee Base

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When Burlington County native Chris Miles launched technology-based business solutions provider Miles Technologies from his Shamong basement in 1997, he did so with the goal of helping people accomplish more. Today, Miles is still at the helm of his company and remains more committed than ever to providing top-notch information technology (IT) services for customers, while at the same time creating job opportunities and educational programs for people interested in a technology career.

One year after closing on a TD Bank loan through the New Jersey Economic Development Authority's (NJEDA's) Premier Lender Program to purchase a 160,000-square-foot facility in Lumberton, Miles Technologies is thriving at its new headquarters. The company had outgrown its previous location and decided to make the move to accommodate its rapid growth to more than 200 headquarters employees. A $5.5 millionTD Bank commercial mortgage loan with a $1.5 million NJEDA participation supported the purchase of the office/warehouse property the company now calls home.

Miles Technologies' Lumberton facility embodies its founder/chief executive officer's philosophy of having fun and cultivating creativity at work by offering pickleball and basketball courts, ping pong tables, and a fully-stocked break room that seats over 100 people. Employees built their own desks with large, colorful building blocks.

"We've been fortunate to experience continued growth over the past two decades, including expanding our presence into 11 additional states and Washington, DC, as well as Europe and Asia," Miles said. "We have seen the value of New Jersey's ideal location and talented labor pool over the past two decades and are grateful to TD Bank and the NJEDA for helping to position us to continue to grow here in Burlington County."

After completing significant renovations, Miles Technologies formally moved into the property in July and spent the latter half of 2018 providing information technology, digital marketing, software, and web design services to its clients from its new location. Miles Technologies' customers represent a wide range of sectors, including the construction and contracting, manufacturing, healthcare and medical, education, entertainment, and hospitality industries.

Miles Technologies, which currently employs more than 250 people worldwide, has always been committed to creating opportunities for the next generation of innovators. The company provides training not only to current staff, but also to individuals who apply but might not have the skills necessary to qualify for a job at Miles Technologies. Approximately 50 people per quarter go through the business's training program and, upon completion, receive certificates that can help them land jobs within the industry. Miles Technologies also offers internships to 10 local college students per year.

"Technology businesses like Miles Technologies, which not only provide services to their customers but also create attractive employment and career development opportunities for local residents, are core to Governor Phil Murphy's vision for making New Jersey the State of Innovation," said Brian Sabina, NJEDA Senior Vice President - Office of Economic Transformation. "We encourage other companies in all industries looking to set down roots or expand in the Garden State to check out the many resources the NJEDA offers to help businesses grow."

Through the Premier Lender Program, the NJEDA can guarantee or participate in a portion of a Premier Lender's commercial loans or lines of credit. Businesses can use this financing for fixed assets or term working capital. EDA's involvement in the transaction provides access to lower cost financing for businesses and offers lenders greater flexibility by reducing their overall exposure.

The Premier Lender Program offers loans with up to a $2 million EDA participation or $1.5 million guarantee for fixed assets or term working capital, and up to $750,000 participation or line of credit guarantee. The list of eligibility requirements and Premier Lender banks can be found at www.njeda.com/premierlender.

@NewJerseyEDA spoke with Miles about his company's experience in New Jersey:

Why did you choose to grow Miles Technologies in New Jersey?

I was born here, so I know first-hand the many benefits that New Jersey offers small business owners like me. Being located along the northeast corridor allows us to easily reach our customers from Washington DC through Boston. And we are able to benefit from the state's first-rate pool of talented workers.

What is your biggest success to date?

Definitely the fact that our staff loves to work at our company, and I do too! We have created a culture where people genuinely enjoy working here. We have found that if our staff loves what they do, they will actively want to get better at their jobs. That, in turn, will benefit the customers.

What's on the horizon for Miles Technologies?

The nature of our industry is ever-evolving, meaning that we must be adaptable. Our staff really drives the direction of our company by always thinking about how we can best help our clients. Change is built into our culture because we listen and adjust our offerings to best suit clients' needs.

© 2019 Targeted News Service, source News Service

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P/E ratio 2020 9,98
Capi. / Sales 2019 3,36x
Capi. / Sales 2020 3,22x
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Riaz E. Ahmed Chief Financial Officer
Jeff Henderson Chief Information Officer & Executive VP
Michael George Rhodes Group Head-Innovation & Technology
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