LI toy maker gets $10M loan to expand
Bruce Pearl, chief executive of Tara Toy in Hauppauge, says he’ll be hiring as part of a planned expansion. (July 19, 2011) Credit: James Carbone
A Hauppauge toy maker will be expanding business and hiring new personnel with the help of new financing.
Tara Toy Corp. will receive $10 million in working credit from First Capital, a Florida-based financing company, according to Bruce Pearl, chief executive of Tara Toy.
He said the monetary support will allow Tara Toy to further grow the business, which develops and manufactures toys and games for young children.
In addition, he said, the company will hire 15 to 20 new employees in research and development, sales and administration within the next year as part of the company's expansion.
"We need to design, tool up and plan everything a year in advance," Pearl said. "As we expand and go into more products, the capital requirements are more, and it helps us to increase our product line."
Tara Toy's inventory and accounts receivable will serve as collateral in the credit loan.
"The toy business is somewhat seasonal, so they have capital needs that come ahead of their sales," said Kevin McGarry, executive vice president and Northeast manager for First Capital.
Tara Toy Corp. was founded in 1977 and moved to Long Island in 1987.
It employs about 45 workers here and also has offices in Arkansas and East Asia.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
Out East with Doug Geed: Wine harvests, a fish market, baked treats and poinsettias NewsdayTV's Doug Geed visits two wineries and a fish market, and then it's time for holiday cheer, with a visit to a bakery and poinsettia greenhouses.
