Ace Drive Products is a ten+ year old distributor of truck parts, also providing repair services for large trucks and tractors. Originally located in less than 30,000 square feet in Elizabeth, NJ, the company has relocated to a 41,000 square foot facility, also in Elizabeth.

Principals and brothers Dvir and Ronnen Gilady started the business  in 1996 in Elizabeth, a major crossroads for the NY metropolitan area with a NJ Tpke. Interchange and busy US Routes 1 and 9- all providing easy access for their truck clients.

Affiliate Ace Contract Carriers operates from the same location and provides hauling services for waste, sludge and related elements within a 100 mile radius. Recently the business secured a multi year sludge hauling contract with a plan on the south shore of LI, NY and will significantly increase the company’s activities.

The new facility will accommodate the companies expanded operations including their diesel emission testing center and additional service bays for heavy-duty transmission, brake, diesel engine etc. repairs. The building will also provide space for expanded inventory as part of the company’s expansion  of its wholesale and retail truck parts distribution and  the planned commercial equipment leasing operation. Another planned activity is refurbishment and sales of  used trucks from the new location, made possible in part by over 4 acres of space.

The project will immediately add 12 new jobs in the new location which is part of a federally designated HUB Zone.

The move and expansion has been made possible by creative financing provided by CIT Small Business Lending Corporation (CIT) and the SBA 504 loan program through the Greater New York Development Co.(GNYDC).  CIT’s Tom Blackburne, Sr. Regional Account Manager, had worked with Ace for several years assisting with financing needs and, when it became clear the companies needed to relocate and  expand their physical plant, Tom stepped in to help them craft an innovative financing package. CIT provided a $2.8 million first mortgage and brought in GNYDC to provide a $2 million second mortgage. The companies put in just 10% of the project cost, thereby saving their cash for working capital needs of the expansion. The 504 loan was made for 20 years, with a fixed rate below prime. Overall, the blended financing package made the project  affordable for these small businesses. As a result,  the Gilady brothers and their companies will be able to expand,  add jobs to the community and continue to serve the growing truck industry in New Jersey and beyond.