Recipe for Success: NYC Boosts Efforts for Small Food Companies
With help from the city, the owner of food startup Morris Kitchen, has reasons to think big. Morris Kitchen, a 500-square-foot commercial space in Brooklyn, was one of four local food companies to win a contest last summer to attend the Summer Fancy Food Show. Since then, Morris has added 15 new store accounts and two distributors, expanding the producer's reach to Japan, Australia and the U.K. Upscale British retailer Harvey Nichols just featured Morris Kitchen's signature Ginger Syrup on its website. Company sales, which hit $140,000 in 2012, are expected to double this year.
The contest is just one program the city is pushing in an effort to boost local food companies, one of the bright spots in an otherwise declining manufacturing sector. At a recent New York City Food Manufacturers Business Expo attended by 200 local food companies, the New York City Economic Development and Goldman Sachs announced a $10 million food manufacturers fund. Loans ranging from $50,000 to $750,000 will be doled out to local food companies who are unable to tap traditional modes of financing, reports New York Daily News. Full Story
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