Gov. Tom Wolf recently announced the approval of funding for a minority-owned Bucks County business.
The resource came through the Department of Community and Economic Development’s (DCED) Pennsylvania Minority Business Development Authority (PMBDA). Its design is to support the business 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., Newtown, was awarded a $100,000 loan to finance working capital required to produce a skincare line.
The company was founded in 2018 and is a leading research and development, innovative cosmetic contract manufacturer and a private label company. It provides turnkey service for skincare, haircare, and body care products.
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 that it plans to expand to seven within three years.
FairyGene’s mission is to introduce the concept of skincare products with traditional Chinese medicine to the U.S. 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.