Gov. Tom Wolf recently announced the approval of new funding for two minority-owned businesses through the Department of Community and Economic Development’s Pennsylvania Minority Business Development Authority that will help support the businesses in growth and job creation.
FairyGene, Inc. was awarded a $100,000 loan to finance working capital required to produce a skincare line. Currently based in Newtown, the company will relocate to Bristol in October. FairyGene is a minority business enterprise founded in 2018. It’s a leading research and development, innovative cosmetic contract manufacturer and a private label company that 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 and create four new full-time jobs at the project site 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.
“This funding is so critical in supporting the growth and expansion of minority-owned businesses throughout Pennsylvania,” said 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.”