Incentives: Empire State Development Excelsior Jobs Tax Credits
Founded in 1953, John Bead is now under direction by its third-generation owner. Headquartered in Toronto, the company assembles specialty bead and craft kits sold wholesale to large retailers, DIY jewelry makers via a retail outlet, and everyone in between. The company had long considered a U.S. expansion to capture further market growth and avoid logistic delays. John Bead’s leadership team wanted a U.S. location in close proximity to its Toronto headquarters, as well as a strong workforce that would allow its family-oriented values to permeate through the new operation.
Invest Buffalo Niagara (InBN) assisted John Bead through its entire expansion process. Due to the pandemic’s restrictions on the Canadian-American border, InBN pivoted and facilitated virtual cross-border meetings between John Bead ownership and local service providers within commercial real estate, workforce, accounting, banking, law and incorporation, and more. InBN also introduced the company to potential incentive options, including a connection to Empire State Development, resulting in a successful application to the Excelsior Jobs program. John Bead eventually decided to commit to an operation in Buffalo Niagara, locating in Blasdell, New York with distribution and warehouse space as well as a storefront for its outlet retail operation. The new facility will create over 60 jobs at full operation within Buffalo Niagara.