Business Name: GOLDEN TROPICS
Business Owner: Carlos & Alicia Favaro, CEO & Founder
Employees : 15 F/T
Revenue: $5 million
Location: Orange NJ, Essex County
Golden Tropics, owned by Carlos & Alicia Favaro (of Brazilian & Polish decent respectively) is a family owned company started in 1996 and operating as an S-corporation since 1997. The business started with a small SBA loan with additional funds from second mortgage on their house. The business is a manufacturer, wholesaler, and exporter of African food product, specifically providing their customers products and ingredients to make traditional West African meals. With one of the widest tropical product ranges of any company in the US, Golden Tropics is the leader in the West African food market.
According to Mr Favaro, the 25 year old company has grown from its humble beginning to one of the most respected African food companies in the United States. They own two private labels under which they produce over thirty different products. With its unyielding focus on bringing their customers the best quality West African products, they have grown the company to be worth more than nine million dollars including newly renovated building, equipment and sales gross. Golden Tropics employees 15 full time employees and has annual gross earnings of approximately $5 million.
With the assistance of the NJSBDC at Rutgers University Newark, Golden Tropic has seen the purchase of a new 62,000sq. ft facility for $800.000.00 dollars, invested $1,000,000.00 dollars which is now worth $3,000.000.00 dollars. Mr. Favaro says “the SBDC has given us so many insights about business management, international trading and available business resources and programs. The company also export its products via distributors to Australia, Japan, France, England, Spain and to all of West Africa. They have a major operation where most of the raw material is warehouse in Ghana. In the US market they wholesale through distributors as well as wholesale directly to other food retail stores.
Client also obtain $ 65,000.00 from PPP and $ 150,000.00 loan from EIDL. They have hired 4 new employees since January of 2021. Golden Tropics continue working with their SBDC consultant in getting help in expanding their private label productions and sales as well as seeking another location in Newark. The NJSBDC at Rutgers University Newark is proud to nominate Golden Tropics as is 2021 Success Award Winner