CLINTON, N.J. (April 2, 2015) - Unity Bank has provided a significant Small Business Administration (SBA) loan to the McCriskin-Gustafson Home for Funerals of South Plainfield to fund the recent acquisition of three Middlesex County funeral homes. The bank also provided an additional commercial loan to the funeral home to offset the down payment for the acquisition from SJM Partners of Reston, Va. and initial operating and renovation cost.
McCriskin-Gustafson, located at 2425 Plainfield Avenue in South Plainfield, has acquired the business and property of South Plainfield Funeral Home at 2456 Plainfield Avenue, South Plainfield; Middlesex Funeral Home at 528 Bound Brook Road, Middlesex; and Piscataway Funeral Home at 18 Stelton Road, Piscataway. Business partners James A. Gustafson, 42, and Richard W. McCriskin, 36, both lifelong South Plainfield residents, said the newly acquired funeral homes continue to operate under their existing names, but with the mission of an independent, family-owned and operated funeral home.
"The close proximity of the three sites, particularly the Plainfield Avenue location, which is directly across the street from our main funeral home, provides many opportunities to streamline operations and control operating costs," said Gustafson. "The multiple sites also provide options for families who now can choose what location is most convenient and safest in terms of procession route driving."
Gustafson said the funeral home may eventually transition its property at 2456 South Plainfield Avenue to become a memorial center - a community-gathering place for memorial celebration where the body is not present.
"The national trend in the funeral service industry has been more toward large corporate chain providers, but we believe our type of service should be beholden to families not stock holders," Gustafson said. "When they come to any of our facilities, families also know they are receiving the quality service our funeral home has developed a reputation for over the last 60-plus years."
Unity Bank participates in the 7(a) Loan Program, SBA's primary program to help start-up and existing small businesses obtain financing when they might not be eligible for business loans through normal lending channels. The bank also participates in the SBA 504 Loan program, an economic development program that offers small businesses long-term, fixed-rate financing used to acquire fixed assets for expansion or modernization. Last year, Unity Bank reached the top 10 of SBA lenders in loan volume in New Jersey. The program also serves parts of Pennsylvania and is expanding into New York.
"We have banked with Unity since Rick and I became partners in 2007 and they have been very supportive," said Gustafson. "The relationship with Unity has grown and developed over the years. We both have the same personalized service, small business approach so it has been a good fit."
For more information on Unity Bank's SBA lending program, please visit http://www.unitybank.com/business_lending.asp.
About Unity Bancorp, Inc.
Unity Bancorp, Inc. (NASDAQ: UNTY), the parent company of Unity Bank, its primary and wholly owned subsidiary, is a financial services organization headquartered in Clinton, N.J. Unity Bank provides financial services to retail, corporate and small business customers through its 15 bank branches in Hunterdon, Middlesex, Somerset, Union and Warren Counties in New Jersey and Northampton County, Pennsylvania. Unity Bank provides traditional and community-oriented commercial banking services, including personal and business checking accounts and time deposits, money market accounts and regular savings accounts. For more information, please visit www.unitybank.com or call 800-618-BANK (800-618-2265).