ALLENTOWN, Pa. (January 30, 2018) - Unity Bank has provided a $1.1 million Small Business Administration (SBA) loan to Jason Lund of Hoboken, N.J. to fund the acquisition and renovation of a 5,500-square-foot mixed-use property at 2301-2303 W. Liberty Street, adjacent to Muhlenberg College.
Lund has completely renovated the three-story building, which was built in the 1940s and previously housed a convenience store. He has started two new businesses in the structure - Café Frais at ground level and Campus Stor-It, a self-service, mini-storage site in the basement. The top floor is a residential unit that is available for rent.
"As a first time business owner, it was a challenge to arrange financing until I found Unity Bank," said Lund, 39, a real estate broker for the last 14 years. "My business model is to acquire, renovate and hold similar properties near college campuses around the country. Unity is the best bank I have worked with and together we are bringing my dream to life."
Unity 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. Unity Bank is consistently among the top 10 of New Jersey SBA lenders in loan volume. The program also serves parts of Pennsylvania and is expanding into New York.
"It is always a pleasure to work with customers such as Jason who have a vision for their business and the drive to succeed," said Unity Bank President & CEO James A. Hughes. "He has upgraded a building in a very visible location, which can only be a positive for the community. We wish Jason the best of luck with the new venture and much success in the future."
Café Frais, features fresh, locally sourced foods in a contemporary, industrial chic atmosphere with exposed beams, hardwood floors and vaulted ceilings. The menu includes coffee, deserts, pre-made salads and sandwiches for those looking to grab-and-go, as well as burgers, burritos, and vegan and gluten-free offerings for those dining in. Seating is available for up to 15 people. For more information on the café please visit http://cafe-frais.business.site/.
Campus Stor-It is designed as a functional solution for the storage needs of college students and surrounding neighborhood residents. It offers 22 storage units of various sizes in a closed-circuit television monitored environment. For more information please visit http://campus-stor-it.business.site/ or call Lund at (301) 502-5947.
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 businesses and consumers at 18 branches throughout New Jersey and the Lehigh Valley, Pennsylvania. Unity Bank provides community-oriented commercial banking services, including deposit accounts, loans, online and mobile services. For more information, please visit www.unitybank.com or call 800-618-BANK (800-618-2265).