Mid Atlantic Real Estate Journal Lender’s Directory — Financial Digest — November 9 - 22, 2018 — 11D
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L ender ’ s D irectory
Located at 3200 Kennedy Blvd. in Union City, NJ Unity Bank funds $3.6 million expansion for Hudson Gas
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businesses obtain financing when they might not be eligi- ble for business loans through normal lending channels. The bank also participates in the SBA 504 Loan program, an economic development pro- gram that offers small busi- nesses 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 Pennsyl- vania and is expanding into New York.
NION CITY, NJ — Unity Bank has provided a $3.6 mil-
l i on Smal l Business Ad- ministration (SBA) loan to Ashraf Soli- man of Cliff- side Park for the renova- tion and ex- pans i on of
James Hughes
Hudson Gas & Auto Service, Inc. at 3200 Kennedy Blvd. in Union City. The near 10,000 s/f lot will include a Sunoco gas station, convenience store and two-bay mechanic’s ga- rage upon completion. “I was looking for funding for the project when a friend connected me with Unity Bank,” said Soliman. “Unity could not have made the pro- cess any more efficient. The property is in a prime location and really has been under- utilized so I look forward to starting construction as soon as possible.” The completed project will feature two gas pump sta- tions covered by a canopy that leads to the convenience store located in a two-story build- ing. The C-Store will occupy approximately 1,700 s/f on the building’s first floor with the second floor utilized for storage and office space. The two-bay mechanic’s garage, approximately 900 s/f, will be connected to the convenience store. The Kennedy Boulevard property originally contained gas pumps with the Getty brand when Soliman pur- chased the garage in 2008, but the pumps were removed when Getty left the gasoline business several years later. Soliman, who also owns a mechanic’s shop in North Bergen, expects construction will take four to five months. “We wish Mr. Soliman success with his expanded business and appreciate the opportunity to fulfill his fund- ing needs,” said Unity Bank president & CEO James Hughes . “As a community bank, we are committed to working with small busi- nesses whether they are just starting out or looking to grow operations.” Unity participates in the 7(a) Loan Program, SBA’s primary program to help start-up and existing small
3200 Kennedy Blvd. rendering
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