SAYREVILLE, N.J. (June 12, 2017) - Unity Bank has provided a $1.7 million Small Business Administration (SBA) loan to finance the opening of a Lightbridge Academy childcare facility in Sayrebrook Towne Center, a shopping center at 2909 Washington Road in the Parlin section of the borough. The funding will support franchising, building renovation and operational expenses for the facility, which will be licensed to serve 166 children.
Business owners Bhautik Patel of Somerset and Mukundprasad Thakar of Monroe expect the 10,700-square-foot childcare facility to open in mid-July under the Lightbridge brand, which has more than 80 franchise locations nationally. The business will be located in a shopping center that also includes ShopRite, Retro Fitness and Kumon.
"The demand for quality childcare services has never been greater and we see a significant need in the local community," said Patel. "The demographics are already very strong in this area for a childcare facility and that demand will only increase with 600 to 700 new residential units in development about one mile from our center. The Park & Ride is also nearby so there may be interest from commuters as well."
Lightbridge Academy reports that more than 786,000 childcare businesses throughout the country support nearly 1.7 million direct jobs and generate more than $48 billion in economic output. According to Lightbridge, 57 percent of all parents nationally report childcare as a necessity and an estimated 14.5 million children are enrolled in some form of childcare service in the U.S.
"We are pleased to arrange financing for the new Lightbridge Academy," said Unity Bank President & CEO James A. Hughes. "There appears to be a strong interest nationally and locally for childcare services and it is rewarding to partner with businesses dedicated to filling community needs. We wish Lightbridge the best of luck with the Sayreville center."
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.
"We appreciate the support and guidance provided by Unity Bank throughout the lending process," said Patel. "They made the process as easy as it could possibly be."
Patel added that he and Thakar have contracted with Lightbridge Academy to open two more childcare facilities and are currently researching possible sites in Pennsylvania. The businessmen are also investors in nursing homes and assisted living facilities.
For more information on Lightbridge Academy in Sayreville, please visit www.lightbridgeacademy.com or call (732) 654-0077.
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 17 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).
Pictured (from left) during the Ligthbridge Academy groundbreaking ceremony in Sayreville are: Phil Harvey, Lightbridge Vice President, Development; business owner Mukund Thakar; Sayreville Mayor Kennedy O'Brien; Thakar's son Jay Thakar; business owner Bhautik Patel; and Sarika Sikand, SBA Business Development Executive, Unity Bank.