MONTCLAIR, N.J. (September 13, 2017) - Unity Bank has provided a $637,000 Small Business Administration (SBA) loan to Montclair residents Ian Loew and Audrey Laurelton to fund the purchase and renovation of 42 Park Street in Montclair, which housed the Knights of Columbus for more than 80 years. The husband and wife team are co-owners of the three-story commercially zoned property, which has been vacant for about 10 years, and will be utilized for their businesses, a Pilates studio and a digital marketing firm.
Laurelton's Equilibrium Pilates, currently operating at 427 Bloomfield Avenue in Montclair, will relocate to the first floor of the 3,000-square foot building at the corner of Park Street and Montague Place. Loew's Lform Design will move from its 271 Grove Avenue office in Verona to the second floor of the building.
"We hope to complete our renovations and move in by the Fall," said Loew. "This is a dream come true for us. We have two young children and love Montclair so to be able to live and work in town is a great opportunity. Unity Bank has been fantastic to work with and they could not have made the SBA loan process any easier."
In addition to Pilates instruction, Equilibrium provides physical therapy, nutrition counseling, and GYROTONIC® training, a blend of yoga, Tai Chi, swimming and dance. Lform provides business-to-business clients with graphic design, website development, brand identity, and social media services, as well as marketing collateral production.
"We wish Ian and Audrey continued success in the new home for their respective businesses," said Unity Bank President & CEO James A. Hughes. "It is extremely rewarding when we can help business owners and families achieve their goals."
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.
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).