PASSAIC, N.J. (March 9, 2018) - Unity Bank has provided a $552,000 Small Business Administration (SBA) loan to Andrea and Phillip Barraza to fund the acquisition and renovation of a multi-story property at 76 Market Street, which will house the Taqueria Downtown Tortilla Factory, the fourth Mexican food service location owned by the Jersey City couple. The Market Street location will open Spring 2018.
"Passaic is the Mecca of Mexican food on the East Coast," said Andrea Barraza. "We frequently go to Passaic to purchase ingredients and other items for our restaurants so we are very excited to be part of the community."
The Barrazas opened their first restaurant in Jersey City in 2005 and also have a location in Manhattan where they serve 12 varieties of tacos, based on authentic family recipes. When the couple started their first restaurant, they flew their mothers in to taste test Taqueria Downtown's offerings. In addition to tacos, all restaurants serve tamales, flautas, soup, tortas (sandwiches), enchiladas, tostadas, burritos, quesadillas, and rice and beans.
"It has been our dream to see Taqueria Downtown's authentic products in supermarkets," said Barraza. "Once all inspections are complete, we plan to package tortillas and salsas at the Market Street location for our other restaurants and to sell them in local stores. We are thankful for the outstanding service we have received from Unity Bank to both establish our restaurant to Passaic and bring this dream to life."
The Market Street location, which required a complete renovation, will offer a small restaurant space with counter seating for eight people. The building will have the restaurant at ground level and small storage areas in the basement and on the second floor.
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 was a pleasure helping Andrea and Phillip Barraza expand their restaurant business," said Unity Bank President & CEO James A. Hughes. "As a community bank, we specialize in helping small businesses obtain the resources they need to be successful. It is extremely rewarding when we can help successful, committed entrepreneurs like the Barrazas realize their business goals."
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).
Unity Bank Vice President/SBA Business Development Manager Debbie Godt (left) with Andrea and Phillip Barraza, owner of the new Taqueria Downtown Tortilla Factory at 76 Market Street in Passaic.