MONTCLAIR, N.J. (December 3, 2015) – Unity Bank of Clinton has provided a $496,000 Small Business Administration (SBA) loan to support the growing Montclair Bikery of 145 Valley Road. The 42-year-old bike shop has grown steadily since it was purchased by David Adornato of Verona, a former photographer for The Record and Herald News.
Adornato, 44, was a staff photographer for the newspapers for 12 years before returning to a bike racing passion he had developed as a teenager. Before taking over the business, he was a Montclair Bikery employee for about a year and participated on the shop"s racing team in various New Jersey Bicycle Association events. The Unity Bank funding refinances Adornato's mortgage, credit and inventory debt.
"Unity Bank was were very responsive to our needs and proactively addressed the unique financial challenges of the bike business," said Adornato. "Montclair and the region in general is very athletic so business has grown steadily. The new financing helps us continue to serve customer needs while being prepared for the latest trends, including power-assisted bikes and so called fat bikes – basically mountain bikes with really fat tires."
The Montclair Bikery was founded in 1973 and has been owned by multiple individuals over the years. The retail shop sells bikes and biking accessories and also services and repairs bicycles. The store currently carries 4 major bicycle brands: Trek, Specialized, Pinarello, and Felt. Their major suppliers are Trek Bicycles, Specialized Bicycles, Felt, and Gita. The shop has four full-time and six part-time employees.
"We wish David continued success with the Montclair Bikery," said Unity Bank President & CEO James A. Hughes. "As a community bank, we enjoy working with young entrepreneurs, especially those like David who really have a passion for their business."
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. Last year, Unity Bank reached the top 10 of SBA lenders in loan volume in New Jersey. 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 retail, corporate and small business customers through its 15 bank branches in Hunterdon, Middlesex, Somerset, Union and Warren Counties in New Jersey and Northampton County, Pennsylvania. Unity Bank provides traditional and community-oriented commercial banking services, including personal and business checking accounts and time deposits, money market accounts and regular savings accounts. For more information, please visit www.unitybank.com or call 800-618-BANK (800-618-2265).