Business
Unity Bank Provides $130 Million in PPP Loans, Saving Thousands of Jobs Through SBA COVID-19 Lending Program
CLINTON, N.J., April 29, 2020 (GLOBE NEWSWIRE) -- Gary Shiman, Co-Owner and Executive Vice President of Bellari Home Remodeling of Branchburg, represents one
About this update from Unity Bancorp, Inc.
[{"type":"text","content":"CLINTON, N.J., April 29, 2020 (GLOBE NEWSWIRE) -- Gary Shiman, Co-Owner and Executive Vice President of Bellari Home Remodeling of Branchburg, represents one of the nearly 1,000 businesses that will receive more than $130 million in Unity Bank loans through the Small Business Administration (SBA) Paycheck Protection Program (PPP), the special funding initiative designed to help small businesses survive the coronavirus (COVID-19) pandemic.\n “I consider myself very lucky to have been a customer of Unity Bank when this crisis struck because the government placed banks in a very difficult position by asking them to be responsible for getting PPP funds in the hands of businesses,” said Shiman. “Banks had to drop everything and turn on a dime to make PPP happen, which was not an easy task. Unity Bank is everything a community bank is supposed to be so they made it happen for us, but I could have lost a 70-year-old business if not for Unity.” Bellari, formed in 1950 under the name Somerville Aluminum, has about 40 employees, half of which were laid off as a result of the crisis with the remainder accepting a 25% pay cut to keep working. Shiman said the company has lost 95% of its business since the COVID-19 outbreak began. “Unity’s lending team has been working around the clock, evenings and weekends to process all the PPP applications we received from our customers,” said Unity Bank President & CEO James A. Hughes. “I could not be prouder of our employees because all completed Unity Bank customer applications have been approved or are being processed. Unity’s team made the commitment to help our customers because there are many businesses who would not have survived the crisis otherwise.” In the first round of federal funding for the PPP, Unity closed and funded 451 SBA approved loans, totaling more than $89 million. In the second round of federal funding, just announced this week, Unity approved 504 requests, totaling nearly $42 million. “All of our operations have been impacted by COVID 19,” said Bob Frankenfield, Executive Director of Family Promise of Warren County, which received a PPP loan with Unity. “Our shelter program is closed because all of the congregations that have closed. The way our program works, prior to the crisis one house of worship may have been scheduled to host homeless families about four times a year for on...