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 located at 2909 Washington Road in the Parlin section of Sayreville.
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.
Unity participates in the 7(a) Loan Program, SBA’s primary program to help startup 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.
Patel and Thakar have contracted with Lightbridge Academy to open two more childcare facilities and are currently researching possible sites in Pennsylvania. The businessmen are currently investors in nursing homes and assisted living facilities.
For more information on Lightbridge Academy in Sayreville, visit www.lightbridgeacademy.com or call 732-654-0077.
