The Paterson Restoration Corporation, a city loan arm, is preparing to issue a medium size loan to Nouri Brothers Syrian Bakery, an establishment on Main Street.
The 35-year-old bakery has applied for a $230,000 loan from the city; on top of the loan amount will be a contribution of $29,223 from the company. The money, according to the resolution, will be used for “demolition and creation of a parking lot.”
The demolition of two buildings will create a parking lot for the business, and increase the establishment’s sales by 5-percent. After the improvements have been made three jobs will be created by the bakery on top of its 14 current employees, according to the resolution.
The loan has a term of 10-years with an annual interest rate of 3.25%; before the loan is provided it must be approved by New Jersey Department of Community Affairs, an agency that oversees the city’s finances.