Brewshot Cast Iron Lofts- Jersey City, NJ
Arun Nanda opened his first specialty coffee venture, Brewshot at Liberty Harbor, in Jersey City, New Jersey. There, he brews specially roasted and blended coffees and teas. In 2017, he expanded his business with a full-scale restaurant, Brewshot at Cast Iron Lofts, also in Jersey City, where he serves fresh food, craft cocktails and his signature Brewshot coffees to people living and working in this emerging urban enclave.
Although he invested savings in the new Brewshot restaurant, he needed additional funds to complete it and to fund working capital for the first several months of operations. "I was looking for a loan to start a new location for my restaurant, but I did not meet bank requirements as a startup,” he explains. “Luckily, a friend introduced me to a loan officer at The 504 Company and I started the loan process with them.”
He secured a loan for $250,000 with The 504 Company’s Community Advantage Loan Program, and Arun is enthusiastic about his experience. “The team took extraordinary and painstaking care to help me through the application and documentation process,” he says. The new location has created 10 jobs and Arun’s expanding even further, with a new Brewshot food truck in the works.