PATERSON, NJ – The Burger King on Spruce Street is seeking a $350,000 loan from Paterson’s Urban Enterprise Zone (UEZ) program.
The restaurant, which has almost $2 million worth of sales per year, is looking to buy $214,000 worth of equipment, including $12,000 for a walk-in cooler, $25,000 for four new air-conditioning units, $10,000 for a new soda machine, $15,000 for four new fryers and $10,000 for a new security system, according to loan documents.
In addition to the new equipment, part of the loan will go towards refinancing a previous business loan taken out by the restaurant, the documents say.
The restaurant’s Burger King franchise was purchased by a new firm that’s “very much into rebuilding the brand’s image.’’
The loan would run for 10 years, at 2.25 percent interest, with annual payments of slightly more than $39,000, city documents say.
Under its revolving loan program, the UEZ provides millions of dollars of assistance to small businesses in Paterson. Each loan, however, must be approved by the City Council.
The Burger King loan is scheduled for a vote on December 20.