October 23, 2014
Nuchas, LLC uses SBA 504 Loan to purchase a new manufacturing facility in North Bergen, New Jersey
North Bergen, New Jersey – Nuchas, LLC Is the recipient of the first small business loan from a newly created SBA 504 Loan Fund established by NDC’s Grow America Fund in partnership with Edison Development Corporation. Nuchas, LLC has been awarded a loan to help them purchase a new 8,000 square foot manufacturing facility in North Bergen, NJ. NDC’s Grow America Fund also partnered with the The JPMorgan Chase Foundation’s Collaboratives Program, which is designed to help small business lenders build capacity and to jumpstart job creation in low- and moderate-income communities.
“The new manufacturing facility will bring an additional 20 jobs in the next 2 years to North Bergen” Said John Palyo, President of NDC Grow America Fund. “This is exactly the kind of business and impact we get excited about. The SBA 504 Loan will give Nuchas the capital it needs to expand into the new wholesale business venture and in turn bring economic opportunity to North Bergen.”
Nuchas is a New York City based empanada vender. The company was founded by Argentinian born Ariel Barbouth. During a trip home to Argentina he recognized the potential for an artisan inspired empanada niche market within the United States. Nuchas was founded in 2009, since then, the Nuchas brand has grown significantly. Today Barbouth serves customers in locations across New York City, Long Island and New Jersey. The Nuchas Food Truck was winner of the people’s choice award for the 2014 Vendy Awards.
“We are honored to receive the loan from NDC’s Grow America Fund and Edison Development Corporation.” Said Ariel Barnouth “2014 has been a very terrific year for Nuchas, we look forward to our exciting future, expansion and creating job opportunities.”
GAF was introduced to Nuchas by Alek Marfisi of the Midtown Manhattan Small Business Development Center, one of GAF’s community partners. Capital for this loan was provided by PNC Bank through Edison County Development Corporation, New York Business Development Corporation and the JP Morgan Chase SME Collaborative Grant.
About National Development Council
Founded in 1969, the National Development Council (NDC) is a national non-profit organization that has evolved into one of the most progressive and innovative community and economic development organizations in the country. From a seminal role in the earliest days of the community development movement, NDC has grown into one of the most comprehensive providers of financing, development expertise, technical assistance and training for community revitalization efforts throughout the U.S. www.nationaldevelopmentcouncil.org
About NDC’s Grow America Fund
NDC’s Grow America Fund (GAF) is a New York City Based Community Development Finance Institution (CDFI) licensed under US SBA preferred lenders program (PLP). GAF focuses on providing flexible and patient expansion loans to existing small businesses, manufacturers and distributors. www.ndcgaf.org