CRDC and Northway Bank joined together to support the expansion of operations for Jayendra (Jay) Patel and family in their management of convenience stores throughout NH. The Patel's are experienced local convenience store operators who had the opportunity to purchase two new stores in Newport (Newport Meat Market) & Windham (ENGEN II) as well as purchase the land and building housing one of their existing locations in Allenstown,
(Suncook Valley Convenience/ENGEN I).
"I can already see an increase in business in all three locations," said Patel. "In Newport, my vision when I bought it was to reorganize the existing layout to make it more customer friendly, giving the store more of an open concept. We have received a great response from our customers. In Allenstown, we increased the size of our kitchen allowing us to offer more food options to our customers. We also installed new energy efficient freezers and coolers. Our new layout has helped with our labor costs. Our deliveries are now able to be streamlined through one point of entry directly into the back coolers alleviating the need for extra staff to assist. All of these small changes add up."
Jennifer Boulanger, CRDC Loan Officer and John Udaloy, SVP Senior Market Manager, Northway Bank worked together to provide financing to the Patel family. "Financing three locations with the same parties made things easier for everyone involved," said Boulanger. "In Newport CRDC assisted with an SBA 504 Loan as well as a direct loan. In Allenstown and Windham, CRDC only provided SBA 504 Loans."
"Financing for all of these businesses was very fluid," added Patel. "Jennifer is extremely organized and knowledgeable which made things very easy on me. Both her and John had my best interest and you wouldn't know other than the paperwork that they worked separately."
Patel changed gas brands when he took over the store in Newport. Changing from Citgo to an "unbranded" label he now calls "Yoshi", which is Japanese for "good luck". The Allenstown and Windham locations continue to operate under the private brand of Engen.
Pictured: John Udaloy, SVP, Market Manager at Northway Bank, Jay and Kunal Patel and Jennifer Boulanger, CRDC Loan Officer