Innovative financing for small business owners

Pin It

A beer company came to the rescue

Shortly after launching ROC Brewery in February 2010, we needed to start raising some capital. But when we approached angel investors and banks, we quickly discovered how hard it is to raise capital in today’s shaky economy.

What’s worse, a microbrewery in the heart of downtown Rochester isn’t exactly an easy sell when it comes to securing a loan. Many microbreweries go under within the first few years so not too many investors are eager to jump on board. Then we found out about Samuel Adams Brewing the American Dream.

The four-year-old program provides microloans to low- to moderate-income small business owners in the food and beverage industry. After filling out reams of paperwork, and waiting four months for an answer, we received a three-year loan for $10,000.

While the application process itself was just as labor-intensive as applying for a bank loan, the coaching and mentoring we’ve received from Samuel Adams employees, and its founder Jim Koch, has been unbelievable.

At a moment’s notice, we can call any one of Samuel Adams’ vice presidents to discuss procurement strategies and supply chain solutions.

NEXT: A venture fund helped us out

Pin It

Article source: http://money.cnn.com/rssclick/galleries/2012/smallbusiness/1203/gallery.financing/index.html?section=money_smbusiness

Tags: ,

Friday, April 20th, 2012 Get Educated!, Self Employment Ideas

RSS Employment Opportunities

  • Research Associate in Computational Epigenomics April 16, 2014
    Applications are invited for an Experienced Researcher ER to the EPITRAIN Epigenetics of Complex Traits and Diseases project an EU funded Marie-Curie Initial Training Network This is a generously funded position with a focus on ...
  • Research Associate April 16, 2014
    Post-doctoral position in the laboratory of Dr Cynthia Andoniadou Department of Craniofacial Development and Stem Cell Biology in the Dental Institute We recently demonstrated that pituitary stem cells despite remaining largely quiescent throughout adult life ...
  • Education and Student Experience Co-ordinator April 15, 2014
    The Education and Student Experience Co-ordinator is responsible for delivering high level support for the School of Arts Humanities education and student experience agenda You will administer the School Education Committee and have a strong ...