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Financing passion: Banking tips for craft distilleries

December 8, 2017

By Scott Montgomery - Commercial Banking Officer, Peoples Bank | Puget Sound Business Journal
Scott Montgomery - Commercial Loan Officer
Scott Montgomery - Commercial Banking Officer

About 10 years ago, a new craft distillery law passed in Washington state that opened the door for those looking to get into the business. Around the same time, I was thinking about how I could combine my personal passion for craft beverages with my expertise in banking.

I have always been inspired by the level of dedication and commitment – not to mention risk – it takes to create something unique and special. When a whiskey goes in a barrel, you don’t know how it will turn out until it ages. Whether it’s a Scotch or Irish whiskey, or a bourbon from Kentucky, the fact that production of these spirits was happening right here in Seattle really piqued my interest.

Since 2008, more than 100 licensed distilleries have opened in this state, which the Washington Distillers Guild estimates to be the highest number in the U.S. Along with this growth, the doors are opening for lending, which will certainly lead to even more innovation.

Whether you are just thinking about starting a craft distillery, or are looking to expand your business, here are some pointers when it comes to financing. Read more...