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How a lender can help your brewing business

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

To this day I can remember tasting my first really flavorful stout as a college kid in Michigan. It was produced by a local craft brewery, and it was nothing like I had ever experienced before.

So, it’s no surprise to me that the craft brewing industry has become big business in this country. Locally, the over-300 craft breweries in the state are having a nearly $2 billion economic impact, according to the Brewers Association. Yet amazingly, none of these breweries produce and sell enough beer individually to be in the top 50 in the country.

Because most craft breweries in Washington haven’t reached a certain level of production and distribution, they’re not attractive targets for financing from the big national banks. However, as the industry grows, more financing options are becoming available for local brewers. (Watch a video about the Kulshan Brewing Company and community.)

My goal as a banker is to understand someone’s passion for their craft and be a trusted advisor in the early stages. At Peoples Bank, we see tremendous value in supporting local businesses that are providing a local service, using local-sourced ingredients and suppliers.

Here are a few financing guidelines for craft brewers to consider as they get ready to launch or expand their businesses. Read more...