Credit unions should raise a glass to the ongoing craft brewery expansion – and its implications for the SBA loan business.
Craft breweries now represent 12.2% of all beer produced in the U.S., up from 5.7 % in 2011, according to the Brewers Association. The nation is home to 4,225 craft breweries that sold $22.3 billion worth of beer in 2015 – a 16 percent increase over the previous year. And credit unions have been aided by the U.S. Small Business Administration (SBA), which offers breweries guaranteed loan repayment on SBA-approved loans.
"For a startup brewery, the minimum capital investment [of real estate and equipment] is around $1 million," said Joe Infante, a Grand Rapids-based attorney who leads the alcoholic beverage regulation team at Miller, Canfield, Paddock and Stone PLC.
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