From Samuel Adams:
Samuel Adams Brewing the American Dream today announced that it is expanding its program in the coming year and expects to lend another $1 million in microloans and increase its coaching and counseling activities. To date, the program has already provided nearly $3 million in microloans to more than 300 small businesses, and advised more than 4,000 entrepreneurs nationwide.
The program, inspired by Samuel Adams founder and brewer Jim Koch’s own experience starting a business, provides critical access to funding and expert business advice. Working in partnership with Accion, the nation’s leading non-profit provider of small business capital and coaching, Brewing the American Dreamprovides microloans ranging from $500-$25,000 to food, beverage, craft brewing, and hospitality small business owners. The innovative program also offers critical nuts-and-bolts business advice through its Speed Coaching events, ongoing mentoring, and Pitch Room competitions that are held in select cities across the country.
“The smallest businesses continue to face the same challenges I did when brewing my first batch of Samuel Adams Boston Lager in my kitchen 30 years ago,” said Jim Koch, brewer and founder of Samuel Adams. “Not only are traditional lenders still unable to lend to them because they’re viewed as too risky or their loan needs aren’t big enough, but also small business owners continue to be in need of real-world guidance and counseling. Samuel Adams Brewing the American Dream remains committed to filling those needs through an impactful combination of financing and coaching that helps entrepreneurs grow their businesses and drive economic growth within their communities.”
Koch noted that while the success of the program could be measured by the number of jobs it’s helped create or retain (more than 1,900 to date) or its above-average loan repayment rate (98.1%), he’s especially pleased with its ability to help small businesses build their credit to secure larger loans.
“A great example is ice cream maker Halo Top Creamery in Los Angeles,” he said. “After receiving a loan and one-on-one coaching through Brewing the American Dream, the founders built-up their credit and were then able to secure a $250,000 loan from the SBA. Now they have a major contract with Whole Foods and are selling products in 36 states.”
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