It’s a great day for the Irish and everyone else when St. Patrick’s Day rolls around in the greater Portland area and the U.S. Small Business Administration would like to celebrate too! Many of Oregon’s famous micro-breweries, who will be offering lots of Irish inspired beverages, got their start or expanded with the help of the SBA. During the last three fiscal years, the SBA has guaranteed more than $14 million for 17 different breweries located throughout Oregon and SW Washington.
One of Oregon’s smaller micro-breweries, Migration Brewing Company, was started by four friends in the fall of 2008. Since then, the co-owners of Migration Brewing have put everything they have into making their dream a reality, which “required sacrifice, hard work, and plenty of financial risk,” said co-owner McKean Banzer-Lausberg.
Their primary startup challenge was raising capital, yet they managed it through an SBA Express Loan guarantee. “Migration is appreciative for receiving an SBA loan guarantee in a time of financial uncertainty, and looks forward to continued growth with SBA as a long-term partner,” shared Banzer-Lausberg.
“The SBA works with all types of small businesses, including one that Oregon seems to have a great abundance of, breweries,” said Acting District Director Robert DuCoté. “Gaining access to capital is imperative for businesses to start, grow and be successful.”
Now one of Oregon’s largest micro-breweries, Ninkasi Brewing Company was started in 2006, when Jamie Floyd and Nikos Ridge brewed their first batch of Total Domination IPA. A year later they moved in to their current location in Eugene. Recently when Ninkasi was looking to expand further they used an SBA 504 loan to obtain some of the $16 million in capital they required.
“We are excited for the ability to continue to grow our company, and appreciate the support that the SBA has provided to make that a reality,” said CEO of Ninkasi Brewing Company Nikos Ridge. “The increased capabilities for us to expand, hire more people, and get into new markets should add a lot of great opportunities for our company as well as its stakeholders.”
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