When NoDa Brewing Company wanted to open a second location and needed funding for equipment, they approached BEFCOR about an SBA loan.
“NoDa Brewing Company was founded in 2011. We are a production brewery, selling beer and cans all around town, and a taproom. We were opening a second facility of Noda Brewing Company and needed a loan for equipment and a canning line. We talked to our bank, PNC, who referred us to BEFCOR, who then facilitated the SBA loan. Without the SBA loan and BEFCOR and PNC, we would not have been able to open our second facility. The funding we needed for a canning line, a brewhouse, was so much money that PNC couldn’t do it by themselves so we needed the SBA’s help and without it we would not have been able to open.
For anybody looking to receive funding, whether it’s a loan, an SBA loan, using your savings, whatever, before you borrow or before you take, I would totally understand your business, have a good business plan. Whatever documents you sign, understand the terms of repayment are. Don’t assume that you’re going to need only the amount you’re requesting. Ask possibly for a line of credit to give you a little bit more flexibility and understand what you’re getting yourself into.” – Co-founder, Owner and President Suzie Ford