Last quarterly update:
Based on the study that the California Craft Brewers Association conducted, craft beer is a $6.5 billion industry in the golden state alone. Whether your craft brewery business is a personal dream come true, a display of artistic expression and a showcase of fine craftsmanship, these top 10 banks will help you make your dreams a reality.
1) Live Oak Banking Company — Wilmington, NC
2017: 55 loans, $825,709 average loan, average interest rate of 7.1%
Live Oak Bank’s committed brewery loan experts are focused on financing options that are not only tailored to the craft brewery industry, but try to keep more cash in your pocket as much as possible. Their team tries hard to define success as delivering capital in a way that quickly and effectively drives your expansion goals. No surprise they’re # 1 in providing SBA brewery loan.
2) M&T Bank — Buffalo, NY
2017: 28 loans, $176,496 average loan, average interest rate of 6.8%
With M&T Bank, you can borrow with confidence. They’ve helped countless small businesses like brewery get the funding they need to succeed. M&T is ready to respond promptly to your loan request and work to process your loan quickly.
3) Huntington Bank — Columbus, OH
2017: 27 loans, $379,093 average loan, average interest rate of 6.5%
Huntington Bank takes pride in being the #1 SBA lender for the past eight years in their region. Their team of knowledgeable SBA Product Specialists can help you experience a streamlined lending process and dedication to faster decision making. Take note that they have the highest number of approved loans (year to date) for brewery business in our list.
4) JPMorgan Chase Bank, National Association — COLUMBUS, OH
2017: 17 loans, $499,788 average loan, average interest rate of 7.0%
JP Morgan Chase Bank is confident that they can help you guide along the process as easy as possible while fully understanding each step you need to take. JP Morgan is massive in size scale and is one of the largest banks in the world. So with their years of experience working with undeniable thousands of customers, JP Morgan can also be a great choice for you.
5) Fifth Third Bank — Cincinnati, OH
2017: 12 loans, $530,725 average loan, average interest rate of 6.0%
Whether you’re starting a business, managing your business’s growth or even buying a business, chances are, you’ll need financing—a small business loan or business line of credit. An SBA loan from Fifth Third can make all the difference. Backed by the Small Business Administration, SBA loans and lines of credit offer more flexible borrowing amounts and repayment options, which usually mean lower monthly payments for you.
Still unsure? Here’s our complete list to help you further:
|Rank||Bank||City||ST||# Loans||Avg Loan||Avg Int|
|3||The Huntington National Bank||Columbus||OH||27||$379,093||6.5%|
|4||JPMorgan Chase Bank||Columbus||OH||17||$499,788||7.0%|
|5||Fifth Third Bank||Cincinnati||OH||12||$530,725||6.0%|
|6||Wells Fargo||Sioux Falls||SD||11||$457,118||7.4%|
|8||United Community Bank||Blairsville||GA||9||$734,778||6.7%|
|9||Bangor Savings Bank||Bangor||ME||7||$196,886||5.4%|