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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
2018: 81 loans, $995,815 average loan, average interest rate of 7.2%
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) Huntington Bank — Columbus, OH
2018: 72 loans, $332,272 average loan, average interest rate of 7.0%
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
3) M&T Bank — Buffalo, NY
2018: 43 loans, $182,916 average loan, average interest rate of 7.4%
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.
Still unsure? Here’s our complete list to help you further:
|Rank||Bank||# Loans||Avg Loan||Rate|
|1||United Community Bank Blairsville GA||43||$620,453||7.5%|
|2||M&T Buffalo NY||22||$170,477||9.4%|
|3||Live Oak Wilmington NC||21||$1,456,714||7.3%|
|4||The Huntington National Bank Columbus OH||14||$334,843||8.0%|
|5||Byline Bank Chicago IL||9||$824,056||8.0%|
|6||KeyBank Cleveland OH||8||$202,625||7.9%|
|7||U.S. Bank Cincinnati OH||8||$243,725||7.6%|
|8||CDC Small Business Finance San Diego CA||6||$154,983||9.5%|
|9||Investors Community Bank||4||$181,250||6.6%|
|10||Northeast Entrepreneur Fund||4||$118,450||7.6%|