WASHINGTON, Nov. 14, 2012 /PRNewswire/ -- The Boston Beer Company today announced that its Samuel Adams Brewing the American Dream program is providing loans to small businesses in the Washington, D.C. area, and will also offer its first speed coaching event for the region's small business community.
With a focus on food, beverage, craft brewing and hospitality businesses, Brewing the American Dream provides loans to small business owners who find it difficult to access financing through traditional methods, as well as coaching, mentoring, and educational resources to help start, sustain, or grow their businesses.
While Samuel Adams Brewing the American Dream began as regional program, in 2012 the initiative expanded nationally and is now offering funding to small business owners across the country. Additionally, in select cities such as Washington, D.C. it is also providing access to the initiative's high-impact one-on-one coaching activities, the first of which will be held on November 14 at the Josephine Butler Parks Center ( http://samueladamsbtaddc.eventbrite.com/#).
Working with non-profit micro-lender Accion and its various partners – including Washington D.C.'s Latino Economic Development Center (LEDC) – Samuel Adams Brewing the American Dream has already provided $1.7 million of micro-financing to more than 200 businesses nationwide, and created or saved nearly 1,300 jobs. Food, beverage, craft brewing and hospitality small business owners can apply for loans ranging from $500 to $25,000 to be used for a variety of business purposes such a expansion, equipment, and marketing with all loan payments recycled back into the fund so that they can be repurposed into new loans.Supporting Small Business Growth According to Jim Koch, brewer and founder of Samuel Adams, the goal of the program is to work with the true small businesses in Washington, D.C. that are often viewed as too risky by traditional banks – but who are at the forefront of job creation and growth within their local communities – and where relatively modest loans and one-one-one coaching can have a meaningful impact. "There's a very serious funding gap in our economy," Koch said. "Even organizations whose mission is to support the small business community often don't want to lend less than $50,000 because at that level, qualified applicants are difficult to come by." Koch added that when he started Sam Adams 28 years ago, not only was he turned down by banks, but there were a lot of aspects to running a small business that he wasn't aware of. "I didn't know many of the practical things that often cause small businesses to fail if they aren't done right. That's why a large part of Brewing the American Dream is focused on offering in-depth expertise and advice versus just slipping a check under the door."