E-Malt.com News article: USA, NH: Smuttynose Brewing Company gets a grant to double its capacity

The New Hampshire Community Development Finance Authority has approved a Community Development Block Grant award of $500,000 to help Smuttynose Brewing Company double its operational capacity and create 25 new jobs, Seacoastonline.com reported on May, 22.

The award is made to Rockingham County on behalf of the Coastal Economic Development Corporation. CEDC will then loan the capital to the Smuttynose Brewing Company so they may move production to a larger, state-of-the-art facility in Hampton.

“There are few New Hampshire brands with higher name-recognition than Smuttynose. CDFA is proud to be the final piece in the company's financial package that will create a wonderful economic benefit for the Seacoast,” said Kevin Flynn, CDFA communications director. “This project will result in 25 new permanent jobs, with good pay and benefits. At least 18 of those positions will be available to low-to-moderate income residents.”

Smuttynose Brewing is moving operations from Portsmouth to a $16 mln campus on Hampton's Towle Farm Road. The new location will feature a 42,000-square-foot production facility for on-site brewing and bottling, as well as a 95-seat restaurant.

The company purchased the land in 2008, but pressures on lenders after the economic downfall made financing the construction of the project challenging. Smuttynose Brewing has secured financing for the construction of the new facility; this CDBG award will be used to help purchase necessary equipment, including three new brew tanks. Once Smuttynose Brewing pays the loan back to CEDC, the money will go into a revolving loan pool for future economic development efforts. The grant requires final confirmation from the Executive Council.

“Financing projects of this magnitude are very complex and often require a lot of partners. For nearly 40 years, the Community Development Block Grant program has provided that gap financing to support keystone economic projects that create new jobs,” said Flynn.


29 May, 2012