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SBA 504 Loan Taps Odd Colony Brewing Company for Success

May 2020

In an urban farmhouse inspired setting in downtown Pensacola, Florida, Odd Colony Brewing Company pours rounds of hand crafted beers, featuring area agriculture, from its 16 unique bone-handle taps. Filled with local art and unique furnishings, the friendly farm to table-like taproom of the 4,765 square-foot brewery is an homage to the Northwest Florida roots of its co-founders, Blake Foster and Brett Schweigert.

Head brewer, Ryan Brei, formerly with the renowned Goose Island Beer Co., is Pensacola's first professional brewer. Together, Brei and Schweigert are brewing a distinct locality into the traditional sours, old-world style lagers and Odd Colony IPAs with a focus on seasonality. "The general idea is to keep things fresh and exciting," Brei said. "Keep pushing what we can do.”

Looking to bring a taste of wild Florida to Pensacola's blossoming beer scene, Odd Colony worked with Florida First Capital to secure Small Business Administration (SBA) 504 financing for leasehold improvements to a property in the Pensacola Urban Core Community Redevelopment Area. With a total cost of $806,200 and 80% financing with a 3.13% fixed interest rate for 10 years, Odd Colony hopped on the project.

“Borrowers and lenders often don't think of an SBA 504 loan for leasehold improvements,” said Stacey Green, Florida First Capital Business Development Officer for Northwest Florida. “Low fixed interest rates and lower fees compared to a 7(a) loan preserves vital working capital for borrowers.”

With an SBA 504 loan on tap to finance furnishings and equipment, stout success is brewing for Odd Colony.

Visit Odd Colony at www.oddcolony.com or follow them on Facebook and Twitter.

The SBA 504 Loan Program provides up to 90% financing at below-market, fixed interest rates and long amortization terms up to 25 years for the purchase of major fixed assets, such as owner-occupied commercial real estate, renovations, new construction, energy efficient “green” initiatives and/or fixed heavy duty machinery and equipment, as well as the refinance of commercial mortgage and other business debt with or without a cash-out option.

Under a typical 504 loan structure, a commercial lending partner provides financing for 50% of the 504 loan and takes a first lien position; Florida First Capital/SBA provides 40% of the project financing and takes a second lien position; and the borrower provides a down payment of just 10% in most cases.

504 loans provide up to $5 million of aggregate SBA eligibility on standard 504 projects; up to $5.5 million per 504 energy efficient green project not exceed $16.5 million in the aggregate; and up to $5.5 million per eligible small manufacturing project with no limit on total SBA dollars available. These are SBA 2nd mortgage loan portions only; there is no limit on overall project dollar size.

For more information about SBA 504 loans in Alabama, Florida or South Georgia, contact a Florida First Capital/First Capital Finance Loan Officer or email us at info@ffcfc.com. Phone: 850.681.3601 or toll-free at 800.504.LOAN.