When most people start a new business, quite often their biggest problem is finding enough capital to fund their venture. But for Urban Chestnut Brewing Company founders Florian Kuplent and David Wolfe, finding money was not the problem. The former Anheuser-Busch employees made excellent use of the Small Business Administration’s 7(a) Loan, the agency’s primary business loan program. It’s the most frequently used commercial loan program because of its flexibility.
“We put some numbers together, came up with a business plan, convinced our wives and then left Anheuser-Busch in 2010,”says Florian who also serves as the brew master. “We brewed our first beer at our mid-town brewery in 2011.”
To get their business started they obtained their first 7(a) loan under the SBA Express program. This program allows lenders to obtain a guaranty on smaller loans up to $350,000. The SBA guarantees up to 50 percent of an SBA Express loan.
“We were looking at the 504 loan... Read More