Boston Beer Co. Becomes a Lender?
Boston Beer Co. is well known for their line of great beers and their heavy influence on the microbrewery and craft brewing scenes. However, Jim Koch, founder of Boston Beer Co., is branching out a bit. He's getting involved in the lending industry. Now, lending and brewing seem like two practices that probably shouldn't go hand in hand. The image of lenders plying applicants with beer until they sign on the dotted line isn't that pretty. However, Koch has something else in mind it seems.
Like Koch's original beer enterprise, the lending he's involved with is "micro-lending". It involves the giving of very small loans ($500 to $25,000) for small businesses. However, those businesses are only in a very certain niche – the hospitality, beverage and food industries. Therefore, restaurants, breweries, taverns and the like can benefit from this lending program.
The name of the program is "Samuel Adams Brewing the American Dream". Thus far, the program has been very successful. It has made more than 55 loans. However, the real mark of success is that the program has helped to create more than 500 new jobs in the local area. To achieve results like this in the midst of a recession proves just how beneficial Koch's new program really is.
Originally, the program was only available in and around Boston, but Koch has recently broadened its reach, making it available to tri-state entrepreneurs who need to start or expand a business, buy new equipment, stock up on inventory or use the money to further their business in some other way. In addition to lending, you'll also find other services being offered, such as accounting and graphic design, as well as business coaching and marketing advice. It seems as though Koch really does want to "pay it forward" and help out other struggling entrepreneurs, which is a very refreshing stance. Koch is one of the few successes who have not forgotten their roots.
This is just another reason that Boston Beer Co. remains one of the industry's most moving success stories. With such a commitment to both making a great product and to helping out the little guy, Boston Beer Co. exemplifies the spirit of entrepreneurship and camaraderie that should be the hallmark of the entire craft brewing industry. The company stands as an example for all other successful microbreweries to give back to the community and who could complain about that?
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Boston Beer Co. is well known for their line of great beers and their heavy influence on the microbrewery and craft brewing scenes. However, Jim Koch, founder of Boston Beer Co., is branching out a bit. He's getting involved in the lending industry.