PAWTUCKET – Webster Bank closed a $7.2 million financing deal with Isle Brewers Guild LLC, a newly opened craft beer cooperative in Pawtucket.
The multifaceted deal included the Connecticut-based bank providing $4 million to the R.I. Industrial Facilities Corp. in conjunction with a guarantee from the R.I. Industrial Recreation Building Authority, according to a press release.
Webster also partnered with the U.S. Small Business Administration to provide an additional $3.1 million through the federal agency’s 504 loan program. The funding went toward bridge financing and a working line of credit, according to the release.
“[The] Isle Brewers Guild capital deal was very complex in nature, as it involved the state of Rhode Island and the Small Business Administration. Webster led the charge to assist us in developing a pathway to get the brewery up and running,” said Jeremy Duffy, managing partner of Isle Brewers Guild. “We look forward to continuing to work with Webster to build a successful enterprise.”
The cooperative opened earlier this year, and is brewing a handful of member craft beer companies. It’s also brewing Narragansett Beer’s specialty craft beer selections. Duffy founded the group with his partner Devin Kelly.
Anthony Capuano Jr., senior vice president of commercial banking at Webster, led the transaction, and lauded the type of deal.
“We are looking forward to continue to partner with home-grown, emerging, entrepreneurial businesses, like the Guild, in support of the expansion of local initiatives by helping to empower them with products and services that will help their business grow and prosper,” Capuano said in a statement.
