Page 25 - Beverage Master_DecJan2022
P. 25
Brewery & Distillery
Craft Brewery
GETTING CRAFTY:
How the Beverage Industry Can
Secure Business Funding
By: Raj Tulshan, Founder of Loan Mantra
A ccording to the Independent Craft American Rescue Plan, which offered $100 mil-
lion in grants for eligible organizations during the
Brewers Association, the Craft Brewing
COVID–19 pandemic. And for those companies that
Industry was responsible for over
400,000 jobs and contributed $62.1 bil- could take advantage of government programs like
lion to the U.S. economy last year. As with other the PPP (Paycheck Protection Program), records
industry segments like restaurants and retail, indicate that more than half of the funding pro-
COVID-19 had a devastating impact on sales. Craft posed to help smaller shops and owners, actually
beer retail sales decreased 22%, to $22.2 billion, went to larger corporations.
and now accounts for just under 24% of the $94 bil-
lion U.S. beer market (previously $116 billion)*. When it comes to funding your business, you have
many financing options. If you’ve decided that bor-
At the same time, craft brewers and brew- rowing money from a lender needs to be a part of
pubs may have found themselves left out of the your funding plan, there are many things you can
BEVERAGE MASTER December - January 2022 23
BM1201222 Main Pages.indd 23 11/19/21 1:53 PM
