All,
I have an established 3 year old 7bbl brewery and am looking to move into a larger space to grow our operation. Part of that is going to be financed through an SBA loan (hopefully).
My question is for people who have gone that route before. They sent me a spreadsheet which is extremely basic. They want me to fill out simple expense numbers for things like rent and utilities, and then income numbers like tap room pints and wholesale kegs. I filled it out, but the spreadsheet itself is absolute garbage. There's nothing industry specific about it and it feels like it's geared to someone opening a shoe store. Now they've come back and said they don't like my numbers, but I have no idea what the underwriters are thinking. I mean they never even asked how many bbls a year I'd be producing.
Is this common? For folks who have done this before, how in-depth did you make the spreadsheet? Did you end up with a useful document for your business or was it just a one time projection for the SBA? I'd also like to ask if you had to put up any external collateral to secure the loan as they want me to put up my house, which I'm not to thrilled about.
Thanks!
Peter
Populuxe Brewing
Seattle, WA
I have an established 3 year old 7bbl brewery and am looking to move into a larger space to grow our operation. Part of that is going to be financed through an SBA loan (hopefully).
My question is for people who have gone that route before. They sent me a spreadsheet which is extremely basic. They want me to fill out simple expense numbers for things like rent and utilities, and then income numbers like tap room pints and wholesale kegs. I filled it out, but the spreadsheet itself is absolute garbage. There's nothing industry specific about it and it feels like it's geared to someone opening a shoe store. Now they've come back and said they don't like my numbers, but I have no idea what the underwriters are thinking. I mean they never even asked how many bbls a year I'd be producing.
Is this common? For folks who have done this before, how in-depth did you make the spreadsheet? Did you end up with a useful document for your business or was it just a one time projection for the SBA? I'd also like to ask if you had to put up any external collateral to secure the loan as they want me to put up my house, which I'm not to thrilled about.
Thanks!
Peter
Populuxe Brewing
Seattle, WA
Comment