Since our merger with IBERIABANK a year and a half ago, we’ve closed a total of 15 SBA 504 loans together. One of those loans was a $3.96 million project for Islamorada Beer Company, originated by Scott McCleneghen, Commercial Group Manager in IBERIABANK’s Southeast Florida office. Since Islamorada’s brand-spanking-new production brewery is located in Fort Pierce — a mere two hours from our Mercantile headquarters — we decided to stop by and get a first-hand look at the new facility.
Islamorada Beer Company began operations in the Florida Keys and grew pretty quickly. So quickly, in fact, that they soon had to outsource production to other breweries in order to keep up with demand. In partnership with IBERIABANK, Mercantile provided below market long-term fixed rate financing in conjunction with the SBA 504 Program that allowed Islamorada to build its second location, which includes a state-of-the-art brewery as well as a brew pub.
Carolyn Skog, Vice President & Senior Loan Officer here at Mercantile, worked closely with Tyrone Bradley, President and Cofounder of Islamorada Beer Company, to structure the loan to include financing for the acquisition and improvements to the property, as well as the purchase and installation of all the equipment needed to make and distribute eight different beers sold under the Islamorada Beer Company label. Being able to brew their beer in-house saves the company money on outsourcing and allows them to better control the quality and consistency of their product.
“We’re excited to be part of the SBA 504 program and thankful to everyone at IBERIABANK and Mercantile Capital Corporation who made it possible. Because of this program, we were able to not only finance our equipment and build-out but also refinance our building. We are currently up and running with a total of 11 new employees who are helping us produce the Island State of Mind which we set out to create when we started this small business. We are hoping by year’s end to be throughout the state of Florida. We could not have accomplished this without the help of IBERIABANK and Mercantile.”
– Tyrone Bradley – President & Cofounder, Islamorada Beer Company
If you know of anyone interested in buying, building, improving, or refinancing commercial real estate for a small business, let us know right away. We’re here to help (whether or not beer’s part of the project).
Until next time…
– Your SBA 504 Experts