Saturday, August 3, 2019

Prescott meadery founders recognized by US Small Business Administration - ABC15 Arizona

Prescott meadery founders recognized by US Small Business Administration - ABC15 Arizona


Prescott meadery founders recognized by US Small Business Administration - ABC15 Arizona

Posted: 02 Aug 2019 04:58 AM PDT

PRESCOTT, AZ — The husband and wife duo behind a fast-growing Arizona meadery was recently recognized as the U.S. Small Business Administration's Persons of the Year.

It "really validated all our hard work and everything we put into this," said Jennifer Herbert, co-owner of Prescott's Superstition Meadery.

In 2012, Jennifer and her husband, Jeff, moved their family from the Valley to Prescott to turn their hobby into a business. Jennifer had gifted a home-brewing kit to Jeff for Father's Day a few years before.

"I started making pretty good stuff and my meads were always better than my beers," he said. After enough friends told the couple they should start selling the honey wine, they did.

The company has grown fast, expanding production from 300 gallons to a forecast 40,000 gallons by the end of this year. They now operate a tasting room in downtown Prescott and recently moved into their third production facility near the airport. Products are available in 38 states and 36 countries worldwide.

The Herbert's say it's "amazing" how much their lives have changed, especially given the fact they knew little about mead just a decade ago.

"I had no idea what it was," Jennifer said, "it was something that I heard on Beowulf or Robinhood."

By definition, mead is wine made with fermented honey as the primary fermentable sugar. Like any wine, producers can also use any fruit, herb or spice.

Since launching, the company's produced more than 200 different products including meads, hard ciders, wines and they soon will launch a canned hard seltzer.

In Spring 2020, Superstition Meadery will open a "first in the world" mead and food pairing restaurant in a historic building near 11th and Washington streets in Phoenix.

Alternative Financing Options to an SBA Loan - Think Realty

Posted: 02 Aug 2019 09:11 AM PDT

Financing-BuyandHold_Featured

Small business owners in search of funding are undoubtedly familiar with SBA loans as a source of capital. This type of special financing carries the backing of the U.S. Small Business Administration in addition to benefits such as competitive interest rates and loan counseling.

However, small businesses are often faced with scenarios that require immediate attention. Applying or waiting for a pending SBA loan application may take too long. In these cases, business owners should consider alternative financing options such as a bridge loan as a temporary solution.

Faster financing

Every SBA loan application is different. Some lenders will be able to quickly approve, process, and offer financing within a few short weeks of the initial application. Other applications will take several months to process and review, especially for large loan amounts.

Business owners should understand that the typical approval time for a traditional SBA 7(a) loan ranges between 60 and 90 days. This waiting period comes after an extensive and lengthy process to prepare and provide all the necessary documentation for a lender.

On the other hand, private money lenders offer a streamlined lending approach that can deliver funding within five to seven business days, as opposed to two or three months. For fast-moving business owners who need quick access to capital, bridge loans often are a better option than an SBA loan.

Flexible financing

Business owners must satisfy several unique criteria eligibility requirements to qualify for an SBA loan. According to the Small Business Administration, the major SBA Loan eligibility requirements are that the business is:

  1. officially registered as a for-profit business;
  2. physically located and operated in the United States;
  3. invested with the principal owner's time and labor; and
  4. not receiving financing from additional financial lenders.

The Solution

Unlike SBA loans, bridge loans are not income or credit-based, but based primarily on the property or asset that backs the loan. This type of short-term financing is intended to be a temporary option to help small business owners respond quickly to urgent situations or emerging opportunities.

For businesses that are considering a bridge loan, Wilshire Quinn Capital brings modern lending solutions to meet all funding needs. The California based company funds loans in 5 to 7 business days and originates bridge loans ranging from $200,000-$10,000,000. Wilshire Quinn provides financing to borrowers who are unable to obtain credit from traditional lending institutions or need to close quickly on a property.

Since 2004, Wilshire Quinn Capital Inc. has been a leader in the capital markets. In 2011, the firm launched the Wilshire Quinn Income Fund LLC, a direct portfolio lender that originates bridge loans secured by real estate located primarily in California (CFL#603J060).

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