Craft Brewery Loans & Financing in Hawaii

Hawaii based craft brewery business loans are industry-specific loans offered by traditional and non-traditional lenders to support a range of business needs. Like any business within the foodservice industry, food truck operators experience broken equipment, employee turnover, growing pains, and customer gripes. The best solution for small or growing businesses is acquiring the working capital to enhance their business endeavors.

First Union is here to help! There are a variety of loan options that can help your craft brewery thrive.

Types of Craft Brewery Business Loans & Financing Options in Hawaii

Once you've confirmed the need for funds provided by a lender, consider the factors that are most important to you. Hawaii Business owners should look for loans that offer great interest rates, down payments, and collateral requirements. Here are the more widely used loans to help fund growing food truck businesses.

• Equipment Financing: Equipment loans are loans used to buy business equipment. Businesses in Hawaii will often need to purchase, replace, repair, or upgrade various kinds of equipment to process, manufacture, or produce their product.

  Equipment can include such items as brewing and cooking appliances, phone systems, computer monitors, furniture, tools, vehicles (for commercial use), specialized equipment, and more.

• Business Line of Credit: Banks, financial institutions, and other licensed lenders in Hawaii often extend credit to creditworthy customers to address fluctuating cash flow needs of the customer. The maximum of funds a customer is allowed to draw from a line of credit is typically called the credit limit or overdraft limit. The term credit limit is commonly used for credit cards whereas the term overdraft limit is more commonly used for bank accounts.

• SBA 7(a) Loan: 7(a) loans tend to be the most common within the SBA family of loans. With access to up to $5 million in working capital for a term of 25 years, numerous industries find that these types of loans are undoubtedly adequate for their needs. Interest rates tend to be between 7-8% depending on trade and the nature of your Hawaii based business. Most businesses who opt-in for an SBA loan will fall under this 7(a) category.

  Other SBA Options

  SBA Express Loan: Considered the simple way to receive expedited, amortized government-guaranteed financing for your small business in Hawaii. This category of the SBA loan family allows necessary borrowers to receive up to $350,000 in the form of either a term loan or line of credit.

  SBA Microloan: This loan program provides funds up to $50,000 for borrowers to purchase inventory, supplies, or equipment, or to use as working capital loans. This is a great option for businesses run by women, minorities, veterans, low-income, or other underserved groups in Hawaii.

• Merchant Cash Advances (MCA): This funding method was made for Hawaii based businesses whose revenue comes primarily from credit and debit card sales, such as restaurants or retail shops. Borrowers can either receive an upfront lump sum of cash in exchange for a portion of your future credit or debit sales, or you can repay by remitting fixed daily or weekly debits from your bank account with ACH withdrawals.

How to Apply for Craft Brewery Loans in Hawaii: Requirements and Getting Started

If your business has come to the point where funds are needed to generate a greater return of profit, acquiring a small business loan may be the best option.

First Union is here to help.

Submit your business information below to determine if you qualify for any available small business loans in Hawaii. Our Funding Specialists will analyze your qualifications and will reach out to walk you through the next steps.

While each of the available loans have varying qualifications, lenders will typically ask for the following general information:

• Business Operation History
• Business Revenue Statements
• Personal & Business Credit Scores
• Collateral if needed

In the past, loans for Hawaii based businesses within the food services industry were harder to acquire because the industry is viewed as risky. Traditional lenders and banks often involve collaterals and place a strict repayment schedule - stressing out borrowers in need of capital to grow. Online lenders like First Union are providing food truck businesses in Hawaii with the funds needed to grow and become successful.

If you're in Hawaii and have questions in regards to any food truck-related business loans, feel free to give us a call:863-825-5626

Advantages of Utilizing Craft Brewing Business Financing in Hawaii

Depending on the loan you qualify for, there are many benefits in partnering with a lender to gain funds for your business initiatives. The funds from these financing options can be used to solve a variety of issues that can arise within the Hawaii foodservice industry.

It provides the working capital needed to maintain necessary brewing equipment such as Brite tanks, HLT tanks, centrifuges, keg washers, fermentation tanks, and more. Funds are not limited to purchasing and maintaining brewing equipment, it can be used to buy newer ingredients to expand a larger craft beer and food menu.

These funds can be used to enhance your business advertising and onboarding of new employees to better streamline your Hawaii based business. There are nearly 9,000 craft breweries in the United States, creating an effective marketing strategy and niche can set your business apart from others.

Keeping up with adapting technological equipment is also a must. Point of Sale (POS) systems are continuously enhanced to better streamline your business. Stay on top of the latest upgrades to the system by utilizing the necessary funds when needed. Easier processing and easy-to-use systems will leave a positive impact on your customer and staff experiences.

These loans can also be used to expand your business by purchasing land to build another location, purchasing more storage space for inventory, or paying for a larger location. Utilizing out-of-pocket funds can be expensive, look to a lender to finance your initiatives and keep your Hawaii business running.

Choose First Union Lending As Your Premier Lender

At First Union Lending, we have an unwavering belief that small and medium-sized businesses deserve the right to access the capital they need to succeed.

Our goal is to build long-term, lasting relationships by providing business owners in Hawaii with what they need when they need it. We pride ourselves on being educated, knowledgeable, and caring when it comes to how we conduct business. We have voluntarily acquired much of the same licensing required by traditional banks to cement our fiduciary responsibility to our clients and our work culture.

We are here to consult, help you save, and guide you and your business to success.