(Hit play on this YouTube video for effect before continuing.)
Wednesday, May 3rd, 2017.
Three years of dogged battling to get this brewery properly planned and fully funded will have brought us to this one day.
This Wednesday, one critical finance partner will send our loan package to their loan committee to decide whether or not to finance our project. We have several finance partners involved with this project and each requires the other’s commitment. That means one piece falling through will cause this entire deal to collapse.
We’ve slogged tirelessly forward for three years, enduring massive life-changing course adjustments–like getting laid off from a lucrative career and resolving to sell our home to move East and follow our dream; like unexpectedly welcoming two new, incredible, beautiful children into our lives; and like losing a couple family members to injuries and illness when we just weren’t ready to say goodbye.
We’ve suffered devastating setbacks–like being denied business loans over two dozen times for not having enough collateral or personal wealth before we were finally approved by a community development lender that saw real potential in our business. Even after we got our preliminary approval, we lost the real estate we had included in the loan package over a questionable parking dispute. That alone set us back four months.
But despite the heartbreak (and to be quite frank… often in spite of it) we’ve also celebrated huge wins. That local community development lender, Business Finance Group, saw the potential in us and worked patiently with us for months as we built a creative deal that will work. We’ve also managed to bring together a group of investors whose expertise has proven invaluable in navigating the challenges of starting up a small business.
We can tell you right now–we are not sleeping well… and it’s not the 2-month old baby screaming for food and cuddles in the dead of night that’s costing us the most sleep. The anticipation of this decision is weighing heavily on us as we try to act calm and carry on for the next three days.
To be clear: If this decision is a no. We’re hanging up our brewer’s paddles and conceding defeat. We can only take so many body blows.
But if this decision is a yes, the fight for funding takes a massive leap towards the finish line. The SBA is still mulling over our application for a working capital loan and we’re in the process of onboarding a conventional partner to join the capital equipment financing side. But these pieces can’t fall into place without this huge decision coming on Wednesday, and a yes vote will only help to strengthen our position in these approvals as we finalize our financing and move towards construction.
So here we are: The Final Countdown. The loan applications are out and our brewery’s fate has been passed into the hands of the lenders who are considering joining this crazy, beautiful ride.
Check back later this week to see what will become of True Respite Brewing Company.
Brendan & Bailey