Through my dealings with approximately 30 banks in the DFW metroplex and the SBA, I have come to realize that the SBA is pretty much worthless, and here?s why.
After the realization that an SBA loan was not going to happen we realized we started to rethink the way we planned on raising the money. Now knowing that we could probably raise somewhere in the neighborhood of $150,000 from the bank, and not the $575,000 like the SBA told us, we needed to find the rest of the money from investors. Now, as I have mentioned in a previous blog, we projected needing $720,000. This estimate was extremely pessimistic. It covered a year of getting setup and another year of expenses should we not sell any beer at all.
With the difficulty in raising enough money to cross the threshold into feasibility in Dallas we started to look into ways that we could make the brewery happen in OKC. The problem with going with anything less than a 15 barrel system is you really start to spin your wheels as it becomes very difficult to grow the business organically. You spend all your efforts trying to keep up with brewing and your net cash proceeds aren?t enough to make upgrading to a larger system possible.
With our roots firmly planted in the OKC market and investors on board, we needed to verify that we could receive a loan for the business. As I have already developed a good relationship with MidFirst Bank it was easy for us to approach them with our idea and see if it would be something they were interested in. I got the sense from my many conversations with the bank manager and business manager at a nearby branch that it would be.
Sorry for being a little slow to update the blog. We have been super busy trying to get our permits. There is so much to talk about since our last post, so I?ll try and put everything in the best order I know possible. The biggest news is our move from OKC to Midwest City, so I?ll go into the details surrounding that first. After we filed for our TTB license, which we thought was going to be the hardest one to get, we filed for our license with the Oklahoma Alcohol and Beverage Laws Enforcement Commission, or better known as the ABLE Commission.
FOR IMMEDIATE RELEASE
Oklahoma City, OK. When Roughtail Brewery Co. begins crafting beer in Oklahoma City over the next few months, it will culminate a quest for owners, Blaine Stansel and Tony Tielli, to find good beers and will turn a home-brewing hobby into a profession.