Ditching a high-interest loan for more affordable capital
Homebrewer – San Diego, California
CDC Small Business Finance helped George Thornton out of an online loan to secure more affordable working capital for his business, The Homebrewer.…
A couple years ago, George Thornton took out a small online loan to use as working capital for his San Diego brewery and tasting room, Home Brewing Company, and his adjoining beer-making supply shop, The Homebrewer.
Access to cash was near-instant but repayment came at a hefty price. Already a client of CDC Small Business Finance at that point, the San Diego beer connoisseur was receiving valuable business advising from the leading lender and non-profit. Chuck Sinks, head of its business advising unit, has provided Thornton business guidance over the last four years.
“With Chuck’s advice, we made it a priority to pay it (the online loan) off first,” Thornton said. “Chuck has always been a pretty good mentor for me.”
Over the years, CDC has flexibly paired Thornton with three distinct loan products to meet his immediate and long-term goals.
Most recently, CDC issued Thornton a working-capital loan. The recent proceeds will go toward the installation of an outdoor patio to attract more foot traffic and jumpstart e-commerce sales, among other goals.
