Wednesday, January 14, 2009

Another Bank Street Brewhouse status report: Bank deal is in place.

I want to post every day, and I intend to post every day. It has been difficult to do lately.

The brief Bank Street Brewhouse update: The cash from our minority/silent investor is in hand, and we've signed a “commitment letter” with the bank. There was a time when the pen would have scalded my skin at the touch. Those days are gone, and it's almost looking like this might have to pass for a career. It's strange the way that works.

Seriously, folks, when it comes to financing your dream, it’s a long, long while from May to December, but the days grow short when you reach September … and then you play the waiting game even longer, until January, so that at long last, you know the final outcome.

Anyway, the commitment letter outlines the terms of the loan from the bank, which are now locked down awaiting the final closing on a deal that comes in three parts: Existing Grant Line building refinance, institutional conduit for a Small Business Administration 504 loan for the brewing equipment, and a handy line of credit.

Yes, finally I feel like breathing again.

Of course, the closing depends on an appraisal and formal SBA approval, neither of which we expect to be problematic.

The team is in place: John, Jesse, Jared, Kelsey (Jared's significant other and our bar/house front manager), Chef Josh, Gregg and the Publican. It’s tantalizingly close to fruition, with the bar and cafe scheduled for a February ? opening, but as superannuated relics like me can tell you, sometimes promises aren’t kept, so it’s best to remain cynical until the bitter end.

But, really, I suppose I’m now as optimistic as I’ll ever be, at least until the doors actually open for business. The brewing system will arrive a few months from now, and distribution can then begin in earnest. Until then, you're going to be amazed at what you eat, drink and see. When there's time, I'll tell you more.

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