In the ever-evolving world of small business, securing the right kind of financing can often be the difference between stagnation and growth. This is especially true for small to medium-sized manufacturers who face unique challenges in accessing the capital needed to expand, innovate, or simply continue operations. For many businesses, traditional lenders, like banks, may not always offer the flexibility or solutions required to thrive in a competitive environment.
That’s where The Progress Fund, a Community Development Financial Institution (CDFI), steps in.
At the upcoming Finance Leaders Network meeting on November 1, 2024, Eric Neice, Senior Commercial Loan Officer at The Progress Fund, will provide valuable insights on how manufacturers can take advantage of this unique funding opportunity. The session will focus on unlocking business growth by utilizing The Progress Fund’s flexible lending solutions.
Why The Progress Fund?
Unlike traditional banks, The Progress Fund focuses solely on business loans. As a CDFI, its mission is to support businesses that may not fit the typical lending model of a bank. The Fund doesn’t offer personal loans or take deposits, which allows it to concentrate all of its efforts on providing financing options to businesses that banks might consider too risky.
The flexibility of The Progress Fund means that it often says “yes” after a bank has said “no,” allowing businesses to continue their relationships with their current banks while seeking alternative funding for growth through The Progress Fund. Eric Neice will share examples of how the Fund has helped local manufacturers secure the capital needed to expand, even after being turned down by traditional lenders.
The Hazelwood Brewery Project: A Case Study in Success
One of the most remarkable examples of The Progress Fund’s impact is the Hazelwood Brewery Project. On Lytle Street in Hazelwood, a 20,000-square-foot building—originally home to the Hazelwood Brewing Co. in 1905—has been transformed into the Hazelwood Brewhouse, now home to three breweries: Abstract Realm Brewing Co., New France Brewing Co., and Bonafide Beer Co.
This once-abandoned structure, now listed on the National Register of Historic Places, had stood empty for decades. Under the leadership of David Kahley, CEO of The Progress Fund, renovations began in 2019. The vision for this space was not just to create a place for beer but to create a community hub, offering more than just a gathering spot but also a venue that supports local businesses and fosters collaboration between entrepreneurs.
Each brewery shares a 10-barrel brewing system, with separate service areas that open to a shared beer garden. The rooftop deck offers stunning views of Downtown Pittsburgh, and the shared taproom creates a collaborative atmosphere where all three breweries can offer unique, handcrafted beers to visitors.
Eric Neice will highlight this project as a model of how the Fund supports not just businesses, but communities. The Hazelwood Brewhouse is more than just a brewery; it’s a symbol of what’s possible when business, history, and community come together with the right financial backing.
Preparing for a Loan: What Manufacturers Need to Know
For manufacturers looking to apply for a loan through The Progress Fund, Eric will outline the essential steps in the process. Business owners will learn about the information they need to prepare, including:
● Business Information: Details about the business, its products, leadership team, and
financial history.
● Financial Projections: Startups will need at least three years of projections, while
established businesses should provide tax returns and year-to-date financials.
● Personal Financial Information: Lenders often require a personal financial statement,
credit report, and tax returns to assess personal creditworthiness.
Manufacturers will also gain insights into how to clearly define how loan proceeds will be used, whether for equipment, real estate, or construction projects.
A Meeting You Don’t Want to Miss
For small to medium manufacturers, this session will provide invaluable guidance on how to navigate the world of business lending. By offering flexible loan options and focusing on the unique needs of local businesses, The Progress Fund has proven to be a critical partner for manufacturers looking to grow and succeed.
Join us on November 1, 2024, for an engaging discussion led by Eric Neice, where you can learn more about how The Progress Fund can help unlock your business’s potential.