Today we closed on our $2.25 million loan package with Banco Popular funding our building acquisition, construction and equipment. After two years of soliciting investors and pitching banks, this is the last financing hurdle to clear. All contractor and sub-contractor bids are in and I expect work to start as soon as next week.
I first made contact with Banco Popular a year ago this week at a Christmas party in Oak Park of all places. After being rejected by 12 other banks, I was in a pretty dour mood, but my former co-worker Paul Levin at the Logan Square Chamber of Commerce dragged me out to this party with the promise of meeting some higher ups at Banco. I got to shake the regional bank president's hand and more importantly, met Nelson, an in-your-face business banker who took a liking to our project. He fought hard to overturn the initial rejection of our loan and to get approval from their board of directors. Our funding roller coaster had a few more ups and down and today that ride thankfully came to an end.
What's Next
Construction is by far our biggest task ahead. We'll be starting with interior demolition of the old plaster walls and cutting the big hole in the floor for the two-story fermentation cellar. The big hole will enable easy access to the basement for all the concrete excavation ahead. In addition to all the new drain pipe, we are digging down a couple feet for a walk-in cooler for the six 8-foot tall serving tanks that will feed the bar. We're also carving a trash enclosure out of the rear wall of the building early on, though that may need to wait for decent weather.
Our application for a city liquor license was formally received by the city last week and we've submitted our federal application for a brewer's notice to the Tax and Trade Bureau (formerly the BATF). We won't get our city license until our construction passes final inspection, but we had to apply to get the building permit approved. Partner Nunzio Pizza and I went and got fingerprinted this morning at City Hall as part of the background check done on owners of liquor licenses. When I was printed for the Handlebar, we had to go to the west-side lock-up at the Area 4 Harrison Police Station, but now it is all digital and they take care of it downtown. Quick and painless, but not nearly as interesting an experience this around.
And finally, now that we have cash on hand we can shop for the few pieces of brewery equipment we still need and other toys. If you are reading this Santa, I would like a 48-volt, 4000# capacity sit-down electric forklift with a triple-stage see-thru mast and side-shift. Color is not important, but red would go nicely with the drapes.
Happy Holidays,
Josh Deth
