The following is a news release:
The NH Community Development Finance Authority (CDFA) has approved a Community Development Block Grant award of $500,000 to help a local brewery double its operational capacity and create 25 new jobs. The award is made to Rockingham County on behalf of the Coastal Economic Development Corporation. CEDC will then loan the capital to the Smuttynose Brewing Company so they may move production to a larger, state-of-the-art facility in Hampton.
“There are few New Hampshire brands with higher name-recognition than Smuttynose. CDFA is proud to be the final piece in the company’s financial package that will create a wonderful economic benefit for the Seacoast,” said Kevin Flynn, CDFA Communications Director. “This project will result in 25 new permanent jobs, with good pay and benefits. At least 18 of those positions will be available to low-to-moderate income residents.”
Smuttynose Brewing is moving operations from Portsmouth to a $16 million campus on Hampton’s Towle Farm Road. The new location will feature a 42,000 square foot production facility for onsite brewing and bottling, as well as a 95 seat restaurant. The project includes many conservation measures, including preserving and repurposing two historic buildings on the property, a high-efficiency waste treatment system, and other energy efficiency measures. The new building is in line to be LEED Gold certified.
The company purchased the land in 2008, but pressures on lenders after the economic downfall made financing the construction of the project challenging. Smuttynose Brewing has secured financing for the construction of the new facility; this CDBG award will be used to help purchase necessary equipment, including three new brew tanks. Once Smuttynose Brewing pays the loan back to CEDC, the money will go into a revolving loan pool for future economic development efforts. The grant requires final confirmation from the Executive Council.
“Financing projects of this magnitude are very complex and often require a lot of partners. For nearly 40 years, the Community Development Block Grant program has provided that gap financing to support keystone economic projects that create new jobs,” said Flynn.
The CDBG program funds provide housing and create jobs primarily for low- and moderate-income people. Funds are provided to the state of New Hampshire by the US Department of Housing and Urban Development, and administered by CDFA. Each project is evaluated on several criteria, including impact on low- and moderate-income residents and the acquisition of matching funding.