SUPPORT FOR SMALL BUSINESS DEVELOPMENT AND EXPANSION
SUPPORT FOR SMALL BUSINESS
DEVELOPMENT AND EXPANSION
For small businesses seeking financial flexibility to manage day-to-day operations, seize growth opportunities, or address unforeseen expenses, MassDevelopment can offer tailored lending solutions (up to $2 million) to help you stay agile and resilient.
MILLBURY-BASED DISTILLERY GETS SHOT OF SUPPORT
The Challenge➔ Spicy Water Distillery, a full-production micro distillery, tasting room, and event space that serves as a key part of downtown Millbury’s historic Armory District, needed funding and financial guidance to support its new product line.
The Solution➔ Middlesex Savings Bank funded an initial $250,000 in startup financing for equipment, inventory, and leasehold improvements, then teamed up with MassDevelopment to help the growing business. We provided a $100,000 loan and a supportive team to consult with, which enabled the business to meet its working capital needs, buy inventory, and expand production.
Economic Impact➔ Our financing solution made it possible for Spicy Water to introduce new products. Its revenues and distribution network continue to grow, and tasting room events and a presence at local farmers markets further enhance a bustling downtown Millbury.