Webster Bank Secures $7 Million Financing for Brewing Facility in Rhode Island

PAWTUCKET, R.I. — Webster Bank has secured a $7.2 million portfolio financing deal for Isle Brewers Guild, a craft beer cooperative in Pawtucket co-founded by Devin Kelly and Jeremy Duffy. The Guild is designed to deliver additional capacity, efficiency and control to local brewers. Webster Bank provided $4 million of financing to the Rhode Island Industrial Facilities Corp. in conjunction with a guarantee from the Rhode Island Industrial Recreational Building Authority by purchasing two bonds: one 25-year series and real estate for about $1.4 million plus a 15-year series of $2.6 million for machinery and equipment to establish a brewing operation. Webster also provided $3.1 million under the U. S. Small Business Administration’s 504 program. This portion of the financing consists of $2.8 million of bridge financing and a $350,000 working capital line of credit. Anthony Capuano Jr. of Webster Bank led the transaction.