The state’s economic development finance agency says one of its loans will help establish the first brewery and taproom in Middleborough, although it won’t disclose the specific terms of the loan.
MassDevelopment announced Thursday that its $276,250 equipment loan to Harper Lane Brewery will help the limited liability company overseeing it to buy a canning line, kegs, a keg washer, tanks, refrigeration and wall-mounted heating, ventilation, and air conditioning units.
“Small businesses are the heart of Massachusetts’s downtowns and commercial districts,” said the state’s secretary of economic development, Yvonne Hao, who serves as chairman of MassDevelopment’s board, in a written statement. “MassDevelopment’s low-cost financing tools provide these businesses with the capital necessary to buy equipment or invest in real estate, spurring new jobs, economic activity, and positive growth for cities and towns across the state.”
Harper Lane Brewery on Wareham Street in Middleborough will also feature an outdoor beer garden, MassDevelopment said, and the taproom is expected to open this summer. The brewery was established in 2018 by Michael Pasalacqua, who leases space as a tenant brewery at Independent Fermentations Brewing Company.
MassDevelopment, which provides tax-exempt bonds, loans, and guarantees for companies, says it has helped many breweries, including Artifact Cider, Brockton Beer Company, Great Marsh Brewing Company, Idle Hands Craft Ales, Naukabout Beer Company, Newburyport Brewing Company, Night Shift Brewing, Notch Brewing, RiverWalk Brewing Company, and Tree House Brewing Company. An agency spokesman said the interest rate and length of the loan are confidential.
Spokesman Matthew Mogavero said MassDevelopment’s equipment loan program “fills gaps in traditional private-sector financing to help companies that are expanding operations and need to purchase equipment.” The agency provides equipment loans to “a range of business types,” he said, including manufacturers, health care and educational nonprofits, retailers, and breweries.
The equipment loan program features loans or bank loan participations from $100,000 to $3 million, fixed rate financing, and loan terms up to seven years.
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