April 27, 2020
PIDC client, New Liberty Distillery, has joined forces with members of the Pennsylvania Distillers Guild, health departments, plastic suppliers, financial donors, and other entities to create and distribute at least 1.3 million bottles of sanitizer to the hands of front-line workers across Pennsylvania in a steady supply over the next few weeks. With intent to address the nationwide shortage, founder of New Liberty Distillery and president of the Pennsylvania Distillers Guild, Rob Cassell, and his colleagues took immediate action to fill the void by creating sanitizer using the World Health Organization’s formula of ethanol, glycerin, and hydrogen peroxide bottled in 4-oz. containers.
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The Commonwealth of Pennsylvania stepped in to support the effort contracting the purchase of the sanitizer, agreeing to purchase 100,000 units from the Pennsylvania Distillers Guild as soon as it could be manufactured. However, the Pennsylvania Distillers Guild required funds upfront to purchase supplies for production, so the Pennsylvania Distillers Guild approached PIDC to request bridge financing for immediate approval, due to the urgent need. PIDC was able to structure the loan on an emergency basis with disbursements to be made directly to the suppliers. With funding from private investors and working capital funding from PIDC, the project has produced shipments which have already gone out to front-line workers who truly need it.
“As we work to create a robust supply chain to provide Pennsylvanians with critical medical equipment and supplies, we applaud the distilleries across the commonwealth that have stepped up to help meet those needs through innovation and commitment to their community,” said Department of Community and Economic Development Secretary Dennis Davin. “The extra help to the commonwealth from the PA Distillers Guild is greatly appreciated and we are happy to be a part of such a great partnership as we work to support all Pennsylvanians in the battle against COVID-19.”
Source: Billy Penn
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The Contract Line of Credit Loan provides support to small, minority, women, and disabled-owned businesses that need a line of credit to fund contract-related working capital.