May 23, 2016
Philly Homebrew Outlet, the Fishtown-based purveyor of all things for the in-home brewmaster and ringleaders of the homebrew enthusiast community, recently refinanced with PIDC to support the expansion of their business. Owners Jimmy McMillian and Nick Less established the Philly Homebrew Outlet on North American Street in 2011 and they have been growing ever since. In 2015 with assistance from an InStore Forgivable Loan from the City of Philadelphia, Philly Homebrew opened a second location on the Woodland Avenue Neighborhood commercial corridor in the University City area.
Philly Homebrew offers a full line of “Do It Yourself’ brewing and wine making equipment, related ingredients, and accessories to the general public for home brewing, including fermenting vessels, transferring accessories, bottles, corks, caps, grains, malt extracts, hops, yeasts, wine juice kits, and other traditional home brewing supplies. Philly Homebrew’s products and technical advice are offered to a wide range of customers from novices to professional brewers and bar owners. Philly Homebrew Outlet also serves as the home of the Philadelphia Homebrew Club, the largest collective community of homebrewers and craft beer enthusiasts in the Philadelphia region, with a membership exceeding 140 participants. Hosting cookouts, tastings, contests, and networking events, the company’s contribution to the active Philadelphia brewery scene is impressive.
Jimmy and Nick took on some higher interest debt when they acquired the business in 2011. Last month, the team was able to refinance that debt with a working capital loan from PIDC that has allowed them to pay off their outstanding higher interest balance and get additional working capital to support their continued expansion. We look forward to their continued growth and can’t wait to see (and taste) what they do next.