Wiseacre cuts ribbon on taproom, economic development loans

Source: The Commercial Appeal, Memphis, Tenn.自存倉Aug. 28--With its intentional orientation toward a railroad, concrete silos and an expressway overpass, Wiseacre Brewery brings Binghampton's "industrial cool" to the Memphis micro-brewery scene when it opens its taproom at 4 p.m. Friday.But as the first recipient of a Community LIFT business loan, the new beer maker at 2783 Broad also represents the grand opening of a new effort to bring economic vitality to Binghampton, Frayser and upper South Memphis."Tomorrow represents the culmination of all this work going on over the last 18 months," Eric Robertson, president of Community Lift, said of a ribbon-cutting ceremony Wednesday to open Wiseacre.Community Lift is to the economically distressed neighborhoods of Binghampton, Frayser and upper South Memphis what the Downtown Memphis Commission is to Downtown. The nonprofit pulls together economic development tools -- including business loans, tax incentives, grants, planning consultation and other services -- to spur economic development in the neighborhoods.About 16 months ago, Mayor AC Wharton Jr. hosted bank presidents at his office to invite them to provide seed money for Community Lift's first revolving business loan fund. About eight banks responded and pooled $500,000.Wiseacre was loaned an undisclosed portion of that pool to support its $1.7 million project. The brewery will repay Community Lift's financing arm, River City Capital Investment Corp., which will repay the banks.The fund becomes a revolving loan fund, with a goal of growing to $5 million within three years, Robertson said.The banks build relationships with potential new customers as the businesses mature. They also receive Community Reinvestment Act credits, showing they are investing in distressed communities."This was the first loan we made," Robertson said of Wiseacre. "Now we want to celebrate this and let Memphis knew we are open 迷你倉新蒲崗or business. If you are small business in Frayser, Binghampton or upper South Memphis including the Vance and Soulsville areas, these are the areas we are lending in."Kellan and Davin Bartosch are opening Wiseacre, a 13,000-square-foot building that is part brewery, part taproom. The brothers' loan from Community Lift was important for two reasons, Kellan said Tuesday."It's pretty expensive to get this going and that was certainly great find partnering with them," he said. "The other part that was so important to us is that they care about the city of Memphis," he said of Community Lift."We care about the city of Memphis. They care about this neighborhood. Binghampton is one of the coolest stories in Memphis," Bartosch said. "People that are really pouring into this area, it's really fun to see. Also, Broad is such a cool story for Memphis. Just the self-starting mentality, grassroots. People painting bike lanes themselves."Depending on how business goes, in five years Wiseacre could employ from five to 30 people, Kellan Bartosch estimated.Community Lift and River City Capital have plenty more money to lend other businesses, Robertson said."The idea is that the half-million is just seed money," Robertson said. "We're trying to get that money out the door as soon as possible so we can prove there's demand within these communities."Out the front door of Wiseacre, the view is more interesting than conventionally pretty.Inside, the decor might be described as "neo-beer barn," Bartosch said.Outside, it's an industrial vista. The brothers turned the brewery's back to Broad. The front, with its expansive wood patio, faces two concrete silos, the Sam Cooper underpass and a railroad."We love the silos out back," Bartosch said.Copyright: ___ (c)2013 The Commercial Appeal (Memphis, Tenn.) Visit The Commercial Appeal (Memphis, Tenn.) at .commercialappeal.com Distributed by MCT Information Services迷你倉出租