Boston-based Harpoon Brewery has landed a $3.5 million financing package intended for a "major expansion of its brewery and visitor center."

The financing agreement is with Providence, R.I.-based RBS Citizens, and will be used to install new, faster bottling and labeling machinery and to renovate and expand its Boston Seaport District visitor center later this year.

The expansion is intended to allow more extensive tours of the facility along a series of catwalks, as well as a new beer hall that will accommodate a greater number of visitors. Harpoon said about 2,000 people visit the Boston visitor center each week.

Harpoon also operates a facility in Windsor, Vt.

Since 2008, production at the Boston brewery has increased from 60,000 barrels a year to 120,000 barrels 2011, the company said in a statement. The Vermont brewery produces an additional 55,000 barrels a year.

Harpoon uses RBS Citizens for cash management and foreign exchange solutions that allow the company to manage its supply-chain expenses and hedge against international currency fluctuations, the brewery said.

"As we have worked with the Harpoon leadership team for more than twenty years, it has been very exciting to witness the growth of their business and their customer base," said Jerry Sargent, President of RBS Citizens and Citizens Bank in Massachusetts.

Citizens To Finance $3.5M Harpoon Brewery Expansion

by Banker & Tradesman time to read: 1 min
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