MA: Salem Distillery, Deacon, Opens with Help from MassDevelopment Loan
7 Dec, 2015
MassDevelopment has provided a $150,000 equipment loan to Deacon, a new microdistillery in Salem. The company is using funds for its facility, where co-founders Ian Hunter and Jesse Brenneman are distilling rum and gin using traditional recipes, a modern approach, and local products. Hunter and Brenneman derived the distillery’s name from a character in a temperance tract that dates back to Salem in 1835. MassDevelopment also enhanced the financing with an export guarantee.
“Entrepreneurs are the backbone of the Commonwealth’s innovation economy, and companies like Deacon Giles are meeting high demand for local craft products,” said MassDevelopment President and CEO Marty Jones. “We’re pleased to work with Ian and Jesse to help turn their ideas into reality.”
Deacon Giles Distillery was founded on the desire of two friends and colleagues in the craft industry to revive an historic industry while embracing its modern environment. The company’s spirits are uniquely infused with its founders’ personalities and steeped in history.
"Craft spirits are a new and emerging category that we are excited to be a part of here in Massachusetts. As we built our business, MassDevelopment was in a unique position to understand our business model and we are very excited to have partnered with them for our financing," said Ian Hunter, CEO of Deacon Giles.
MassDevelopment, the state’s finance and development agency, works with businesses, nonprofits, financial institutions, and communities to stimulate economic growth across the Commonwealth. During FY2015, MassDevelopment financed or managed 294 projects generating investment of more than $2.5 billion in the Massachusetts economy. These projects are projected to create about 6,100 jobs and build or rehabilitate about 2,000 residential units.