MANCHESTER, NH – The Manchester Development Corporation announced Jan. 22 that it has recently closed on the first loan from the newly formed Queen City Loan Fund to Ancient Fire Mead & Cider.
Ancient Fire Mead & Cider, owned by Jason and Margot Phelps, plans to open its doors in early 2018 at 8030 South Willow St. Building 1, Unit 7-2 in Manchester. Financing from the Queen City Loan Fund assisted the new business with this goal. Ancient Fire Mead & Cider is a small craft brewer of meads and ciders. The Phelps’ have been brewing at home for more than 15 years, and have won numerous awards for their creations.
“We are very excited to be partnering with MDC and the City of Manchester on our venture to bring mead and cider production to the city,” said Jason and Margot Phelps, founders of Ancient Fire Mead & Cider, in a statement. “The Queen City Loan Fund program will allow us to create an engaging experience, multiple exciting product lines and add to the growth of booming local craft beverage industry. Manchester continues to be world renowned for its manufacturing so we could not think of a better home for Ancient Fire Mead & Cider.”
The Queen City Loan Fund provides up to $75,000 to approved borrowers from its $500,000 in money set aside for advancing economic development.
“Manchester Development Corporation is pleased to have closed on the first Queen City Loan Fund loan with Jason and Margot Phelps of Ancient Fire Mead & Cider,” said David Eaton, Chairman, Manchester Development Corporation. “Manchester Development Corporation has a long history of supporting businesses in Manchester and Ancient Fire Mead & Cider is a welcome addition to the growing Manchester economy. We wish them great success as their business continues to grow.”
Under the direction of the Mayor and Board of Alderman and in concert with the City’s Economic Development Director, the Manchester Development Corporation advocates, supports, and facilitates economic development activities for the City of Manchester, including business relations, retention, attraction and expansion. The Queen City Loan Fund (QCLF) was created to provide new and existing Manchester businesses access to debt capital for growth or expansion and to support and contribute to Manchester’s revitalization through business development and job growth. Learn more about the Queen City Loan Fund here.