October 21, 2015
The Grow Olympia Fund’s First Borrower Re-Opens Their Expanded Downtown Location
Olympia, WA –On Thursday, October 22nd from noon to 1 pm, Olympia Coffee Roasting Company will host a grand re-opening of their newly expanded flagship location, located at the corner Cherry Street and 4th Avenue in Downtown Olympia. The company now occupies the neighboring building located on 4th Avenue, directly across the street from Olympia City Hall. The event celebrates their expanded facility and will feature samples of their award winning coffee along with free cake.
Olympia Coffee Roasting Company is an award winning, boutique coffee roaster that sources and roasts coffee in small batches. With three locations in Olympia, the expansion of the Cherry Street location provides increased space for the roasting and production facility. The facility includes a brand new roasting works anchored by a refurbished 23-kilo Gothot roaster from Germany along with training, cupping, and quality control lab facilities and offices for Olympia Coffee’s growing team.
“We are excited to invite folks to come see our newly expanded Olympia Coffee Roasters.” Said Oliver Stormshak, co-owner of Olympia Coffee Roasting, “We want to thank the Grow Olympia Fund for our loan that helped to make our dream a reality by expanding our facility and meeting the growing demand for our coffee while continuing to support our company mission of improving the quality of life for our coffee farmers, staff and customers.”
The owners, Oliver Stormshak and Sam Schroeder, received a loan in the amount of $320,000 from the Grow Olympia Fund to pay for tenant improvements and equipment. This is the first loan to close from the newly created loan fund, a partnership between the City of Olympia and the National Development Council’s Grow America Fund that provides lower cost financing to small businesses in Olympia, helping local businesses grow and create jobs.
“Working with local business entrepreneurs to expand and strengthen their operation is one of the priorities of the Grow Olympia Fund.” Said Olympia’s Mayor Stephen Buxbaum, “Our downtown strategy includes helping retail enterprises in our downtown to succeed. What the Olympia Coffee Roasters have been able to accomplish serves as a great example of what can happen when we partner with a local small business.”
“Congratulations are deserved to all involved,” said John Palyo, President of NDC Grow America Fund, “We are thrilled when one of our businesses is able to use our fund to achieve its full potential. Olympia Coffee Roasting Company has a bright future and we are honored to have played a part in helping them achieve their goals.”
Eleven new jobs are expected to be created as a product of Olympia Coffee Roasting Company’s expansion. As part of the City’s goals for economic development, the Grow Olympia Fund offers tangible support to local small businesses. It also coincides with the first few months of the City’s newly hired Economic Development Coordinator, who sees the Grow Olympia fund as a key tool in the City’s economic toolkit.
“The Grow Olympia Fund and its investment in Olympia Coffee Roasting Company is an example of the City’s commitment to Economic Development. This is exactly the kind of business we want to help grow in Olympia; a local business that is deepening their roots in our community”, said Renee Sunde, Economic Development Director.
About the City of Olympia’s Grow Olympia Fund
The Grow Olympia fund is part the Olympia City Council’s continuing efforts to support small business. The loan fund is managed by NDC Grow America Fund and a portion of the City of Olympia’s Community Development Block Grant (CDBG) funds are used to pay for the management of the fund. The actual loan monies come from the Grow America Fund (GAF) and are backed by the federal Small Business Administration. Businesses that receive a Grow Olympia Fund Loan can buy machinery or equipment, make improvements to leased space, refinance an existing loan or buy property.
About National Development Council and NDC Grow America Fund
Founded in 1969, the National Development Council (NDC) is a national non-profit organization that has evolved into one of the most progressive and innovative community and economic development organizations in the country. NDC’s Grow America Fund (GAF) is a Community Development Finance Institution (CDFI) licensed under US SBA preferred lenders program (PLP). GAF focuses on providing flexible and patient expansion loans to existing small businesses, manufacturers and distributors
About Olympia Coffee Roasting Company
Olympia Coffee Roasting was founded in 2005 and sold five years later to Oliver Stormshak and Sam Schroeder in 2010. While both owners gained their initial experience in other coffee shops, they have taken coffee roasting to new levels. In the past five years they have built up their business by investing in the quality of their coffee, increasing their staff to 30 people and expanding their business by over 100%. The Grow Olympia Fund monies will help them to triple the foot print in their flagship location downtown at Cherry and 4th Avenue by offering an expanded café, barista training center and storefront for wholesale activity. For more information, please visit: www.olympiacoffee.com