What was once seen as a blighted building on the outskirts of downtown Greensboro in desperate need of repair blossomed into a beloved brewery and event venue under new ownership.
A few years later, Oconee Brewing Company is facing foreclosure after a recent filing, with the bank holding the loans. This news surprised many who enjoyed the brewery’s rotating beer selection and unique venue for concerts, special events, and more.
Housed in part of an old cotton mill from the early 1900s, Oconee Brewing became a beacon of economic development in a small Southern town with a rich history. Oozing with charm and ambiance, the building underwent a transformation and renaissance, making it a signature designation for residents and those visiting the lake area.
The brewery's planning commenced in 2014, and construction was completed in 2016-17. At the time, the City of Greensboro was welcoming development in areas once considered slums in the making.
Through ingenuity, creative financing of city-sponsored economic development loans, and private investment, Oconee Brewing Company made its first batch of home brew for public purchase and consumption in 2017 at the old Chero Cola bottling facility.
Nathan McGarity of Newnan is one of two principal partners who own and operate the brewery.
“Greensboro is a hot market and continues to be,” he said. “When scouting for a location, the city would obviously support a brewery and possible event venue. We saw this as a center for the community where a hometown brand would flourish.”
“The brewery was built on a dream of revitalization development,” McGarity continued. “In seven years, the old mill and bottling facility became a community gathering place we are especially proud of.”
According to McGarity, the trouble exists with the senior loan, which originally had a six-percent interest rate. The interest has grown and is now almost double the initial rate. The loan balance remains at over $1.1 million in a competitive and expensive market.
A schedule of initial loans was tied to both the business and property. The schedule included a small business loan of $1,178,504 with a current balance of $1.385 million; a City of Greensboro redevelopment loan of $470,000 with a balance of $408,688; and a $241,618 loan from Georgia Cities Foundation with a balance of $191,461.
Taylor Lamm is the other owner and lives locally with his family. He has run the brewery with McGarity for nearly eight years and has helped evolve the use of the 3,600 sq. ft. building as an event venue. Numerous concerts, receptions, and private and public events have used the building throughout the years, and bookings remain steady.
A recent social media post from Lamm explained, in part, that the brewery investment for the building alone was over $1 million. Equipment purchases included special brewing tanks and assorted machinery, as well as extensive rehab and retrofit to enable extensive piping throughout the facility. The brewery was designed with enough equipment for beer production throughout Georgia and beyond state lines.
According to Lamm, “Oconee Brewing is an excellent brand with a terrible interest rate.”
A GoFundMe page titled “Save Oconee Brewing: Support Our Community Hub” has been started with the hopes of helping secure the $1.2 million, which would pay off the majority of loans and cover additional funding needed for the brewery. As of press time, the page has raised over $10,000.
Oconee Brewing also hopes to attract private investment. McGarity confirmed that a group of private investors met at the brewery on Tuesday evening.