Udofot Beer and Beverage Co is a family-owned small business located in Richfield, MN. Their product, Udofot Global Premium Lager Beer, has a golden color with light aromas of malt and grain and pairs well with medium to sharp cheeses, steaks, spicy sausages, grilled vegetables, and robust pasta dishes.
Michael Udofot, the founder and owner of the business, immigrated to the U.S. from Nigeria in the 1970’s. Udofot uses his father’s special beer recipe from Nigeria to brew Udofot Global Premium Lager.
Overcoming economic disruption and financing challenges
The business launched in 2019 and was off to a good start, but the pandemic brought unforeseen challenges. Due to these challenges, Udofot was forced to stop production for several months.
When he resumed production, Udofot needed financing to purchase more inventory. He tried going through several lenders but had difficulty obtaining a loan. Eventually, he was referred to CRF and discovered that his business was eligible for a Minnesota Inclusive Growth Fund (MIGF) loan.
MIGF, created by a group of five local mission-driven lenders, is designed to increase access to flexible and affordable capital and small business support services for underbanked businesses across Minnesota that have suffered a direct economic disruption as a result of COVID-19 or civil unrest.
Financing fuels small business growth
In working with CRF, Udofot secured an MIGF loan used for working capital to purchase inventory.
“CRF knows how to help small businesses,” Udofot said. “They work with them, they help them, and they identify what’s needed during the loan process.”
Now, Udofot is focused on expanding his business domestically. He is hard at work making sales trips to distribute Udofot Global Premium Lager Beer, which can be found in stores across Minnesota.