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Jim Koch, Boston Beer Company chairman & founder, on his new program that helps small businesses with micro-loans and coaching.
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Alright brewing the American dream it's a new program to help start and -- small businesses and is the brainchild of Sam Adams Boston Beer founder and brewer Jim cook.
Jim thanks for being -- today first.
Tell us how works will -- and -- the American dream program has two components.
One is micro lending so we make small loans to small businesses businesses that can't get bank loans.
And the other component.
Which is equally important.
Is -- chain and counseling.
And mentoring.
To give sound advice to small businesses so that they can.
Grow their businesses.
And create jobs -- you know when you started Jim Adams Boston -- company 27 years ago.
You could not get a bank loan.
Every bank turned me down and -- you raised from friends and -- And drinking buddies -- promised him free beer for life and that worked sounds like you're good value they've already put out a million dollars in the previous year and you fund at a 150 businesses and it claimed to have saved or created a thousand jobs.
He -- 3000 firm's advice.
What kind of things do these -- has -- need to know well.
Just like when I started Sam Adams I was very passionate about being here came from a brewing family my dad have been improved -- -- -- -- -- -- love -- but.
I really know about the nuts and bolts of businesses things like.
How do you make a sales call.
I mean negotiator real estate -- when you design -- label what should pop out.
I just -- some of the payroll brought all those kinds of things that I learned through trial and error we wanna take so many air out of it for small businesses.
Somebody so -- will feel like we we need to use government money and stimulus to create jobs but it fourteen million unemployed.
We need one point four trillion dollars you put out a million dollars -- thousand jobs as private money better at this than government money well.
You know -- I don't know about government they do things in their -- way they take money from here and they put it over there.
Mayor may not -- good but one of business.
This really needs to do what business is good at is adding value.
So for example.
-- -- second million dollars.
-- philanthropy innocence into this program but it's not just.
Like writing a check in slipping in under the door we're making.
Loans and two businesses and we want the businesses.
To use those loans and be successful and grow.
And create jobs and pay it back OK and are -- payment rate is over 90%.
So that's the difference between government.
And business -- that two million dollar lasting 20000001.
Last just quick answer here.
Is this basically a plot by you to be able to find new micro -- out there who apply for loan -- a -- him.
Now it's actually the exact.
Office and we're actually helping you what you could consider our competitors.
Start their businesses.
Grow their business up and get -- varies into the market but that's -- competition makes us all better Jim cook.
Thank you so much for being with us -- -- I'd -- CF.
