OCEAN CITY – The popular Hoop Tea brand will expand thanks to a $250,000 VOLT loan.
State and local officials presented a check for $250,000 to Danny Robinson of Backshore Brewing to aid in the expanded distribution of Hoop Tea. The alcoholic drink, “summer in a jar” as Robinson calls it, will make its way to neighboring states now that the company has the money to expand the product line.
“These VOLT loans are critically important to support small business,” Senator Jim Mathias said as he helped present the check.
VOLT loans, made possible by the revenue generated by the video lottery terminals at Maryland casinos, are offered to small, minority- and women-owned businesses as low interest loans. To qualify, companies must employ fewer than 500 people and have annual revenues that average $35 million or less over three years. Past recipients have included Smart Graphics Design in Pocomoke and Plak That in West Ocean City.