Citizens Financial Group, parent of Citizens Bank, said its commercial division has completed a $3.5 million loan to Harpoon Brewery to fund expansion of its brewery in Boston’s Seaport District.
Harpoon aims to install bottling and labeling machinery that will run at higher speeds than its current equipment, said RBS Citizens, a division of Providence-based Citizens Financial Group.
The brewery’s production in Boston increased from 60,000 barrels a year in 2008 to 120,000 barrels in 2011. An additional 55,000 barrels a year are produced in Vermont.
RBS Citizens said the financing will also allow Harpoon to renovate and expand the visitor center at its Boston facility, including construction of a new beer hall.
Just over 2,000 people a week visit the Boston brewery, Harpoon said.