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5B
NEWPORT NEWS REDEVELOPMENT AND HOUSING AUTHORITY
MEMORANDUM
DATE: April 21, 2026
TO: All Members, Board of Commissioners
FROM: Lysandra M. Shaw, Executive Director SNK
SUBJECT: Tradition Brewing Company — Loan Extension Request
Tradition Brewing Company is requesting approval of a structured repayment plan and
an extension of its existing Newport News Urban Development Action Grant (NNUDAG)
loan agreement. This represents the sixth workout request since August 2018, all of which
were previously approved by the NNRHA Board.
In Tradition Brewing Company’s modification request to the City of Newport News on
January 12, 2026, the following modification was requested:
e Authorization to make three consecutive double payments of $5,288.48 in March,
April, and May 2026 to cure the remaining delinquency, with suspension of late
fees during the catch-up period.
e Beginning June 2026, resumption of regular monthly payments of $2,644.24 at the
existing 3 percent interest rate until the loan is fully amortized, thereby avoiding a
balloon payment at maturity.
e Removal of personal guarantees for individuals who have exited ownership during
the extension period.
The current request is attributable to industry-wide challenges, including a sustained
downturn in alcohol consumption and increased competition within distribution channels.
Despite these headwinds, Tradition achieved profitability in both 2024 and 2025 through
disciplined cost controls and expanded event programming. The company has also
demonstrated meaningful remediation efforts, reducing its past-due balance from
$21,471.72 in January 2024 to $13,221.20 in January 2025, and further to $7,932.72 as
of February 2026. Currently, the borrower is current on loan payments.Jump to an indexed page (195 of 195)