According to a 2015 groundbreaking study conducted by Technomic for the National Coffee Association, 76% of American adults drank coffee either at home or at one of the one million foodservice venues in the United States.
The study revealed that the coffee industry has a $225.2 billion economic impact in the U.S., generated $28 billion in taxes with consumers spending $74.2 billion on this beverage.
About 1.6% of the total national gross domestic product (GDP) is derived from coffee-related economic activity and the coffee industry providing well over one and a half million jobs in the economy.
In August 2022, the Rocket Twins, LLC, an affiliate of Sputnik Coffee, purchased a building for its new flagship store. They received a $1,750,00 construction and permanent loan from CCLF. Sputnik, named ‘Best Coffee’ by Timeout Magazine for its market niche, is renovating a dilapidated, 28,000 square foot building that was scheduled for demolition and will expand its coffee bean distribution business, create a café and open an event space in Brighton Park.
Sputnik currently sells high-quality ground coffee and whole beans in 8 oz. and 5 lb. bags online and in the café and operates a take-out only café. Its new location will be more expansive and is expected to staff eight employees and serve companion cuisine.
Sputnik founders started roasting coffee in their homes after dissatisfaction with bland coffee from their office coffeepots but soon discovered their idea of replacing the office coffee with their own specialty brew was cumbersome and expensive. From this idealistic beginning, they journeyed down the java road becoming one of Chicago’s notable roasters. They found a way to produce exceptional quality Arabica bean coffee from Brazil, Columbia and Indonesia at a reasonable cost and gained a loyal following.
“CCLF is inspired by Sputnik’s hard work in creating and growing its coffee roasting business,” stated Wendell Harris, CCLF Vice President of Lending Operations. “This building’s renovation, which will include a sit-down café, allows CCLF to assist in Sputnik’s expansion efforts, creating jobs, removing blighted real estate and providing a highly desired area amenity to the Brighton Park community.” The projected opening is scheduled for October 31, 2023.
