UNITED STATES

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549



FORM 8-K


CURRENT REPORT


Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934



Date of Report (Date of earliest event reported):     April 28, 2009



Golden West Brewing Company, Inc.
(Exact Name of Registrant as Specified in its Charter)



       Delaware       

       _000-51808         

    90-0158978    

(State or other jurisdiction
of incorporation)

Commission File
Number

(I.R.S. Employer Identification number)



945 West 2nd Street Chico, California  95928
(Address of principal executive offices)                    (Zip Code)


Registrant's telephone number, including area code:   (530) 894-7906


______________________________________________________

(Former name or former address, if changed since last report)



___

Written communications pursuant to Rule 425 under the Securities Act

___

Soliciting material pursuant to Rule 14a-12 under the Exchange Act

___

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act

___

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act








ITEM 2.03

CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBGLIATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT


        On April 28, 2009, Butte Creek Brands, LLC, a Delaware limited liability company “Butte Creek”) a wholly-owned subsidiary of Golden West Brewing Company, a California corporation, (“GWBCA”), itself  a wholly-owned subsidiary of Golden West Brewing Company, Inc., a Delaware corporation (the “Company”) entered into two loans, each evidenced by a Promissory Note (the “Notes”) pursuant to which Butte Creek borrowed from each of Clifford L. Neuman and John C. Power the principal amount of $24,000.  The Notes are due and payable July 31, 2009.  Each Note is secured by a Security Agreement covering GWBCA’s accounts receivable and the filing of a Uniform Commercial Code financing statement.  The Note in favor of Mr. Neuman is further secured by a personal guaranty of John C. Power.  


       Additionally, on April 28, 2009, Butte Creek executed an Agreement with GWBCA pursuant to which Butte Creek will extend advances as a factor to GWBCA and GWBCA will assign to Butte Creek, as collateral for repayment of the advances, all accounts receivable of GWBCA.  Repayment of the advances is secured by a Promissory Note dated April 28, 2009 in the original principal amount of $48,000 and Security Agreement covering Butte Creek’s accounts receivable and the filing of a Uniform Commercial Code financing statement.


ITEM 9.01:     FINANCIAL STATEMENTS AND EXHIBITS


 

(c)

Exhibit

    
 

Item

Title

   
 

99.1

Promissory Note dated April 28, 2009 in favor of Clifford Neuman

 

99.2

Security Agreement dated April 28, 2009 in favor of Clifford Neuman

 

99.3

Guaranty of John C. Power dated April 28, 2009 in favor of Clifford Neuman

 

99.4

Promissory Note dated April 28, 2009 in favor of John C. Power

 

99.5

Security Agreement dated April 28, 2009 in favor of John C. Power

 

99.6

Promissory Note dated April 28, 2009 in favor of Butte Creek Brands, LLC

 

99.7

Security Agreement dated April 28, 2009 in favor of Butte Creek Brands, LLC

 

99.8

Factoring Agreement dated April 28, 2009






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SIGNATURES


       Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



 

Golden West Brewing Company, Inc.

  

Date:  May 5, 2009 


By:  __/s/ John C. Power_______

 

John C. Power, CEO and Director





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