Spot Bicycles

Denver,
CO
(2017)

Spot Bicycles

Business Development, Manufacturing

Working capital to enable a business to purchase new inventory in support of the launch of their newest bike model, hire an additional engineer, and purchase new machinery to support Research and Development to assist in the creation of two new bike prototypes.

Investment

NMTC Amount: $600,000
Total Project Cost: $600,000

IMPACT

6 FTE jobs

CDEs

Greenline Ventures

Investor

Wells Fargo

Project Description

Family owned/operated bicycle manufacturer: heborrowerutilizedthe SBCF’s loanproceedsfor workingcapitalto enablethebusinesstopurchasenew inventory insupport of the launch of their newest bike model, hire an additional engineer, and purchase new machinery to support R&Dto assist in the creation of two new bike prototypes. Spot also used loan proceeds to pay off maturing senior debt. The loanwill provide the borrower with sufficient capital for the business to continue its growth path, paving the way for sustainable cash flow to ultimately enable low‐cost bank financing. The terms of the Greenline loan allowed the sponsors to eliminate apledge/security interest in their personal residences as well as personal guarantees from one of the founders of the company.

MAP

Address: 171 South Van Gordon Street #171, Denver, CO 80228

Census Tract: 8059011733

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