Bicycle entrepreneur Avery Pack of Dania Beach was looking to consolidate his two very successful companies – Citizen Bike and Republic Bike – into one facility that would accommodate the manufacturing, distribution and retailing of an extremely flexible and customizable line of made to order bicycles.
A top priority for Pack was obtaining the best possible financing terms for the straight acquisition real estate project with the least out-of-pocket expenses. Working with Florida First Capital on the $2.6 million deal, Pack obtained a 504 loan for the purchase of a 40,568 square foot facility with only a 10% down payment.
“This is the type of project that showcases the diversity of small manufacturing businesses in South Florida and is a perfect fit for the 504 loan program,” said Vincent “Vinny” Muratore, Regional Marketing Director and Vice President for Florida First Capital. “The 504 program allowed Mr. Pack to make a sizable investment in his business with a verylow down payment, which insured sufficient working capital can be kept in reserve to meet the needs of his growing business.”
Republic Bike manufactures custom bikes which are primarily sold through the internet. On the company’s website, customers can design their bicycles any way they like, all at affordable prices. Citizen Bike manufactures and sells portable folding bikes and accessories also through the internet.
When they’re not busy assembling custom bikes, the two companies are outfitting their corporate friends with handsome transportation as well. They extend their “built by us and you” designs to certain corporate customers needing something as unique as they are. Some of the big corporations they supply bikes to include Google, CB2, Guess, Urban Outfitters, Coca-Cola, Nike and Nestle.
Republic Bike and Citizen Bike have also been nationally recognized by Bicycling Magazine, Men’s Health Magazine, Time, The New York Times, The Wall Street Journal, Newsweek, Elle, Condé Nast Traveler, Vogue, Business Week and Seventeen Magazine as well as featured on the TV shows NBC’s Today, ABC’s The View, Live with Regis and Kelly and Fox News, to name a few.
Check out Republic Bike at www.republicbike.com and Citizen Bike at www.citizenbike.com.
For more information about SBA 504 loans in Florida, contact a Florida First Capital Loan Officer here.