Mike’s Bikes, which bills itself as the largest independent bike dealer in the country, has secured a multi-million-dollar credit facility that will enable it to continue expanding.
The retailer secured a credit facility from Business Capital (BizCap) that will provide additional operating capital needed to achieve its strategic plan, which calls for continued expansion over the next three years.
Founded in 1964 as one of Marin County's very first Schwinn shops, Mike's Bikes now sells bikes from 11 locations in the San Francisco Bay Area, including three Specialized concept stores, as well as mikesbikes.com. Its stores also carry the Lapierre and Raleigh brands from Accell North America and Santa Cruz bikes.
Last year, the company relocated its headquarters and distribution operations from San Rafael to a larger building in Novato to better support its stores and their customers. In addition to sponsoring both men's and women's bicycling teams, the company pledges 10 percent of its profits to the Mike's Bikes Foundation, a registered 501(c)(3) non-profit, dedicated to sending bicycles to Africa.
Based in Westport, CT with offices in San Francisco, BizCap specializes in recapitalizing both rapidly growing and struggling small and middle-market companies that require debt restructuring to achieve their goals.
