BURLINGTON, VT (BRAIN)—Terry Bicycles has received a $20,000 loan from Burlington’s Community and Economic Development Office, one of several economic development loans the women’s cycling company has received this year.
Liz Robert, Terry’s chief executive officer, said before relocating the company from Rochester, New York to Burlington earlier this year, she went to the state of Vermont to discuss business incentives.
“We went to assure ourselves we would qualify for those incentives,” said Robert. “It would not have been possible to move without the support of the state.”
The latest economic development loan provided by the city of Burlington brings the total amount the company has raised from the city and state to $400,000.
Robert said one loan went to finance Terry’s move from Rochester to Burlington. Another portion of the proceeds went to developing a new brand identity for Terry in partnership with JDK Design. The last wave of funding went to finance systems improvements such as a new web platform and order management system that will allow it to operate more efficiently.
Robert said the company is not seeking any additional funding at this time. “Between this amount of financing, as well as a line of credit, I think we are well positioned to grow for the next several years and finance the rest from working capital,” Robert said.