MI New Economy
Heading into March 2020, Bellaire-based outdoor tourism business, Paddles & Peddles, was in the best financial position it had ever experienced, with revenues up 40% year-over-year. However, as it closed its doors to help stop the spread of the novel coronavirus, the company faced an uncertain future.
Through the Michigan Economic Development Corporation's partnership with Northern Initiatives to offer micro and small business loans to Michigan small businesses, Paddles & Pedals received the critical capital it needed to pay invoices for its inventory, support operating capital expenses and add new fixtures for its retail floor to further prepare for new business opportunities. The loans allowed the company to not only reopen, but position itself for future growth.
"By doing all of this, we are able to break our typical business cycle and be more successful long-term instead of just scraping by," said Patrick Boyd, veteran and co-owner of Paddles & Pedals.