“As Kim and I sat in the Bike Dojo after the grand opening party celebrating the evening and being thankful for everyone that helped us get the business going, we came up with a list of 10 people who without them, Bike Dojo would not exist… the SBDC was at the top of that list.”
Lifelong Cycling Passion Fuels New Gym
Robert Mylls had been teaching his family and friends about bike fundamentals since 2009, and saw a need in the community to provide training and personalized guidance for bike riders of all skill levels.
He visualized a cycling gym and membership community that would offer classes and secure bicycle parking for commuters in downtown Santa Cruz. Mylls called the SBDC in the spring of 2010 and met with an SBDC Business Advisor to develop his business plan, find a location, and obtain financing for the new business.
Robert had a challenge with funding requirements at the Santa Cruz local banks, and three banks were unable to fund his start-up. The location also was difficult to find because it needed to be affordable, provide bike parking and class space, and located in the downtown area. The SBDC reviewed multiple location lease options with Mylls, as well as suggesting the Monterey County Bank for his 7(a )SBA-guaranteed loan as a final funding option.
The SBDC assisted Mylls in developing the business plan for the business concept over several sessions, and reviewed 5 different options for the business location. He also provided feedback in the negotiations to complete the final lease contract. Lastly, the loan applications were completed for 4 banks to fund the startup. The grand opening was in February 2011.
The SBA loan application was completed and accepted by Monterey County Bank, and it was approved for $155,000 in December. The licensing and lease agreement were also completed. 2 full-time jobs were created, and 10 part-time instructors were hired for the grand opening in 2011.