Local Emergency Loan Sparks Bike Boom

THE SKI BARN LOST NEARLY A 150 THOUSAND DOLLARS WHEN THE SKI SEASON ABRUPTLY ENDED IN MARCH. BUT NOW, BUSINESS IS BOOMING AT THE BIKE AND SKI SHOP ON NORTH MAIN AVENUE IN DURANGO. YOU'RE WATCHING THE LOCAL NEWS NETWORK, BROUGHT TO YOU BY ALPENGLOW PROPERTIES. I'M WENDY GRAHAM SETTLE. WHEN COLORADO GOVERNOR JARED POLIS SHUT DOWN SKI RESORTS AT THE BEGINNING OF MARCH, SKI BARN OWNER BILL BROWN WAS FORCED TO REFUND MORE THAN 85 THOUSAND DOLLARS IN SPRING-BREAK DEPOSITS PLUS PAY THE WINTER'S BILLS THAT HE NORMALLY WOULD HAVE PAID WITH SPRING-BREAK REVENUES. THAT'S WHEN HE TURNED TO THE REGION 9 ECONOMIC DEVELOPMENT DISTRICT FOR AN EMERGENCY LOAN. IT ENABLED HIM TO MAKE IT THROUGH THE CORONAVIRUS SHUT DOWN AND TO RE-OPEN HIS BIKE AND PADDLE-BOARD SHOP WITH MORE BUSINESS THAN EVER.
WHEN WE GOT THE REGION 9 LOAN, IT ALLOWED US TO MAKE THAT PAYROLL. IT ALLOWED US TO, WE HAD SUPPLIERS THAT, YOU KNOW, WE STILL OWED MONEY TO, THAT, THAT SPRING BREAK USUALLY, FILLS THAT GAP. SPRING BREAK IS, WE FINISHED PAYING OFF THE BILLS. IT'S OUR PROFIT. IT'S THE MONEY THAT GETS US THROUGH THE SUMMER. SO THAT THE LOAN I GOT FROM REGION 9 WAS JUST, JUST CAME JUST AT THE RIGHT TIME AND IT GAVE US HOPE. REGION 9 ASSISTED 36 BUSINESSES AND SAVED 128 JOBS IN SOUTHWEST COLORADO WITH MORE THAN 226 THOUSAND DOLLARS IN NO- AND LOW-INTEREST LOANS IN MARCH AND APRIL. REVENUES FOR THE LOANS INCLUDED UNENCUMBERED FUNDS FROM REGION 9'S REVOLVING LOAN FUND, IT'S BUSINESS SUPPORT FUND AND CONTRIBUTIONS LOCAL GOVERNMENTS AND ECONOMIC DEVELOPMENT PARTNERS. IN ADDITION, REGION 9 WAIVED PRINCIPAL AND INTEREST CHARGES ON EXISTING BUSINESS LOANS FOR APRIL AND MAY. REGION 9 EXECUTIVE DIRECTOR LAURA LEWIS MARCHINO SAID THE LOAN FUNDS TARGETED BUSINESSES AND WORKERS THAT DIDN'T QUALIFY FOR PAYROLL PROTECTION LOANS FROM THE FEDERAL GOVERNMENT.
WE LOOKED AT BUSINESSES THAT HAD A PLAN TO REOPEN. WE LOOKED AT BUSINESSES THAT WERE AT LEAST PROFITABLY PROFITABLE BEFORE COVID, BECAUSE YOU KNOW, IF THEY WERE ALREADY REALLY STRUGGLING, WE'RE NOT GOING TO BE ABLE TO SAVE THEM. AND THOSE WERE THE TOUGH DECISIONS. BUT IF THEY WERE DOING GREAT AND THEN THEY HAD TO CLOSE, YOU KNOW, OF COURSE WE KNOW THAT THEY WANT TO REOPEN. BROWN SAID THE REGION 9 LOAN FUND WAS JUST WHAT HE NEEDED TO SURVIVE UNTIL HE COULD OPEN UP HIS BIKE AND PADDLE-BOARD BUSINESS FOR SUMMER.NOW IN ITS THIRD YEAR OF OPERATIONS, THE SUMMER BIKE BUSINESS IS BOOMING, THANKS, IN PART, THE STAY-AT-HOME AND SAFER-AT HOME RESTRICTIONS.
YOU CAN'T CAMP AND YOU CAN'T BACK COUNTRY SKI. YOU CAN BIKE WITH YOUR KIDS AND YOU CAN NOW, WITH LAKE NIGHTHORSE OPEN, AND THE RIVER OPEN, YOU CAN GET ON YOUR PADDLEBOARD. SO THAT'S SOMETHING WE DO IN THE SUMMER IS BIKES AND PADDLEBOARDS. SO THAT'S BEEN POPULAR. BROWN ATTRIBUTES THE SUCCESS OF HIS SUMMERTIME BUSINESS TO HIS LEASE-TO-OWN PLANS. A BUYER CAN LEASE A BIKE FOR A YEAR FOR ABOUT 50 PERCENT OF ITS SALE PRICE. THE SKI BARN PROVIDES ALL MAINTENANCE AND TUNING SERVICES FOR FREE. AT THE END OF THE YEAR, THE BIKER CAN PAY THE BALANCE TO OWN THE BIKE, TRADE IT IN FOR A NEW MODEL, OR GIVE IT BACK. THE ARRANGEMENT IS PARTICULARLY WELL-SUITED FOR GROWING FAMILIES.
YOU CAN BRING YOUR KID IN. LET'S SAY YOUR KID'S ON A 20-INCH BIKE. YOU RENT THE BIKE NOW AT 20 INCHES, AND SIX MONTHS FROM NOW, THAT YOUR CHILD NEEDS A 24-INCH BIKE. YOU TRADE IN THE 20-INCH BIKE, YOU PAY THE DIFFERENCE FOR THE 24-INCH BIKE, THEN, SIX MONTHS LATER, AND NOW THAT YOU'VE BEEN IN THE PROGRAM FOR 12 MONTHS, YOU PAY FOR THE SECOND PAYMENT ON THE LARGER BIKE, AND THEN YOU OWN THE BIKE. DURING THE WHOLE TWO YEARS YOU'RE IN THE PROCESS, WE TUNE THE BIKES FOR FREE. TO LEARN MORE ABOUT THE SKI BARN'S LEASE-TO-OWN PLANS, VISIT SKI BARN DURANGO DOT COM. TO LEARN MORE ABOUT REGION 9'S LOAN FUND OR TO CONTRIBUTE TO ITS BUSINESS SUPPORT PROGRAM FOR A 25-PERCENT STATE INCOME TAX CREDIT, VISIT SCAN DOT ORG. I'M WENDY GRAHAM SETTLE FOR THE LOCAL NEWS NETWORK.