Owner Chad Reigert, a Hamilton native, got City Council’s approval recently on receiving a revolving federal loan of $20,000 for the purchase of equipment. The loan’s principal and interest are deferred for the first six months and it is to be paid back at 5.25 percent interest over 7 1/2 years. The loan amount represents 80 percent of the total project costs of $25,000, according to city records.
Council’s resolution noted that “the loan will produce a solid investment in a designated inner-city redevelopment area and enhances economic development.”
Reigert said he went to the city’s economic development department and specialists there recommended looking into the federal loan program. Approval first went through the Hamilton Community Improvement Corporation.
The shop will offer sales and rentals of bicycles, parts, accessories, like clothing and shoes, maintenance and repair services. Commuter-style bicycles from Surly, Civia and Salsa will be available to purchase.
Reigert said he plans to offer bikes for people to rent in the spring and hopes to stimulate activity and exercise among residents and visitors. He said the new shop aligns well and complements the city’s Safe Routes to Schools program.
“It’s not only a bike shop but an advocacy front for the city,” he said. “So many problems in the world could be solved simply with exercise. I want to help people get back in motion.”
Reigert said he hopes to open the shop by Nov. 1.
Contact this reporter at (513) 696-4542 or rwilson@coxohio.com.
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