An interest free loan from the Isle of Wight Lottery is helping a Sandown bike business move up a gear.
Alan Sheath, who runs Re-Cycle-D at the College Close industrial estate, says the loan has made the difference between standing still and expanding, and he is now preparing for a busy season.
Alan launched his business three years ago after repairing and re-building bikes that other people had thrown away. The Lottery loan means he has been able to meet demand from customers for new bikes, too, and he now stocks a range of Barracuda, Haro and Freespirit mountain bikes, as well as the Haro BMX range.
Alan, who was born and bred on the Island, said: “The process of getting the Lottery loan was straightforward, and it is doubly helpful because you get the support of a business adviser too.”
Alan also sells bicycle parts, exporting to collectors all over the world, including a cycle bell fanatic in Brazil.
“I have been keen on bikes ever since I was a child,” Alan said. “I love what I do, and it’s good that so many Islanders enjoy cycling, too.”
• The Lottery was launched by the Island’s Chamber of Commerce, Tourism and Industry in January 2001, as a way of generating funds to help new and developing businesses – as well as rewarding subscribers with a weekly draw. Those who can spare £1 a week for a subscription are not just in with a chance of winning a prize, but are also directly supporting Island people in employment. Since then, the Lottery has given away £1.8 million in prize money; helped create 900 jobs; and awarded about 60 interest free business loans.
