The MEDC and Northern Initiatives get a lot of credit from Paddles & Pedals in this article, but their success is definitely tied to their passion. Patrick and Margie Boyd have weathered ups, downs, and in-betweens but boy are the people in Bellaire happy to have them – now and far into the future.
This article talks about the MEDC’s Capital Access Program and how we were able to help Paddles & Pedals during the pandemic.
Through loan support from MEDC’s Capital Access program and Northern Initiatives, Paddles & Pedals was able to position themselves for long-term success.
Paddles & Pedals is a seasonal bike, kayak, canoe and snowshoe rental and retail store located in the heart of the Northern Michigan tourist town of Bellaire. The outdoors-focused business was off to the best start they’d ever had in 2020, with revenues up 40 percent year-over-year coming into mid-March, according to Patrick Boyd, a veteran and co-owner with his wife, Margie Boyd.
In April (2020), Michigan Economic Development Corporation’s Capital Access team partnered with Northern Initiatives, a Community Development Financial Institution (CDFI), to offer micro and small business loans to Michigan’s small businesses impacted by COVID-19 in the 73 counties it serves. Thanks to this program, businesses like Paddles & Pedals received critical capital needed to continue their operations and to position themselves for future growth.
