TOTOWA, N.J. – When Bike Ahead started outgrowing its New York locations, its owners decided it was time for a larger space.
Brothers Leib and Jacob Lefkowitz decided a 33,000-square-foot warehouse in Totowa was the best option to house their growing operation — a successful business catering to bicycling enthusiasts.
The space, they thought, would accommodate their storage and shipping needs, and would complement their brick and mortar storefront and the business they do through BikeAhead.com and online retailers.
“When we outgrew locations in Brooklyn, we faced a strategic decision: continue paying rent on three locations in New York, or combine into a larger, yet lower-cost warehouse in New Jersey,” Leib Lefkowitz said.
The brothers were able to secure a $1.89 million loan from Two River Community Bank with the support of the New Jersey Economic Development Authority’s (EDA) Premier Lender Program. The loan included 30 percent EDA participation.
EDA President and Chief Operating Officer Tim Lizura recently visited Bike Ahead’s Totowa location to help raise awareness about the lending program.
“It’s always exciting to see small businesses expanding into New Jersey and to hear success stories from entrepreneurs like Leib and Jacob who have leveraged State resources to grow their company here in the Garden State,” Lizura said.
According to the EDA, its Premier Lender Program lowers the cost of borrowing for small businesses through its alliance with banking partners. The program offers low-cost financing with quick turnaround time, and the EDA’s exposure by participating in or guaranteeing a portion of a loan reduces the lender’s risk.
To learn more about EDA resources for small businesses and not-for-profits, visit its website.