Tricycle Has New Markets Tax Credit Financing With SunTrust

Thursday, February 22, 2007

Tricycle, Inc. announced Thursday that it has completed a $550,000 term loan with SunTrust Community Development Enterprises, LLC., a division of SunTrust Bank. Proceeds from the new loan were used to repay previously existing high interest rate bank debt in the United States and United Kingdom allowing them to more quickly expand into a new line of business, as well as for general corporate purposes.

The new loan was made under the New Markets Tax Credit Program of the United States Treasury, administered by the Community Development Financial Institutions Fund. The program seeks to promote economic development or redevelopment in low-income communities by lending to qualifying businesses located in those areas, with the goal of generating positive community impact.

The Tricycle loan is the first in the state of Tennessee made by SunTrust under the New Markets Tax Credit Program.

"With the new loan, we were able to better position Tricycle for our recent - and more importantly - our future growth," said Tricycle Chief Financial Officer Steve Powell. "The ability to partner with a powerful national institution such as SunTrust is extremely beneficial for us. It is also important for us that both Tricycle and SunTrust have the interests of local community growth and development in mind."

"This transaction with Tricycle - an emerging growth company with operations in a low-moderate income area of our community - exemplifies our mission at SunTrust, which is to help people and institutions prosper," said Michael Butler, president and CEO of SunTrust Bank, Chattanooga. "We're pleased to provide this innovative loan product to Tricycle which we hope will help spur the economic growth of not only the company, but the surrounding community as well."


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