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."


Attorneys Batts And Taylor Elected To Lead State Drug Court Association

The Tennessee Association of Drug Court Professionals has elected attorneys Kevin Batts and Richard Taylor to leadership positions in the statewide group. Mr. Batts will serve as president and Mr. Taylor will serve as vice president of the association in 2015. Mr. Batts is director of the Drug Court in the 23rd Judicial District, serving five counties of Middle Tennessee. He ... (click for more)

Karen Tindell And Kelly Still Join Southern Community Bank

Robert Stahl, Chattanooga city president of Southern Community Bank, announced Karen Tindell and Kelly Still have joined the Chattanooga branch. “Karen joins the staff as assistant vice president and Kelly joins the staff as a commercial lender,” said Mr. Stahl.  “Together Karen and Kelly collectively have over 50 years’ experience in the financial industry with regional ... (click for more)

2 Suspects Sought In Armed Robbery At Highway 153 Long John Silver's

Police are searching for two suspects in an armed robbery that happened Friday morning. At approximately  8:10  a.m. the Chattanooga Police Department responded to 5317 Highway 153 for a robbery at the Long John Silver's.  Officers discovered that two black men, wearing hoodies and masks, entered the Long John Silver's and forced the assistant manager ... (click for more)

Pair Charged With Beating Man With Stick, Taking His Wallet

Two men are charged with beating a man with a large stick while he slept on the steps of a downtown church, then taking his wallet. Jerry Quincy Allen, 45, and James Leo Boas, 40, both of 727 E. 11th St., are charged with aggravated robbery. In the incident on Wednesday, Bradley Casehart said he and a friend were asleep at Tompkin Chapel Church on Palmetto Street. He ... (click for more)

Please Don't Close The Piccadilly Cafeteria At Hamilton Place - And Response

Oh, no. The Piccadilly Cafeteria at Hamilton Place is closing.  Its last day is Christmas Eve.  I will miss the great food they have there but most of all I will miss their servers, cashiers and waitresses.  They are all so friendly and accommodating.  They make it like it’s a home-style restaurant. I sure wish there was some way that Hamilton Place and ... (click for more)

Roy Exum: ‘Scrooge’ Of The Year

As we move into the last weekend before Christmas, the “Scrooge of the Year” has just appeared in Aurora, Ill. Actually Connie Ley has just died. She passed away on Nov. 25, but in her wake left the worst will many around the country have ever heard – her last wishes included that her nine-year-old dog should be put to death, cremated, and buried with her. Bela, a beautiful German ... (click for more)