The inability to afford a bike keeps many potential riders off the road. So it's exciting to see that in recent years bike shops and credit unions have begun partnering to offer bicycle loans. These partnerships reflect the growing popularity of bicycling and the reality that loans can lower the financial barriers that prevent some people from buying bikes.
Virginia Credit Union (VACU) is one example. According to Glenn Birch, VACU's director of public and media relations, in its first year, VACU has issued $118,000 in bicycle loans, with purchases ranging from quality starter bikes that cost hundreds of dollars to more upscale road bikes that may cost a few thousand. The credit union partnered with local bike shops by coordinating social media campaigns and ensured that bike shop staff were well-informed about the program. The idea was first floated by a staff member, “as a creative way that we could reach out, meet the needs of active members of our credit union, and make bikes more affordable,” Birch explains.
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