Jane Hayes, worker-owner of bike frame maker
Independent Fabrication started after a local bicycle frame making business was sold and relocated out of state. The remaining employees wanted to restart the business locally as a worker-owned co-op. They sought out a new president and obtained business planning services from ICA.
In 1996, with initial financing from government and religious sources, they commenced operations producing hand crafted steel bicycle frames.
After three years in operation, Independent Fabrication was ready for its next round of financing and approached LEAF. LEAF provided them with a term loan to support future growth of the business.
Three years later they were ready to launch a new line of titanium frames. Again, LEAF was able to meet their capital needs, this time by providing debt and equity financing to support expansion into the titanium niche. Independent Fabrication values the assistance and support they have received from LEAF. In the words of their President:
“LEAF provided critical financing to support our early growth and was there again for us when we needed additional capital to add our new line of titanium bikes.”
Today they are a profitable worker-owned company on their way to a record year. With a number of new products in the pipeline, they are well positioned for future growth.