IC Cycle LLC | Application Preview
IC Cycle LLC is seeking government grants to support crucial expenses as it navigates the post-Covid recovery phase in the fitness industry. The funds will be allocated towards rent, payroll, utilities, equipment, and necessary improvements, with a significant focus on expanding marketing efforts, which have been limited due to budget constraints.
The business, owned entirely by a female entrepreneur, was established in 2018 and achieved profitability within 18 months. However, it faced challenges when forced to shut down shortly after its two-year anniversary in 2020. The owner believes there is substantial potential to exceed initial growth projections.
IC Cycle LLC differentiates itself as a boutique premium indoor cycling facility, serving as a community cornerstone in Montvale. With a track record of hosting over 180 non-profit events in just five years, the business aims to foster a positive health impact in the local area. This combination of community engagement and a strong operational foundation supports the case for funding approval.
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General Information
Business Registration Number: 814762024
Location: woodcliff lake, NJ, United States
Length of Operation: 1-5
Number of Employees: 11-25 Employees
Annual Gross Income: $500k to $1M
Annual Gross Expense: $250k to $500k
Open to Loans: YES
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Funding Usage
Rent- Payroll- Utilities- Equipment- Improvements needed-
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Business Plan
In this post Covid Era the fitness industry has struggled to make its way back. We are getting closer to where we were however we need additional time and assistance to fully recover to our pre-covid times. Marketing is an area that is extremely under utilized due to cost restraints. We look to use funds for our fixed expenses and expand our marketing This business is 100% owned by a female operator. Starting a business in 2018 and turning a profit within 18 months only to have been shut down right after our 2 year anniversary in 2020. We have the potential to outgrow our initial projections.
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Self Identified Competition
Orange Theory Fitness Lifetime Fitness Rumble Boxing We are a boutique premium indoor cycling facility that has become an anchor in the Montvale community. Running 180+ non-profit events in our 5 short years we look to make a positive healthy impact in our community.
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Contact Applicant
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