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EXIM Assists Massachusetts Cycle Company to Obtain Funds to Grow

Exporter/Customer: 
PARLEE Cycles, Inc.
Export Destinations: 
29 Countries
EXIM Bank Product: 
Export Credit Insurance
Jobs Created: 
17

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Parlee Cycles of Beverly, Massachusetts, was founded in 2004 by Bob and Isabel Parlee with a simple but lofty goal: to build the world's best performing race bikes. They discovered the advantage of carbon fiber as it has a high strength-to-weight ratio. It was the ideal material for creating fast, light and comfortable performance bikes. Today Parlee Cycles are sold by 60 dealers in 29 countries.

The company began using EXIM's export credit insurance at the end of 2011 for two reasons. First, banks would not lend it money unless its foreign receivables were insured. Second, Parlees Cycles desired to be more competitive by offering credit terms to its foreign buyers rather than requiring cash-in-advance. The business has grown about 25 percent since obtaining the Bank's multi-buyer policy. From 2016 to 2018, EXIM has covered just over $1 million of Parlees' exports and the company added 17 employees.

"We have always exported our bikes but not to the same degree as now. The European market is a really good market to penetrate and a growing one for Parlee. We now can export more."
Bob Parlee, Founder and Owner