BINGHAMTON, N.Y. — Anthony Folk, owner of Chenango Point Cycles in Binghamton, has won the 2022 Small Business Person of the Year Award from the Upstate New York District of the U.S. Small Business Administration (SBA).
SBA Atlantic Regional Administrator Marlene Cintron and SBA Upstate New York District Director Bernard J. Paprocki visited Folk at his store in Broome County to present the award as part of National Small Business Week.
They were joined by U.S. Representative Claudia Tenney, New York State Senator Fred Akshar, and Sonya Smith, state director of the New York Small Business Development Center (SBDC), the SBA said.
Paprocki noted that the SBA Upstate New York District selected Folk for the honor not only for his success “creatively growing” his business to become a premier regional bike shop, but also for his “commitment to community service and building a network of support” for cycling enthusiasts across the Southern Tier.
Road to ownership
As the SBA explains it, before becoming an entrepreneur, Folk was “always motivated to engage and encourage” other cyclists. He saw an opportunity to expand that mission in 2018 when the owner of Chenango Point Cycles — a “Southern Tier institution” — was contemplating retirement. Folk wanted to purchase and expand the business, with the goal of turning it into a top retail destination for cyclists and a center for community engagement for the region.
“I bought Chenango Point in 2019 with the goal of being a hub for cyclists new and old to come together — for families and for people who have never seen a bike before in their life. I wanted to help them find the love I knew from riding my bike,” Folk said. “Taking my passion of having wheels underneath my feet and being able to share that with my community is one of the most rewarding experiences I can imagine.”
Before moving forward with the purchase, Folk turned to the Binghamton University SBDC, a member of the SBA-funded Resource Partner network, for help. He worked with then-business advisor Robert Griffin, now regional director of the Onondaga SBDC, on updating his business plan, developing cash-flow projections and securing financing.
Because Folk was a first-time business owner, lenders would have a “certain level of risk” in financing the acquisition, the SBA noted. Folk and Griffin worked with SBA lending partner KeyBank to consider Chenango Point Cycles’ options. Folk was eventually approved for an SBA Express Loan to purchase the business, inventory, and equipment through the lender, the agency said.
Throughout the pandemic, Folk hired four new employees and added an online business, which led to a 15 percent year-over-year increase in inquiries. Folk foresaw and planned for future supply chain disruptions, expanding from two to four bike manufacturers and from one to almost a dozen accessory and parts suppliers.
During the three years after Folk bought Chenango Point Cycles, the business has tripled its sales and become the “biggest bike retailer in the region,” expanding from the Binghamton area to a regional market extending from Western New York to Maryland, the SBA said.