NASHVILLE, Tenn. – State Senator Doug Overbey (R-Maryville) said today he is very pleased Cutting Edge Wheels, which is located on Lamar Alexander Parkway, will benefit from an investment obtained through the TNInvestco Program. Cutting Edge Wheels, which designs and manufactures alternative bicycles, received $380,000 from a Tullahoma-based venture capital firm NEST-TN. Launch Tennessee is also participating with a $150,000 co-investment from the INCITE Fund.
“This investment is exactly what was envisioned by the TNInvestco Program,” said Senator Overbey. “It helps provide capital to small, medium-sized, and start-up businesses that do not enjoy the same economic development incentives that have been provided to the larger companies that invest capital in Tennessee.”
“The overwhelming majority of jobs in this state are created by small businesses. That is why it is so important to encourage the growth of small businesses in Tennessee through innovative programs like TNInvestco.”
With an eye on innovation, Cutting Edge Wheels will design and manufacture recumbent and electric bikes at its Townsend location. Manufacturing will focus on the more complex parts like high quality frames.
Overbey said individual businesses interested in applying for the program may go to www.tninvestco.gov and complete an application form which will be submitted to each of the TNInvestco funds. Capital returned to the state must first go to the state’s general fund. Once enough money has been repaid, the remaining funds will be deposited in the Rural Opportunity Fund to continue to grow jobs in economically distressed areas of the state.