For five decades Jake’s Bike Shop has been a fixture on Manchester’s West Side. Ryan Belanger, owner of Alternative Bike Shop in Goffstown, recently purchased Jake’s with financing provided by St. Mary’s Bank. The financing, which also included funds for the major renovations Mr. Belanger is planning for the shop, were provided through the St. Mary’s Bank West Side Revitalization Loan Program.

St. Mary’s created a loan program and committed $12 million for Manchester’s West Side which includes the Rimmon Heights Revitalization initiative that was launched last January by the City of Manchester Planning Department, Southern New Hampshire Planning Commission and St. Mary’s Bank. Additional loan capital is provided by Amoskeag Industries. The loan program was designed to provide affordable financing for the purchase and renovation of commercial property as well as financing for homeownership and home repairs.

New Plans for Jake’s Bike Shop
Ryan Belanger will keep both bicycle shops open, tailoring them to meet the needs of different customers. Alternative Bike in Goffstown will be focused on families with children and those looking for a healthy lifestyle utilizing the bicycle. Jake’s Bike Shop, meanwhile, will be a specialty cycle shop, accommodating the needs of hardcore cycling enthusiasts. Belanger hopes to draw customers to the renovated store on Kelley Street from as far away as Boston. Both locations will do repairs as well as sales. The purchase and renovation of Jake’s is one of the first projects to be made possible by St. Mary’s West Side Revitalization Loan Program. “St. Mary’s has been excellent to work with,” says Belanger. “It feels great knowing that they are a local organization and have a program specially for the West Side. I found St. Mary’s financing loan package to be the best in the market.”

More About the Rimmon Heights
Initiative In addition to the $12 million made available at below-market interest rates by St. Mary’s, the plan, drafted by the City of Manchester Planning Department and the Southern New Hampshire Planning Commission, seeks to create a healthy, vibrant neighborhood by providing improvements in six strategic categories: parks and green spaces, housing, business assistance, neighborhood identity and design, infrastructure, and security. St. Mary’s Bank, founded on the West Side a century ago, is the sole financial partner in this endeavor which includes approximately 60 square blocks, bordered by Putnam Street on the south and Dexter Street on the north, and between the Merrimack River on the east and Piscataquog River on the west. Kelley Street, the location of Jake’s Bike Shop, is the main commercial street on the West Side and runs through the heart of this area.

Those interested in learning more about the Rimmon Heights Initiative or St. Mary’s West Side Revitalization Loan Program can visit the Rimmon Heights Resource Center located in the lobby of the St. Mary’s Bank branch at 200 McGregor Street, open Monday through Friday from 9:00 to 5:00 and on Saturday from 9:00 to 12:30.

Click to view the Rimmon Heights Information web page



L-R: Ryan Belanger, owner of Jake's Bike shop and Mike Simoneau, St. Mary's Bank Commercial Lender.