The finance will allow Love to Ride to capitalise on the growing trend towards cycling fuelled by the pandemic, as it looks to increase staff and further improve its technology to reach wider audiences. The Love to Ride platform was launched in 2015 and has already grown to have over 550,000 users, with more than 387 million miles of cycling logged.
Love to Ride applies behavioural change theory to encourage more people to cycle. It does this by engaging with individuals, employers and public bodies to establish localised campaigns, competitions and community building, giving people advice to overcome barriers to cycling. It is also the creator of Cycle September, the global bike challenge that takes place every year.
Advice is tailored towards each user and the benefits that they associate with cycling – whether for mental or physical health, saving money or the environment. Users can register online for free and are encouraged to record their rides, set goals, share their experiences and engage with the community.
At the start of the Coronavirus pandemic, Love to Ride naturally saw a drop in commuting trips being logged, but a significant increase in recreation riding, particularly from new and occasional riders. Love to Ride’s main income is from local authorities and businesses both large and small that engage the platform’s services to encourage cycling in their communities.
Thomas Stokell, CEO of Love to Ride, commented:“We want to make Love to Ride the global platform for getting more people riding. While the pandemic presented numerous challenges for the business, the boom in cycling means that we’ve never felt more relevant. We only have one planet and, as we all look towards net zero and trying to improve the air quality in our cities, cycling has a huge role to play, so it’s a great opportunity for us to grow and reach more communities.”
Phill Bate, business banking regional manager for the South West at Triodos Bank UK, added: “We’re always looking to support businesses that are actively pushing towards a greener future. Encouraging more people to cycle – and examining the barriers to them getting on their bikes, particularly in urban areas – is key to this. We hope that this new finance will help Love to Ride to expand and create an even wider impact.”
The loan was issued as part of the government-backed Coronavirus Business Interruption Loan Scheme (CBILS), set up to provide financial support to SMEs. The scheme closed for new applications on 31 March 2021 and is now replaced by the Recovery Loan Scheme, which Triodos is also an accredited lender for.
For further information, please contact:
- 0117 311 0241
- 07817 413792
Notes to editors
About Triodos Bank
Founded in 1980, Triodos Bank has become a frontrunner in sustainable banking globally. As an independent bank that promotes responsible and transparent banking, it does not see any conflict between a focus on people and the planet and a good financial return. Instead it believes that they reinforce each other in the long-term.
Triodos Bank has banking activities in the Netherlands, Belgium, the UK, Spain and Germany as well as Investment Management activities based in the Netherlands but active globally. Triodos Bank co-founded the Global Alliance for Banking on Values (GABV), a network of 63 sustainable banks. Together these banks want to grow sustainable banking and its impact on the real economy substantially.
Triodos Bank UK Ltd is a wholly owned subsidiary of Triodos Bank NV. Registered Office: Deanery Road, Bristol, BS1 5AS. Registered in England and Wales Company No. 11379025. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 817008. VAT reg no 793493383.