As a community bank in Northwest Arkansas, Legacy National Bank has a lot of interest in what’s going on in our region. You may have noticed new bike trails sprouting up everywhere. These include everything from mountain biking (MTB) for every skill level to paved trails for leisurely biking and transportation. One thing is for sure, these trail systems are having a positive impact on the local economy and the quality of life of our citizens.
A new phrase that is thrown around quite a bit is “bicycle tourism.” Cyclists from other parts of state and country are coming to our region to enjoy our trails and scenery. This is good news for area hotels, restaurants and entertainment venues – because cyclists have to sleep, eat and drink like the rest of us.
If you have an idea for a new business venture in hotel or hospitality, consider what you can do to make your location desirable and accessible to the bicycle demographic before you apply for a business loan.
In addition to bicycle tourism, the paved bicycle infrastructure is also changing the way long-time residents in our community conduct their personal business and decide where to live. According to studies conducted by the Walton Family Foundation, nearly 1/3 of Northwest Arkansas residents reported that proximity to paved trails like the Razorback Regional Greenway was an important factor in deciding where to live.
Before you apply for a home loan or mortgage, consider trail accessibility. This seemingly small detail could have a huge impact on the future value of your property.
The same study from the Walton Family Foundation also concluded annual bicycle usage in the area has increased 24% between the years 2015 and 2017, and Northwest Arkansas has more cyclists per capita than San Francisco. Those numbers are hard to ignore when deciding the location of any brick and mortar business.
With pedestrian traffic on our trail system growing, Legacy National Bank has taken steps to cater to this demographic as well. Our bank in Fayetteville, Arkansas is just steps away from the trail for walkers, bikers and the occasional long boarder to access their ATM or come in for a chat about interest checking, direct deposits or how to get the best loan rates in NWA – anything that is concerning their finances and their legacy.
This blog post included information from this article https://talkbusiness.net/2018/03/report-bikes-trail-system-boost-nwa-economy-by-137-million/