Join Date: Aug 2012
Location: Medford, MA
Bikes: Nishiki Bel-Air, Brompton P6L, Seven Resolute SLX
What kind of road bike? I know Bianchi makes the Brava (entry-level steel, has fender eyelets, decent speedy commuter/credit card touring bike) in a 49cm, and I think that's not even the smallest size. (Annoyingly, the reason I know this is because the 49cm I bought years ago is just a bit too small for me to be able to make it really fit.) The stock rear wheel wasn't up to the challenge of a Clyde on it, but the rest of the bike was. It took me + racks + front and rear loaded panniers just fine. I think all of Bianchi's line goes down that small.
There are more women's specific designs in that size range, and I wouldn't rule out looking at those -- women's specific in bike stuff generally means longer legs/shorter torso as a default, and not much else. (I say this as a gal with very typical short guy proportions -- I'm all torso, not leg. Women's designs suck for me.)