Saturday September 26, 2020
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Two Small Businesses Receive Loans From City

The city has awarded loans totaling $95,000 to two small businesses to help them renovate or expand. The loans have been awarded by Louisville Forward Economic Development’s Metropolitan Business Development Corporation (METCO) and the Department of Community Services’ Microbusiness Development Program.

 

METCO loans have been awarded to the following business:

  • Two loans were approved for Cynthia Torp Properties, LLC for its property at 804 S. 5th Street. The loans will allow owner Cynthia Torp to renovate a warehouse in the SoBro neighborhood. Upon completion, the front of the building will house office space for Solid Light, and the back portion of the building will serve as its metal fabrication shop.
    • $75,000 façade loan
    • $15,000 accessibility loan

 

A microbusiness loan has been awarded to the following business:

  • $5,000 loan to Abound In Grace, located at 1226 Krupp Park Drive. This loan will allow owner Nina Smith to purchase more book inventory and supplies. The business is expanding their new product line Abound in Grace Kid’s Corner and will host bi-weekly youth activities and events. One new employee will be added to handle operations during peak hours.

 

The Metropolitan Business Development Corporation (METCO) governs metro government’s small business loans, which include facade, accessibility and gap financing loans. Because metro government is not the primary lender, the loan program allows many public-private partnerships between government and private business ventures that further the vitality and quality of life in the Louisville community.

 

To learn more about the METCO loan program, visit https://louisvilleky.gov/government/louisville-forward/local-loan-programs

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