Nine Small Businesses Receive Loans From City

The city has awarded loans totaling nearly $168,000 to nine 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 businesses:

• Two loans were approved for Pointe Havens, LLC for its property located at 1600 Story Avenue. The loans will allow the owner to improve the façade of the building and make interior improvements to prepare the space for future commercial usage.
  • $53,824 façade loan
  • $40,000 KEOZ loan
• $34,286 energy efficiency loan was approved for Jackie Green and Cindy Baker for their property located at 2833 South 4^th Street. The loan will allow the owners to place solar panels on the roof of the building. The addition of solar panels will help reduce energy consumption and lower the energy cost.

Microbusiness loans have been awarded to the following businesses:

• $15,000 loan to Trimen Solutions, LLC dba Trimen Career Placement Services located at 332 West Broadway, Suite 605. The loan will allow the owner, TraShaun Spencer, to expand services and assist with insurance, computer software and marketing.
• $5,000 loan to Mimi The Tax Lady, a start-up business offering full tax services, located at 1153 ½ South Second Street. The loan will allow the owner, Tamika Reed, to operate her business with purchase of equipment and computer software.
• $5,000 loan to Flex Bill, LLC, a start-up medical billing business privately owned by Roselena McGruder. The loan will help with the purchase of computer software, insurance and inventory for business operations.
• $5,000 loan to Pure Polish, a start-up residential and commercial green cleaning service.  The loan will allow the owner, Andrea Moran, to purchase equipment and inventory.
• $5,000 loan to Oasis T. Shirts, a start-up t-shirt and graphic design business. The loan will help the owner, Orlando Sisney, purchase supplies, inventory and equipment.
• $3,000 loan to An Angels Touch, a start-up business in janitorial services. The loan will allow the owner, Bryanna Thomas, to purchase equipment and supplies.
• $1,500 loan to The Glory Shoppe, which started in 2016 as an Etsy on-line shop for purchasing handcrafted home décor. This loan will allow the owner, JoAnn Jackson, to purchase supplies.

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.

The METCO board meets the fourth Thursday of each month. Meetings are held at 9:00 a.m. at the offices of Louisville Forward, located at 444 S. 5th Street, Suite 600. Meetings for 2017 are scheduled for January 26, February 23, March 23, April 27, May 25, June 29, July 27, August 24, September 28, October 26 and December 14.

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

Louisville Metro’s Microbusiness Development Program helps low and moderate income business owners with starting and growing small businesses. A microbusiness employs five or fewer people, including the owner. The program includes training, technical assistance and an opportunity to apply for a loan.

Many microbusinesses have little or no access to the commercial banking sector, and this loan program helps businesses owners who need capital.  Loans range from $500 to $15,000. Borrowers have a choice of two programs, one for businesses which have been open for at least one year, and the one for start-up businesses.

For more information about Community Services’ microbusiness program, visit https://louisvilleky.gov/government/community-services/microbusiness-program.