Monday November 19, 2018
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Four Businesses Receive Loans From City

Photo: Louisville Forward

Four businesses were approved for loans totaling $291,000 by the Louisville Metro Departments of Economic Development and Resilience and Community Services. The loans will leverage a total investment of more than $1.2 million and will assist the businesses to open, expand services or rehabilitate properties.

METCO small business loans have been awarded to the following businesses:

• $190,000 Go Green loan has been approved for Nicholas Ellis on behalf of CFG Holdings for its property located at 1202 S. 3rd Street in Old Louisville. The loan will allow owner Nicholas Ellis to increase energy efficiency by replacing the HVAC unit, installing additional insulation and improving the electrical system. After improvements are made, the annual energy cost savings is estimated to be nearly $4,000. The owner plans to reopen the building as mixed-use with commercial tenants on the first and second floors and residential apartments on the third floor.

• $86,000 façade loan has been approved for Refuge Community Development, Inc. for its property located at 1716 Prentice Street in the California neighborhood. The loan will allow owners to rehabilitate the building and return it to its original use as a worship facility, which will be rented out to Refuge in Kentucky Church.

Microbusiness Development Program loans have been awarded to the following businesses:

• $10,000 loan to Flo’s House of Soul, LLC to assist owner Jason Alexander Hatcher with rent, insurance and supplies. Flo’s House of Soul is a sandwich shop and ice cream parlor located at 3400 W. Muhammad Ali Blvd. where customers can purchase fun food favorites at a family-friendly venue.

• $5,000 loan to Sherrell Anderson dba DN Surprise Florist and Gifts to assist owner Sherrell Anderson with insurance, rent and inventory. DN Surprise Florist, located at 2001 W. Broadway, provides services such as floral, wreath, bouquet, vase and centerpiece design. Online FTD delivery services and in-store purchases also are available.

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 at 9:00 a.m., at the offices of Louisville Forward, located at 444 S. 5th Street, 6th floor. Remaining meetings for 2018 are scheduled for February 22, March 22, April 26, May 24, June 28, July 26, August 23, September 27, October 25 and December 13.

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

The 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, which can range from $5,000 to $15,000.

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

For more information about the Microbusiness Development Program, visit the Small Business Clinic at the Nia Center, 2900 W. Broadway, or visit https://louisvilleky.gov/government/resilience-and-community-services/microbusiness-program

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