Since January, sixteen businesses have been approved for loans, totaling over $1.25 million, by the Louisville Metro Government’s Department of Economic Development and Office of Resilience and Community Services. The loans will leverage a total investment of more than $1.7 million and will assist the businesses in opening, expanding services, or rehabilitating properties.
Twelve (12) METCO loans, administered through the Department of Economic Development, have been awarded in the first six months of 2019, including these most recent recipients:
Microbusiness Development Program loans, administered through the Office of Resilience and Community Services, have been awarded to the following businesses:
The Metropolitan Business Development Corporation (METCO) governs metro government’s small business loans and provides financial assistance through commercial loans for new and expanding businesses, including façade, accessibility, and gap financing loans. These loans are evaluated based on project cost and fund availability, with a variety of interest rates depending on the loan program.
The METCO board meets the fourth Thursday of each month. Meetings are held at 9 a.m. at the offices of Louisville Forward, 444 S. 5th St., Suite 600. Upcoming meetings in 2019 include July 25, August 22, September 26, October 24, and December 12.
Louisville Metro’s Microbusiness Development Program helps low- and moderate-income business owners start and grow small businesses. A microbusiness employs five or fewer people, including the owner. The program includes training, technical assistance, and the opportunity to apply for a loan.
The loan program helps businesses owners who need capital as many microbusinesses have little or no access to the commercial banking sector. Loans range from $500 to $15,000, and borrowers have a choice of two programs, one for businesses that have been open for at least one year and one for start-ups.