Since March 2018, nine businesses have been approved for loans totaling nearly $1 million by the Louisville Metro Departments of Economic Development and Resilience and Community Services. The loans will leverage a total investment of more than $9 million and will assist the businesses to open, expand services or rehabilitate properties.
METCO business loans, administered through Department of Economic Development, have been awarded to the following businesses:
Microbusiness Development Program loans, administered through the Office of Resilience and Community Services, have been awarded to the following businesses:
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
In an effort to address the needs of Louisville residents with disabilities and improve accessibility in many historic commercial structures in Metro Council District 8, Councilman Brandon Coan today announced that his office has partnered with the Department of Economic Development to create a dedicated revolving account that will loan up to $5,000 to businesses located in the district, already seeking the city’s accessibility loan program, to help pay for bigger and more accessibility improvements.
“The District 8 Accessibility Loan Program is part of my strategic objective to improve equitable access to the built environment,” said Coan. “Many Highlands-area businesses are hard to navigate for people using wheelchairs or otherwise having limited mobility. I hope local businesses will take advantage of this opportunity to improve their properties, expand their customer bases and make District 8 an even more welcoming community.”
To be eligible for the loan, the business must be located in District 8, be approved by the Metropolitan Business Development Corporation (METCO), the city’s board that governs small business loans, and be used on a project already borrowing $15,000 from METCO. The loan will be matched up to $5,000.
The city’s accessibility loans are offered to commercial property owners for the purpose of making buildings more accessible to people with disabilities. The loans are restricted to ingress and egress improvements, including but not limited to: accessible paths of travel, doors, handrails, threshold adjustments, and restroom updates.
“The Accessibility program is an important tool for improving the accessibility for everyone in our community, and District 8, anchored by many historic buildings, is ripe for these improvements,” said Scott Herrmann, Director of Economic Development. “Councilman Coan’s partnership with METCO is a testament to the city’s commitment to improving accessibility and furthering the vitality and quality of life in the Louisville community.”
The Center for Accessible Living has agreed to provide pro bono Accessibility Surveys to applicants seeking to take advantage of the new loan program. The surveys identify ADA compliance issues and make compliance suggestions – the kinds of improvements intended to be funded by the loans.
“As a compassionate city, Louisville should strive to be accessible to all people, and the District 8 Accessibility Loan Program is a positive development toward that goal,” said David Allgood, Director of Advocacy at the Center for Accessible Living. “The Center for Accessible Living is proud to partner with Councilman Coan on this initiative. People with disabilities are the city’s second-largest minority, and we have money to spend at local businesses we can access and enjoy.”
July 26, 2017 is the 27th Anniversary of the Americans with Disabilities Act, which was signed into law in 1990 by President George H. W. Bush. The law prohibits discrimination based on disability and improves access to the built environment through standards and requirements.
To learn more about the city’s accessibility loan, visit https://louisvilleky.gov/government/louisville-forward/local-loan-programs.
Three businesses were approved for loans totaling $410,000 by the Department of Economic Development’s Metropolitan Business Development Corporation (METCO) and the Department of Community Services’ Microbusiness Development Program. The loans will leverage a total investment of $3.4 million and will assist the companies to open, to expand services or to revitalize properties.
METCO loans have been awarded to the following businesses:
A microbusiness loan has been awarded to the following business:
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 2017 are scheduled for 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.