Local loan programs

Louisville Metro Government's economic development team administers local incentives and loan program, which assists with start-up capital, working capital, capital improvements to commercial and public properties, and helps low and moderate income individuals start a microbusiness or improve a existing one.

Click here to download a PDF of our local loan programs. 
 

Micro-Mini Loans 

The micro-mini loan is available up to $500, for program-eligible microbusinesses who have little or no access to the commercial banking sector, and who need to build credit.

Spark Loan Program

Spark loans are for program-eligible businesses which have been open for less than one year, from $500 to $4,999, with 0% interest. The loans can be financed up to six years with a preference towards shorter-term loans.

Ignite Loan Program

The Ignite loan provides loans from $5,000 to $15,000 to program-eligible businesses that have been open for at least one year. The loans have an interest rate of 4%, and can be financed up to six years with a preference towards shorter-term loans.

Business Accelerator Loan
The Business Accelerator Loan is offered to new and expanding small business owners in the nine neighborhoods of west Louisville to expand available services and products. Loans of up to $50,000 are available for business owners who have credit or banking barriers. No collateral required; loan is offered at 8% interest rate. Click here to view the Business Accelerator Loan flyer. 
 
Louisville Agribusiness Loan
The Louisville Agribusiness Loan is a low-interest tool used to assist businesses that are located in the Portland neighbrhood and are processing food grown by Kentucky farmers. Loans are offered at minimum of 3% interest rate, up to $100,000.
 
Midi Loan
The Midi Loan provides start-up or expansion funds to small business owners. This loan is offered at a minimum of 5% interest rate, and amounts range from $15,000 to $50,000.
 
Gap Financing Loan 
This loan covers up to 25% of project costs, or $200,000, in gap financing to eligible small businesses. This loan can be financed up to 10 years at a minimum rate of 5%. 
 
Go Green Loan
This loan helps businesses increase energy efficiency and/or create “green” jobs. These loans can be used for energy-efficiency upgrades or businesses creating green products or services. Loans are offered at minimum of 3% interest rate.
 
Façade Loan
The loan is available to commercial property owners who revitalize neighborhood commercial corridors in Louisville. Façade loans are awarded for exterior property improvements, including window and door replacements, storefronts, masonry repair, siding, painting, carpentry, signage, and landscaping, and are offered at fixed rate of 3% over 10 years.
 
Accessibility Loan
Accessibility loans are offered to commercial property owners for the purpose of making buildings more accessible to people with physical disabilities. Loans are limited to $15,000 for exterior or interior accessibility improvements and are loaned at a maximum of 100% of the total approved project at a fixed interest rate of 3%.
 
If you business is located in Metro Council District 8, you may be eligible for the District 8 Accessibility Loan Program.
 
Commercial Renovation Loan 

This loan provides financing for the renovation of commercial properties that have been vacant for a significant amount of time and are in a state of disrepair. Without improvements to the structure, it would be unsuitable for resale, for lease, or for a business to utilize the property for the operation of their business. The loan will be collateralized by a mortgage on the improved property, but other collateral may be used in place of or in addition to the improved property as approved by the METCO Board. 

 
Brownfield Cleanup Loan Program (BCLP)
This loan allows brownfield property owners and prospective purchasers to clean brownfield properties and return them to productive use. BCLP provides low-interest financing only for the environmental cleanup portion of the costs of a real estate redevelopment project on a brownfield site. 
 
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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.
 
You can get pre-screened for a loan by filling out this form.
 
Make a METCO loan payment online
 
The METCO board meets on the fourth Thursday of each month. Meetings are at 9 a.m. at the offices of Louisville Forward, located at 444 S. 5th St., 6th floor. The meeting schedule for 2019 is January 24, February 28, March 28, April 25, May 23, June 27, July 25, August 22, September 26, October 24 and December 12. View the meeting minutes.
 
For more information, contact Brenda Hyatt or call (502) 574-4140.