Local loan programs

The October meeting of the METCO board will begin at noon on Thursday, October 27.
Small businesses are the backbone of our Louisville economy, representing approximately two-thirds of the local workforce. When these businesses thrive and expand, they create jobs and they bring needed services and products to neighborhoods throughout the city.
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.
You can get pre-screened for a loan by filling out this form.
Louisville Agribusiness Loan
The Louisville Agribusiness Loan is a low-interest tool targeted to assist businesses processing food grown by Kentucky farmers. The loan is targeted to contract packers or co-packers, food cooperatives, distilleries and wineries, dairy products processors, distributers, and processed products manufacturers.
To be eligible, businesses must locate in the Portland Neighborhood, provide employment opportunities for Portland residents, and demonstrate that major ingredients in their product come from Kentucky farmers.
Midi Loan
The Midi Loan provides start-up or expansion costs to small business owners. This loan is offered at a minimum of 5% interest rate, ranging from $15,000-$50,000.
Gap Financing Loan 
This loan provides 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%. 
Small and Disadvantaged Gap Financing Loan 
The Small and Disadvantaged Gap Financing Loan provides up to 50% of project costs, or $200,000, in gap financing to eligible minority or women-owned businesses. This loan can be financed up to 10 years at a minimum rate of 5%.
Go Green Loan
Small businesses can take advantage of a below market-rate incentive program aimed at increasing energy efficiency and creating “green” jobs. These loans can be used for energy-efficiency upgrades, or businesses creating green products or services.
Facade Loan
The Facade Loan is available to commercial property owners to revitalize neighborhood commercial corridors in Louisville. Facade loans are awarded for exterior property improvements, including window and door replacements, storefronts, masonry repair, siding, painting, carpentry, signage, and landscaping.
Facade loans are offered at a fixed interest rate of 3% over 10 years, making this an attractive program for revitalizing large target areas. Loans are typically secured with a lien on the improved property and the personal guarantee of the borrower.
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 $5,000 for exterior or interior accessibility improvements. Accessibility Loans are restricted to ingress and egress improvements, including but not limited to: accessible paths of travel, doors, handrails, threshold adjustments, and bathroom alterations.
Funds are loaned at a maximum of 100% of the total approved project at a fixed interest rate of 3% with maximum maturity of 4 years. Accessibility Loans are typically secured with a lien on the improved property and the personal guarantee of the borrower.
Commercial Renovation Loan 

The Commercial Renovation 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 a business to utilize the property for the operation of their business, resale or to lease. 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 offers below-market rate loans to brownfield property owners and prospective purchasers with the objective to assist in the cleanup of brownfield properties to return them to productive use.
BCLP provides financing only for the environmental cleanup portion of the total costs of a real estate redevelopment project on a brownfield site. To learn about available assistance with environmental assessments please see information on our Brownfield Assessment Program.
The program is funded by the U.S. Environmental Protection Agency, and participation requires property eligibility, public participation, and compliance with Federal rules and regulations. Applicants for this program must be deemed eligible for funding by staff prior to submitting a loan application.
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. Meetings for 2016 are January 28, February 25, March 24, April 28, May 26, June 30, July 28, August 25, September 29, October 27* and December 15.
*The October meeting of the METCO board will begin at noon.
For more information, contact us or call 502.574.4140.