City approved nearly $2.8 million in METCO loans for small businesses in 2022, leveraging $15 million in private investment
Louisville Metro Government approved nearly $2.8 million in loans to 29 businesses through its Metropolitan Business Development Corporation (METCO) Board in 2022, leveraging about $15 million in private investment and dozens of jobs in neighborhoods across the city.
That brings the total number of METCO loans made during Mayor Fischer’s 12 years in office to 377 –over $28 million to 299 small businesses, allowing them to launch or expand, as well as make repairs and improvements to commercial property.
That total includes more than $3.1 million in Small Business COVID-19 Relief Loan program funds awarded by METCO since the start of the COVID-19 pandemic. And they are in addition to the $27.1 million in relief grants awarded to 824 small businesses during the worst of the pandemic in 2020.
“As a former entrepreneur, I know firsthand how hard it can be to start, maintain and sustain a business, and from the get-go, we wanted to support small businesses in our community. Accessibility to low-interest loans can help a small business grow and transform an entrepreneur’s idea into a profitable venture,” said Mayor Greg Fischer. “Thank you to our Economic Development team for all their hard work helping businesses access capital, work through challenges, and access resources through our many great community resource partners.”
The METCO board approved these loans at its December meeting, which will leverage $908,000 investment in Louisville:
- A $50,000 Midi loan and a $82,000 Gap Loan for Elixir Kombucha LLC to purchase equipment for their expansion.
- And an $80,000 Go Green loan for Hazelwood Community Collective to make energy efficient improvements to its property located at 1314 Bluegrass Ave.
The METCO loan program works collaboratively with the Economic Development team and small businesses to ensure all businesses have the opportunity to thrive. The Economic Development team assists entrepreneurs in all stages of business development, whether they are a sole proprietor, a start-up or an established business – connecting them to resources, properties, low-interest loans and more.
METCO loan applications are accepted year-round, and the METCO board meets monthly to review, discuss and vote on applications for small business loans available through Louisville Metro Government. The METCO board meets on the third Thursday of the month at 9 a.m. Meetings are currently being held virtually. The first three meetings for 2023 will be held on January 19, February 16, and March 16.
METCO works with businesses to determine loan eligibility. Those interested may email [email protected] to learn more or visit https://louisvilleky.gov/government/louisville-forward/local-loan-programs.