METCO Board approved $115,000 for small business loans, leveraging $908,000 in investment

August 18, 2022

The Metropolitan Business Development Corporation (METCO) Board today approved $115,000 in low-interest small business loans, leveraging $908,000 investment in Louisville.

The METCO boards meets monthly to review, discuss and vote on applications for small business loans available through Louisville Metro Government. The city’s small business loan programs are administered by Louisville Forward.

The small businesses that obtained METCO loans in August:

  • Slainte Hospitality, LLC was approved for a $30,000 Gap Loan. The loan will be used to fund working capital, initial inventory, furnishings and fixtures to open a new casual, upscale cocktail and whiskey lounge, located at 1027 E. Main St.
  • Scott Herrmann dba Madison Street Properties, LLC, was approved for a $35,000 Façade Loan for a commercial multi-use property, located at 947 E. Madison St. The loan will be used for tuck pointing of the exterior of the building where needed.
  • AJS Futures, LLC was approved for an up to $50,000 Midi Loan. The funds will be used to renovate the building and purchase furniture and equipment for their counseling business, located at 3027 Preston Hwy.

The monthly METCO board meetings take place monthly to evaluate, approve or deny loans. The next application deadline is August 25, 2022. Applications are accepted year-round, due by the 25th of each month.

So far this year, the METCO Board has approved $1.8 million in loans to 21 businesses, leveraging about $15 million investment.

The METCO board meets on the third Thursday of the month at 9 a.m. Meetings are currently being held virtually. The remaining meetings for 2022 will be held on September 15, October 20, and December 8.

To learn more about the city’s small business loan programs,visit https://louisvilleky.gov/government/louisville-forward/local-loan-programs.

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