METCO Board approves $345,000 in loans to five small businesses
The Metropolitan Business Development Corporation (METCO) Board has approved $345,000 in low-interest small business loans to five businesses during the last three months for projects totaling $791,000.
The METCO board 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.
Below are the small businesses that were approved for METCO loans in April, May and June:
- DUES24 LLC dba HippoCLIN obtained a $30,000 Midi Loan to use as start-up capital, including marketing, equipment, insurance, and payroll. HippoCLIN is a software application designed to provide nursing students with "real-time and interactive" practical training and experience in Electronic Health Records, which they currently cannot obtain because of HIPAA regulations.
- Provision Brands LLC dba Little Caesar’s Pizza received a $66,500 Small and Disadvantaged Business Gap Financing Loan, a $17,000 Façade Loan, and a $16,500 Accessibility Loan for buildout, start-up costs, marketing and working capital for a store at 529 N. 22nd St. The Façade Loan will be used to purchase and install a facia sign, and the Accessibility Loan will be used for interior and exterior ramps and handrails.
- Kertrina Thompson dba Love and Devotion Childcare obtained a $115,000 Small and Disadvantaged Business Gap Financing Loan to buildout its facility at 4917L Dixie Highway, including purchasing fixtures and furnishings, and for working capital for three months.
- Vincenzo’s Inc, an Italian restaurant at 150 S. 5th St., and Jerry Green Inc., a live music nightclub at 120 W. Broadway, both received $50,000 COVID-19 Relief Loans.
So far this year, the METCO Board has approved $1.4 million in loans to 12 businesses, leveraging $11.4 million. That also includes five COVID-19 Relief Loans, which provide small businesses negatively impacted by the pandemic with low-interest loans of up to $50,000 to pay for expenses that will sustain the business.
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 July 21, August 18, September 15, October 20, and December 8.
To learn more about the city’s METCO loan programs, visit https://louisvilleky.gov/government/louisville-forward/local-loan-programs.