METCO Board approves five loans totaling over $350,000
The Metropolitan Business Development Corporation (METCO) board approved five loans today. METCO is supporting local businesses through its traditional loan products as well as the Small Business COVID-19 Relief Loan Fund.
METCO loans have been awarded to the following businesses:
- $200,000 gap loan to Hughes Lofts LLC for the build out of two floors of 209 East Main Street, formerly known as the Fetzer building. The 2nd floor of 209 East Main Street will be home to the Louisville Thoroughbred Society. Other floors are shells and waiting for commercial tenant build out. METCO also supported this development with an approval of a façade loan in November 2017.
- $50,000 business accelerator loan to Bailey Construction & General Contracting for rent and working capital. Bailey Construction & General Contracting is a registered Minority Business Enterprise, owned by Corey Bailey with 15 years of experience and is now transitioning his side business into a full-time operation.
- $40,000 Midi loan to Garden Girl Foods, Inc. for the buildout of her food production business at 501 West Oak Street and improvement of the adjacent lot for gardening as well as purchase of equipment and working capital. Whitney Powers, owner of Garden Girl Foods, has more than 15 years of experience in restaurant management. Demand for her canned soups and vegetables is high and she has already grown out of her space in Logan Street Market. Garden Girl Foods products will soon be in some Paul’s Fruit Market and ValuMarket locations as well as Norton Commons pop-up cottages.
- Two loans from the Small Business COVID-19 Relief Fund:
- $50,000 to the La Quinta Del Sol, a new hotel on Old Henry Road
- $19,226 to The Limbo, a bar, restaurant and performing arts venue at 4th & Chestnut streets
With the votes in today’s meeting, the funds in the Small Business COVID-19 Relief Loan Fund have been exhausted. The Fund consisted of revolving loan funds of low-interest 66-month loans of up to $50,000. Since its creation in September of 2020, METCO has approved COVID relief loans to 70 businesses totaling over $2.9 million.
METCO administers all of Louisville Metro Government's small business loan programs, which include facade, accessibility, working capital, and gap financing loans. Because Louisville Metro is not the primary lender, the loan program allows many public-private partnerships between government and private business ventures that further neighborhood services, vitality and quality of life in the Louisville community.
The METCO board meets on the third Thursday of each month. The remaining meeting schedule for 2021 is March 18, April 15, May 20, June 17, July 15, August 19, September 16, October 21 and December 9.
To learn more about the city’s small business loan programs, visit https://louisvilleky.gov/government/louisville-forward/local-loan-programs.