METCO Board approves over $900,000 in small business loans, leveraging nearly $10.5 million of investment

March 17, 2022

The Metropolitan Business Development Corporation (METCO) Board has approved $918,500 in low-interest small business loans to four businesses for projects totaling almost $10.5 million.

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 obtained METCO loans in February and March:

  • Alvio’s Cuban Meats received $150,000 Small and Disadvantaged Business Gap Financing Loan to purchase equipment and use for working capital to open a new meat processing facility at 1900 W. Main St. The site was previously used by another meat processing company.
  • A & F Siempre will renovate 1027 E. Main St. into three short-term rental units with a commercial space on the first floor, using Façade, Go Green and Commercial Renovation loans totaling $550,000.
  • Forty Squares LLC received a $198,500 Façade Loan to renovate the exterior of 231 E. Main St. The company plans to use the money to clean and restore the masonry, remove any non-historical attachments, and repair and/or reset all stone roof copings, as well as install new gutters and a downspout system.
  • Derby City Clean All LLC, a commercial cleaning service, was approved for a $20,000 COVID-19 Relief Loan.

In 2021, METCO approved more than $2.4 million in traditional METCO loans to 26 businesses, leveraging nearly $17.2 million in investment throughout the city. It also allocated $744,000 to 17 businesses through the Small Business COVID-19 Relief Loan Program, which provides 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.

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

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