Sixteen small businesses receive loans from city
Since January, sixteen businesses have been approved for loans, totaling over $1.25 million, by the Louisville Metro Government’s Department of Economic Development and Office of Resilience and Community Services. The loans will leverage a total investment of more than $1.7 million and will assist the businesses in opening, expanding services, or rehabilitating properties.
Twelve (12) METCO loans, administered through the Department of Economic Development, have been awarded in the first six months of 2019, including these most recent recipients:
- $44,743 midi loan approved for Bourbon Barrel Foods for the purchase of an additional specialized smoker to increase production of its food products and expand its product offerings.
- $100,000 gap loan approved for Mandala House to relocate and expand its offices at 633 Baxter Ave. to accommodate the growing demand for outpatient mental health services. The funding will help Mandala House owners with renovation costs, including flooring, drywall, and furnishings, as well as marketing the new location and recruiting new hires.
- $100,000 façade loan and $50,000 midi loan approved for Sal Properties to renovate properties at 2109-2115 Frankfort Ave.
- $100,000 gap loan approved for LOP Properties for renovations to 2133 W. Market St.
- $50,000 business accelerator loan approved for commercial hauling businesses Blackhaq Enterprise.
Microbusiness Development Program loans, administered through the Office of Resilience and Community Services, have been awarded to the following businesses:
- $5,000 Spark loan to Xtreme Carpet Cleaning for equipment and supplies. Xtreme Carpet Cleaning provides carpet and upholstery cleaning services to residential and commercial customers in Louisville.
- $5,000 Spark loan to Step By Step Family Services LLC for equipment, supplies, and marketing. Located at the Nia Center, 2900 W. Broadway, Step By Step Family Services provides behavioral, mental health services. and case management.
- $5,000 Spark loan to Divine Lash & Beauty LLC for supplies and start-up costs. Divine Lash & Beauty LLC provides eyelash extension services and products.
- $5,000 Spark loan to Malone Step-N-Dance Company for supplies and space costs. Malone Step-N-Dance Company is a youth dance team, and its studio is located at Mellwood Arts Center, 1830 Mellwood Ave.
The Metropolitan Business Development Corporation (METCO) governs metro government’s small business loans and provides financial assistance through commercial loans for new and expanding businesses, including façade, accessibility, and gap financing loans. These loans are evaluated based on project cost and fund availability, with a variety of interest rates depending on the loan program.
The METCO board meets the fourth Thursday of each month. Meetings are held at 9 a.m. at the offices of Louisville Forward, 444 S. 5th St., Suite 600. Upcoming meetings in 2019 include July 25, August 22, September 26, October 24, and December 12.
Louisville Metro’s Microbusiness Development Program helps low- and moderate-income business owners start and grow small businesses. A microbusiness employs five or fewer people, including the owner. The program includes training, technical assistance, and the opportunity to apply for a loan.
The loan program helps businesses owners who need capital as many microbusinesses have little or no access to the commercial banking sector. Loans range from $500 to $15,000, and borrowers have a choice of two programs, one for businesses that have been open for at least one year and one for start-ups.
To learn more about the METCO loan program, visit https://louisvilleky.gov/government/louisville-forward/local-loan-programs.
For more information about Community Services’ microbusiness program, visit https://louisvilleky.gov/government/resilience-and-community-services/microbusiness-program.