Louisville City Wire

LOUISVILLE, Ky. – The Metropolitan Business Development Corporation (METCO) Board approved $994,337 in small business loans during the third quarter of 2023, leveraging almost $4 million in investment in Louisville.

The METCO board meets monthly to review, discuss and vote on applications for small business loans available through Louisville Metro Government. The METCO small business loan programs are administered by the Department of Economic Development. So far this year, the METCO Board has approved $2.66 million in loans to 20 businesses, leveraging more than $10.3 million in investment.

The small businesses that obtained METCO loans in July:

•          Property holding company 1124 Logan LLC, located at 1124 Logan St., was approved for a $179,337 façade loan and a $200,000 gap financing loan for capital improvements of the multi-use building. The façade loan funds will be used to restore the original historic face of the building and to install fencing and landscaping. The gap financing loan will be used for the interior buildout.
•          Wrongside Industries LLC, a new brewery located at 1025 Barret Ave., was approved for a $10,000 façade loan for exterior improvements including signage, a mural, and a pergola for outside seating.
•          Property holding company MaybeItsFate LLC, located at 1425 Story Ave., was approved for a $150,000 commercial renovation loan and a $15,000 accessibility loan. The commercial renovation funds will be used to add fire suppression and additional bathrooms. The accessibility loan funds will contribute to the cost of an elevator.

The small businesses that obtained METCO loans in August:

•          Local contractor ANTZ Incorporation, Inc. was approved for a short-term contractor loan of $75,000. The loan funds will be used for working capital to complete multiple Home Repair program contracts awarded to the borrower by Louisville Metro’s Office of Housing and Community Development. The Home Repair program helps low- to moderate-income residents make critical repairs to their homes.

The small businesses that obtained METCO loans in September:

· Mobile Cajun food business Da Bayou LLC was approved for a $50,000 Midi Loan. Loan funds will be used to purchase a trailer and inventory.

· Property holding company Halevi Bros. at 770 LLC, located at 770 S. Preston St., was approved for a $250,000 commercial renovation loan. Loan funds will be used for the renovation and buildout of the property.

· Derby City Discount Fashions, located at 4006 Dixie Hwy., was approved for a $30,000 Sharia-Compliant Business Accelerator Loan to add a children’s retail section. Loan funds will be used for inventory and display supplies.

· Certified Nursing Assistant (CNA) training center Rise Nursing Academy LLC, located at 2600 W. Broadway, Ste. 210, was approved for a $30,000 Business Accelerator Loan. Loan funds will be used for startup costs to complete accreditation and begin operation.

· Soul Food restaurant and catering business Lucretia’s Kitchen, located at 617 W. Oak St., was approved for a $20,000 Business Accelerator Loan to assist with re-opening and expanding in the new location. Loan funds will be used for working capital.

Loan applications are accepted year-round and are due by the 25th of each month. 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 2023 will be held on October 19, November 16, and December 14.

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

Original source can be found here.