Louisville, K. For the past 40 years, the Metropolitan Business Development Corporation (METCO) Board has approved a $ 3.2 million low-interest loan to support small businesses to support small businesses in Jefferson County, including this year.

On Monday, Mayor Greg Fisher announced that the city is expanding its eligibility for two credit programs.

“For four decades, METCO has helped entrepreneurs fill financial gaps to make their dreams come true. However, access to capital remains a challenge for many new and small business owners, especially our minority and women. ” “This expansion will help us solve the problem.”

The Metro Council, which oversees all Louisville Metro microfinance programs, approved a new $ 1.5 million microfinance program in December and approved the expansion of its business acceleration and renewal loan programs. .

Business Instant Loans is now available for small businesses in any low- and middle-income neighborhood in Jefferson County. Commercial real estate loans are now available to businesses in need of repair regardless of their assets; Loans are often limited to previously empty assets. By eliminating the vacancy requirement, METCO hopes to begin redevelopment of additional vacancies.

Earlier this year, the Board approved another program modification to allow joint-owned businesses to borrow from METCO, as long as shareholders or owners with an interest rate of 50% or more are given some personal insurance.

In total, METCO approved a low-interest loan of $ 3.2 million, supporting 42 small businesses by 2021. Eleven of these businesses are located in West Louisville, with more than $ 507,250 worth of loans and a total of $ 1.8 million.

The METCO Board has allocated the final Small Business Covide-19 grant loan program – over $ 744,000 – to 17 businesses. Launched in September 2020, the program provides up to $ 50,000 in low-interest loans to small businesses affected by the epidemic. The Board has awarded $ 2.2 million in funding to 54 businesses in 2020.

A.D. Small businesses that received a METCO loan in 2021 include:

  • Good Brothers Pharmacy, a black-owned pharmacy approved for $ 200,000 in micro and small business financing loans, to build space, market and build inventory.
  • Ice Cream Parla & Coffee Shop has received a ,000 32,000 million loan to cover the startup or expansion costs of wearing a high quality ice cream and coffee mobile shop at Outer Loop.
  • Health Vocational Training Institute, a business owned by a small number of women and nursing assistants. The Institute was established in 1626 W. Chestnut St. He received a $ 30,000 loan from a business accelerator to build and purchase equipment for a new office.
  • Lil Ginius Child Care, Minority- and Female-Owned Kindergarten, has received a $ 110,000 Small and Damaged Space Financing Loan to Prepaid for the 1121W Broadway.
  • Elements Massage, a member-based massage therapy business on Her Lane that received $ 50,000 COVID-19 Relief loan and $ 19,000 Medi loan for building and accommodation and supplies.

According to Fisseha, METCO has disbursed a total of 515 small businesses or individuals over a total of over 41 million USD since the 2003-county merger.

METCO administers all Louisville Metro Government microfinance programs, including facelift, accessibility, business acceleration, and differentiated financing loans. The loan program allows for public-private partnerships between public and private enterprises, which provide additional neighborhood services, utility and quality of life in the Louisville community.

The METCO board meets on the third Thursday of the month at 9:00 p.m. The 2022 meeting schedule is January 20, February 17, March 17, April 21, May 19, June 16, July 21, August 18, September 15, October 20, October 20 and December 8.

Visit https://louisvilleky.gov/government/louisville-forward/local-loan-programs to learn more about the city’s microfinance programs.

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