LOUISVILLE, Kentucky – The board of directors of the Metropolitan Business Development Corporation (METCO) approved just over $ 1 million in loans for businesses affected by COVID-19, as well as five traditional METCO loans, in September and October.
“Our small business team continues its important daily work while helping small businesses affected by the COVID-19 pandemic through new loan and grant programs,” said Mayor Greg Fischer. “We urge residents to continue supporting all of our small businesses through curbside pickup, alfresco dining and other ways during the winter months.”
Louisville Forward launched the COVID-19 Small Business Assistance Loan Program in mid-September, offering small businesses affected by the pandemic 66-month low-interest loans of up to $ 50,000. Since then, METCO’s board of directors has granted loans to 22 small businesses from the $ 2.8 million revolving loan fund.
To be eligible for a loan, a business must be located in Jefferson County, be in good standing with the Louisville Metro Revenue Commission and the Kentucky Secretary of State, demonstrate negative impact due to COVID-19, and not post more of $ 2.5 million in annual revenue in last year.
During its regular meetings in September and October, METCO’s Board of Directors also approved five loans for the following companies:
- A loan has been approved for Jerk Tacos of Chicago for start-up costs and working capital, including building improvements. The restaurant, which started in 2019 as a pop-up food vendor, is opening physical space at 207 Southwestern Parkway.
- $ 50,000 Business Accelerator Loan
- Three loans have been approved Cedar Lounge and Restaurant for the renovation of the 50-year-old bar and restaurant, located at 416 S. 26th St. Work on the property will include new front doors, repairs to the brick facade, a new brand, the purchase of equipment and furniture, and a renovation of the bathrooms to make them ADA compliant.
- $ 51,100 facade loan
- Accessibility loan of $ 15,000
- Variance loan of $ 81,900
- A loan has been approved for the Metro Transportation trucking company. Owner Modou Jobe established the business in May and hopes to make it a successful full-time business. He will use the funds to purchase a trailer and pay for insurance, professional fees, licenses and permits.
METCO administers the Louisville Metropolitan Government’s small business loan programs, which include frontage, accessibility and gap finance loans, to name a few; loan programs go through the Department of Economic Development at Louisville Forward. Because Louisville Metro is not the primary lender, the loan program enables numerous public-private partnerships between government and private businesses that promote vitality and quality of life in the Louisville community.
In addition to the COVID-19 and METCO Small Business Relief Loan programs, Louisville Forward has distributed more than $ 24 million in grants to 717 small businesses under the COVID-19 Small Business Relief Grant program. These grants have been reviewed and approved by the Small Business COVID-19 Grant Review Committee.
To learn more about the city’s small business loan programs, visit https://louisvilleky.gov/government/louisville-forward/local-loan-programs.
To learn more about the city’s new COVID-19 Small Business Assistance Loan Program, visit https://louisvilleky.gov/government/louisville-forward/small-business-covid-19-relief-loan-program.