LOUISVILLE, Ky. (WAVE) – The City of Louisville is expanding eligibility for two of its business loan programs.
The board of directors of METCO, which oversees all of the Louisville Metropolitan Government’s small business loan programs, has approved the expansion of the business accelerator and commercial renovation loan programs – the Accelerator Loan d Jefferson County Business and Commercial Renovation Loan – after Metro Council approved $ 1.5 million in new funding. earlier this year.
The Jefferson County Business Accelerator Loan is available to small businesses in low to moderate income neighborhoods. The Commercial Renovation Loan can be applied for by any commercial property in need of repairs, regardless of occupancy, although previously they were only available for properties that were vacant for an extended period; Fischer said METCO plans to renovate more retail space by removing the vacancy restriction.
“For four decades, METCO has helped entrepreneurs close the financing gap to make their dreams come true, but accessing capital remains a challenge for many new and small business owners, especially our owned businesses. minorities and women, ”said Louisville Mayor Greg Fischer. said in a statement. “This expansion helps us meet this challenge. Thank you to the members of the METCO Board of Directors, present and past, for their work in supporting local businesses.
The board of directors of the Metro Business Development Corporation has loaned money to small businesses across Jefferson County for 40 years, including loans totaling more than $ 3.2 million to businesses in 2021 alone, helping 42 small businesses.
Several small businesses received METCO loans in 2021, including Good Brothers Pharmacy, Highview Ice Cream and Coffee, Health Careers Training Institute, Lil Genius Childcare, and Elements Massage.
To learn more about the city’s small business loan programs, Click here.
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