LOUISVILLE, Ky. — The Metropolitan Business Development Corporation (METCO) Board has approved $115,000 in new low-interest small business loans, leveraging a $908,000 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 city’s small business loan programs are administered by Louisville Forward.
So far this year, the METCO Board has approved $1.8 million in loans to 21 businesses, leveraging nearly $14 million in investment.
The small businesses that obtained METCO loans in August:
- Slainte Hospitality, LLC was approved for a $30,000 Gap Loan. The loan will be used to fund working capital, initial inventory, furnishings and fixtures to open a new casual, upscale cocktail and whiskey lounge, located at 1027 E. Main St.
- Scott Herrmann dba Madison Street Properties, LLC, was approved for a $35,000 Façade Loan for a commercial multi-use property, located at 947 E. Madison St. The loan will be used for tuckpointing of the exterior of the building where needed.
- AJS Futures, LLC was approved for a $50,000 Midi Loan. The funds will be used to renovate the building and purchase furniture and equipment for the counseling business, located at 3027 Preston Hwy.
METCO board meetings take place monthly – the third Thursday of the month – to evaluate, approve or deny loans. Applications are accepted year-round, due by the 25th of each month. The next application deadline is Aug. 25, 2022.
METCO board meetings are currently being held virtually. The remaining meetings for 2022 will be held on Sept. 15, Oct. 20, and Dec. 8.
To learn more about the city’s small business loan programs, visit https://louisvilleky.gov/government/louisville-forward/local-loan-programs.
Click here for more Kentucky business news.
