LOUISVILLE, Ky. (Dec. 16, 2013) — Eight loans in the amount of $486,660 were approved by the Louisville Metropolitan Business Development Corp. These loans will leverage an additional $15.5 million in private investment, to assist businesses in starting up, improving their buildings, and cleaning the land to encourage economic development.
♦ $50,000 façade and $10,000 accessibility loans to TenFiftyEight, located 1045 Goss Ave. The two loans will allow the owners Laura Clemmons and Robert Neely to renovate the exterior and interior of this former VFW Post in order to open a new pizza parlor. Repairs will be made to the storefront, siding, painting and signage, as well as accessibility improvements to the restrooms.
♦ $36,660 façade and $10,000 accessibility loans to THCSJB, located at 1058 Bardstown Road. The two loans will allow the owners, Tommy and Sally Clemons, to renovate this space and expand the existing Highlands Tap Room that is next door. They will be moving the location at 1279 Bardstown Road to this new expanded space. Improvements will be made to the front porch, windows, patio and new siding will be added, as well as to the bathrooms including a handicap lift, hand rails and a wider door.
♦ $50,000 façade loan to Fountain Wolf Properties, located at 1601 Story Ave. The loan will allow owners Emmanuel and Helen Dumigron to fully renovate the property and improve the façade.
♦ $100,000 gap-financing loan to Eggheadz, located at 121 S. Floyd St. The loan will allow owners to open the fourth location of Wild Eggs, the first one that is not in the east end of Louisville. This project will create 35 new full-time and 25 part-time positions.
♦ $150,000 gap-financing loan to One Sustainable Method Recycling, located at 2900 S. 7th St. The loan will allow the owner, Sheri Mitchell, to purchase equipment that will improve the grade of recyclable hospital waste. The company works with area and regional hospitals and waste haulers. This project will create 20 new full-time positions.
♦ $80,000 from the Brownfield Revolving Loan Fund to Acquisition, located at 1228 South 7th St. The loan recipient, Bill Weyland, already was approved for a $908,000 loan from this fund to perform environmental remediation on property currently owned by LG&E. The loan pool provides opportunities to finance remediation on properties where traditional financing may be difficult or impossible to obtain because of their environmental issues, and allows those properties to be redeveloped and returned to more productive uses. The projected site redevelopment is projected to be $14 million in private investment.
For more information about the city’s small-business loan program, visit http://www.louisvilleky.gov/economicdevelopment/METCO.htm.
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