10 loans approved to assist with startup costs, renovations and commercial reuse
LOUISVILLE, Ky. (Aug. 27, 2015) — The Louisville Metropolitan Business Development Corporation (METCO) approved 10 loans for four local companies that are expected to create more than 200 Louisville jobs.
The $1.2 million in loans will leverage an additional investment of $5.6 million to assist in startup costs, renovating properties and preparing the businesses for productive commercial reuse.
The loans were:
- $74,625 DOE energy efficiency loan was approved for Aaron Frisbee, Larry Bisig and George Dumstorf III for the installation of solar panels on the roof of the Bisig Impact Center located at 640 S. 4th St. The solar panels will reduce energy consumption and have a life expectancy of 50 years.
- $200,000 business loan was approved for DC Rio, LLC dba Doc’s Cantina, located at 1201 River Road. The loan will allow owners of Doc’s Cantina to improve the property for reuse as a modern Mexican restaurant concept in the former Tumbleweed property on the waterfront. This project will create 82 new full-time jobs, with part-time positions being created seasonally. The total investment for this project is $2.2 million.
- Four loans, totaling $400,000, were approved for Varanese Riverfront, LLC located at 3015 River Road. The loans will allow owner John Varanese to lease and renovate the property, which was previously home to Falls City Boat Marina. This project will create 149 new jobs and reflects a total investment of $3.4 million. (More about the project can be found here.)
- Four loans, totaling more than $500,000, were approved for Butcherblock, LLC located at 1009, 1011, 1013, 1015 and 1019 E. Main Streets. The loans will allow owner Andy Blieden to renovate and improve five properties located in the heart of Butchertown. The total investment for this project is $1.2 million.