All received loans to start or expand small businesses
LOUISVILLE (Oct. 19, 2015) — Louisville Metro Department of Community Services will honor 150 business owners at a 5th anniversary celebration of the Microbusiness Development Program from 6-8 p.m. on Tuesday at Memorial Auditorium. Microenterprises are businesses that employee five or fewer individuals, including the owner.
The business owners—all low- to moderate-income entrepreneurs—are recipients of loans that have helped start or expand their small businesses, including food service, beauty/barber shops, technology, childcare, bookkeeping/tax services, repair and renovation services and lawn care.
Community Services developed the Microbusiness Program in 2010 in an effort to ease the difficulty that many small business entrepreneurs face securing traditional business financing. Funded through a federal Community Development Block Grant, the Microbusiness Program has made an investment of more than $1.6 million in loans and through training and technical assistance.
Loans are awarded with a no-to-low interest rate and are currently structured as a revolving model in an effort to build long-term program sustainability through the generation of program income.
In addition to the business owners, the event will include financial institution partners, small business associations and community volunteers who have served as loan committee members or advisors, sharing their expertise in providing business training and technical assistance to nearly 900 individuals.
Katina Whitlock, director of Community Services, will give the opening remarks. Lisa Locke, Senior Community Development Specialist with the Federal Reserve Bank of St. Louis Bank, Louisville Branch, will share insights on community efforts to collaborate on economic initiatives.