Loans total $95,000
LOUISVILLE, Ky. (Nov. 2, 2016) — Two small businesses in Louisville have been awarded $95,000 in loans to help them renovate or expand. Loans were awarded by Louisville Forward Economic Development’s Metropolitan Business Development Corporation (METCO) and the Department of Community Services’ Microbusiness Development Program.
- Two loans ($75,000 façade loan, $15,000 accessibility loan) were approved for Cynthia Torp Properties, LLC to renovate a warehouse in the SoBro neighborhood. Upon completion, the front of the building will house office space for Solid Light, and the back portion of the building will serve as its metal fabrication shop.
- $5,000 loan to Abound In Grace to purchase more book inventory and supplies. The business is expanding their new product line Abound in Grace Kid’s Corner and will host bi-weekly youth activities and events. One new employee will be added to handle operations during peak hours.
METCO governs metro government’s small business loans, which include facade, accessibility and gap financing loans. Because metro government is not the primary lender, the loan program allows many public-private partnerships between government and private business ventures that further the vitality and quality of life in the Louisville community.
The microbusiness program helps low and moderate income business owners with starting and growing small businesses. A microbusiness employs five or fewer people, including the owner. The program includes training, technical assistance and an opportunity to apply for a loan.