LOUISVILLE, Ky. (Feb. 24, 2017) — Three Louisville businesses were approved for loans totaling $410,000 by the Department of Economic Development’s Metropolitan Business Development Corporation (METCO) and the Department of Community Services’ Microbusiness Development Program. The loans will leverage a total investment of $3.4 million and will assist the companies to open, to expand services or to revitalize properties.
METCO loans:
- Three loans were approved for Butcherblock Properties, LLC for properties located at 115-117 N. Wenzel Street, 1004 E. Washington Street and 1007 E. Main Street in the Butchertown neighborhood. The loans will allow owner, Andy Blieden, to improve the façades of the buildings and to make accessibility improvements. Loans: $65,000 façade loan (115-117 N. Wenzel Street; $65,000 façade loan (1004 E. Washington Street); and $65,000 façade loan (1007 E. Main Street).
- $200,000 business loan has been approved for Gravely Brewing, LLC for its property located at 514 Baxter Avenue. The loan will allow owners, Nathaniel and Holly Gravely and Cory and Kelly Buenning, to purchase equipment and prepare the building for commercial reuse as a brewery/music venue/taphouse.
Microbusiness loan:
- $15,000 loan to The CERA Group, LLC to assist the owners, Jamie Keith and Mary Jefferson, with rental space, office equipment and marketing efforts. Located at 332 W. Broadway, The CERA Group provides consulting expertise to non-profit organizations, businesses and individuals to develop ideas and concepts that impact education and the greater good.
The Metropolitan Business Development Corporation (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.
Louisville Metro’s Microbusiness Development 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.
Many microbusinesses have little or no access to the commercial banking sector, and this loan program helps businesses owners who need capital. Loans range from $500 to $15,000. Borrowers have a choice of two programs, one for businesses which have been open for at least one year, and the one for start-up businesses.
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