LOUISVILLE, Ky. (Nov. 27, 2017) Seven businesses were approved for loans totaling $410,000 by the Louisville Metro Departments of Economic Development and Resilience and Community Services. The loans will leverage a total investment of nearly $7 million and will assist the companies to open, to expand services or to revitalize properties.
METCO small business loans have been awarded to the following businesses:
- $200,000 façade loan has been approved for Hughes Lofts, LLC for its property located at 209 East Main Street, formerly known as the Fetzer Building. The loan will allow owners, Michael Schnell and Dave Steinbrecher, to revitalize the exterior of the property to historical accuracy. The owners plan to redevelop the building into a mixed-use facility which would include residential units, a restaurant, and a green roof terrace over the parking structure.
- $73,000 façade loan has been approved for French and Associates, LLC for its property located at 240 Amy Avenue. The loan will allow the owners to continue making improvements to the French Plaza property in the Shawnee neighborhood. Additional improvements made by the owners include installing a new roof, adding new HVAC lines, resealing the parking lot, and adding two new speed bumps.
- $50,000 façade loan and $15,000 accessibility loan were approved for Hulsman & Sullivan Property, LLC for its property located at 1022 Clarks Lane in the George Rogers Clark neighborhood. The property was formerly known as Tim Tam Tavern, a neighborhood pub that had operated for more than 63 years. The loans will allow the owners to complete exterior renovations, to add landscaping, and to bring the building into ADA compliance. The owners plan to reopen the pub under its same name and offer homestyle daily lunch and dinner specials.
- $50,000 gap loan has been approved for Kare Mobile Inc., a technology company that has an emphasis on software development. The loan will allow the owners to build out its new office space located at 2500 East Broadway, purchase machinery and office equipment, and hire one staff person.
Microbusiness Development Program loans have been awarded to the following businesses:
- $10,000 loan to R&B Team Investments LLC dba Daddy Rich’s to assist the owners, Rodrick Martin and Brian Allen, with equipment, insurance, and supplies. Located at 611 West Oak Street, Daddy Rich’s is a full-service establishment that features moderately priced “soul” food such as gourmet chicken wings, waffles, wraps, and more.
- $7,000 loan to Sparks Custom T-Shirts & More, LLC to assist the owner, Bernard Shell, III, with office supplies, t-shirt inventory, in-store banners, and insurance. Located at 821 East Broadway, this business has been operating as a storefront with plans to expand into a full retail establishment selling shoes, custom t-shirts, and sweat shirts for all ages.
- $5,000 loan to D&G Tax Services LLC to assist with equipment, insurance, and supplies for the opening of this business at 2304 West Broadway. With more than 20 years of combined tax preparation experience, owners Howard Gant and Malcolm Dade look forward to serving residents of west Louisville and surrounding areas.
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.
The METCO board meets the fourth Thursday of each month. Meetings are at 9:00 a.m., at the offices of Louisville Forward, located at 444 S. 5th Street, 6th floor. The remaining meeting for 2017 is scheduled for December 14.
To learn more about the METCO loan program, visit https://louisvilleky.gov/government/louisville-forward/local-loan-programs.
The 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, which can range from $5,000 to $15,000.
Many microbusinesses have little or no access to the commercial banking sector, and this loan program helps business owners who need capital. Borrowers have a choice of two programs, one for businesses which have been open for at least one year, and one for start-up businesses.
For more information about the Microbusiness Development Program, visit the Small Business Clinic at the Nia Center, 2900 W. Broadway, or visit https://louisvilleky.gov/government/resilience-and-community-services/microbusiness-program.