Fischer announces small business loan eligibility expansion
LOUISVILLE, Ky. (WAVE) - The City of Louisville is expanding eligibility for two of its business loan programs.
The METCO Board, which oversees all of Louisville Metro Government’s small business loan programs, approved the expansion of the Business Accelerator and Commercial Renovation loan programs — the Jefferson County Business Accelerator Loan and the Commercial Renovation Loan — after Metro Council approved $1.5 million in new funds earlier this year.
The Jefferson County Business Accelerator Loan is available to small businesses in low-to moderate-income neighborhoods. The Commercial Renovation Loan may be applied for by any commercial property in need of repair, regardless of occupancy, although previously, they were available only to properties that were vacant for an extended period of time; Fischer indicated that METCO plans to renovate more commercial spaces by removing the vacancy restriction.
“For four decades, METCO has helped entrepreneurs fill gaps in financing to make their dreams a reality, yet access to capital remains a challenge for many new and small business owners, especially our minority- and women-owned businesses,” Louisville Mayor Greg Fischer said in a statement. “This expansion helps us address that challenge. Thank you to METCO Board members present and past for their work to support local businesses.”
The Metro Business Development Corporation Board has lent money to small businesses all over Jefferson County for 40 years, including loans totaling more than $3.2 million to businesses in just 2021, helping 42 small businesses.
Several small businesses received METCO loans in 2021, including Good Brothers Pharmacy, Highview Ice Cream and Coffee, the Health Careers Training Institute, Lil Genius Childcare and Elements Massage.
To learn more about the city’s small business loan programs, click here.
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