Areas Served: City of Louisville
The Economic Development Department’s loan programs support entrepreneurial and small business endeavors in Louisville, Kentucky, which are the backbone of our local economy.
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.
Micro Loan The newest addition to small business owners’ development arsenal is the Micro Loan, specifically for start-up businesses.
The Micro Loan will provide a direct funding source for entrepreneurs in Metro Louisville who otherwise would not have access to funding.
This loan offers primary financing, with loans ranging from $10,000 to $30,000.
Business Loan The Business Loan provides up to 25% of project costs up to $100,000, in gap financing, to small businesses.
This loan can be financed up to 10 years at a minimum rate of 5%.
Small and Disadvantaged Business Loan
The Small and Disadvantaged Business Loan provides up to 50% of project costs, or $100,000, in gap financing to ethnic, minority, disadvantaged or women-owned businesses at market rates.
This loan can be financed up to 10 years at 5%.
Forgivable Retail Loan
The Forgivable Retail Loan encourages retail businesses to locate in areas that lack a strong retail presence.
Retail business growth is critical to maintaining healthy neighborhoods and business corridors, which will improve the quality of life in our neighborhoods and for our entire community.
The maximum loan is $50,000, at 0% interest, forgiven over a five-year period.
The loan must be 100% collateralized, and will be personally guaranteed by the borrower.
Facade Loan
The Facade Loan is available to commercial property owners to revitalize neighborhood commercial corridors in Louisville.
Facade loans are awarded for exterior property improvements, including window and door replacements, storefronts, masonry repair, siding, painting, carpentry, signage, and landscaping.
Often, a professional architectural rendering is offered to a potential borrower to identify necessary building improvements.
Facade loans are offered at a fixed interest rate of 3% over 10 years, making this an attractive program for revitalizing large target areas.
Loans are typically secured with a lien on the improved property and the personal guarantee of the borrower.
Contact Information
Metropolitan Business Development Corporation
Address: 527 W. Jefferson St.
City: Louisville
State: Kentucky
Website:
https://louisvilleky.gov/
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