METCO board approves $345,000 loans to five small businesses
LOUISVILLE, Kentucky (June 17, 2022) – The board of directors of the Metropolitan Business Development Corporation (METCO) has approved $345,000 in low-interest small business loans to five companies over the past three months for projects totaling $791,000.
The METCO Board of Directors meets monthly to review, discuss and vote on applications for small business loans available through the Louisville Metropolitan Government. The city’s small business loan programs are administered by Louisville Forward.
Below are the small businesses that were approved for METCO loans in April, May and June:
- DUES24 LLC dba HippoCLIN secured a $30,000 Midi loan to use as start-up capital, including marketing, equipment, insurance and payroll. HippoCLIN is a software application designed to provide nursing students with “real-time, interactive” hands-on education and experience with electronic health records, which they are currently unable to obtain due to HIPAA regulations.
- Provision Brands LLC dba Little Caesar’s Pizza received a $66,500 loan for disadvantaged small business gap financing, a $17,000 fronting loan and a $16,500 accessibility loan for construction, building costs start-up, marketing and working capital of a store at 529 N. 22nd St. The facade loan will be used to purchase and install a facade sign, and the accessibility loan will be used for ramps and interior and exterior handrails.
- Kertrina Thompson dba Love and Devotion Childcare secured a $115,000 disadvantaged small business financing loan to build its facility at 4917L Dixie Highway, including the purchase of fixtures and furnishings, and for working capital During three months.
- Vincenzo’s Inc, an Italian restaurant at 150 S. 5th St., and Jerry Green Inc., a live music nightclub at 120 W. Broadway, both received $50,000 COVID-19 relief loans.
So far this year, METCO’s board has approved $1.4 million in loans to 12 companies, raising $11.4 million. This also includes five COVID-19 relief loans, which provide small businesses negatively impacted by the pandemic with low-interest loans of up to $50,000 to pay for expenses that will sustain the business.
The METCO Board of Directors meets the third Thursday of the month at 9:00 a.m. Meetings are currently being held virtually. The remaining meetings for 2022 will take place on July 21, August 18, September 15, October 20 and December 8.
To learn more about the city’s METCO loan programs, visit https://louisvilleky.gov/government/louisville-forward/local-loan-programs.