To Clients and Friends:
The following program is one that every small business in the Louisville metro area should consider applying for, even as a stopgap until SBA loans become available. Our city has joined forces with LHOME to offer low interest loans on a quick-turn-around basis.
Small Business Continuity Loan Program
Metropolitan Business Development Corporation (METCO)
METCO, Louisville nonprofit partner on new business loan relief fund
- LHOME
- provides affordable loan products and financial coaching services to low income small business owners, renters and homeowners
- METCO
- Oversees the city's small business loan program
- Assists with start-up capital, working capital, and capital improvements to commercial and public properties
- Helps low- and moderate-income individuals start or grow a business
- Approved transfer of $500,000 in funds to LHOME to launch the loan program
- An additional $250,000 has been approved for later if needed
- Details are still being finalized, but the loans are expected to be interest free for the first year
- For those businesses that are current loan holders, METCO is
- waving late fees on loans up to 3 months
- deferring loan payments in 30, 60, or 90-day increments
- interest will continue to accrue on the loans
- METCO will extend maturity on small business loans up to 3 months
- Deferral requests must be made to METCO in writing and the loan cannot be delinquent
