Wednesday May 7, 2014
For Immediate Release:
Louisville Metro Council
Contact: Tony Hyatt 574-4137 / 526-3622
Louisville – Councilwoman Cheri Bryant Hamilton (D-5) has an important reminder for any businesses owner in the Shawnee Neighborhood or those who want to start a new business. The deadline to apply for a special one-time only forgivable loan is coming up on May 16th.
“As part of the Shine on Shawnee program, the Microbusiness program of the Shawnee Neighborhood Revitalization Strategy Area is offering a forgivable loan to those existing and new businesses that qualify,” says Hamilton. “This is unique opportunity to grow businesses within the Shawnee Neighborhood and I want to make sure that anyone interested takes advantage of this program.”
The Microbusiness program is a onetime incentive and the business owner must be a Shawnee resident or the business must be located, or will locate, in the Shawnee Neighborhood,
The program offers two types of loans. “IGNITE” loans are for businesses that have been opened for at least one year. The loan amount ranges from $5,000 to $15,000.
“SPARK” loans are for startup businesses or a business open for less than a year. The loan amount ranges from $500 to $4,999.
The loan money can be used for purchasing or leasing equipment, rent payment on office space, training, marketing and advertising. The loans cannot be used for personnel expenses, payroll, taxes or fees. Loans will not be made given for religious activities, real estate speculation or to nonprofit groups.
Loans are interest free and entirely forgiven after one year. If a business fails to meet the one year threshold, the loan must be repaid.
“Lots of Shawnee residents have great ideas for starting their own business and just need a little capital and this added incentive,” says Hamilton. “Several residents have participated in free training through the Shine on Shawnee Microbusiness training classes and we are excited about the potential of future entrepreneurs in and from the neighborhood hopefully going into many of the vacant storefronts in the area.”
Those existing businesses interested in applying for the program should be in good standing the Kentucky Secretary of State and the Louisville Revenue Commission or your application will not be considered.
To apply, return a completed application in person to the NIA Center, 3rd Floor, Business Clinic, 2900 West Broadway by Friday May 16th. Interviews and selections in the loan program will be made between June 3rd and 5th.
If you have any questions about the Microbusiness Program Shawnee NRSA 2014 Forgivable Loan Program, contact the Louisville Metro Department of Community Services and Revitalization at 810 Barret Avenue or go to www.louisvilleky.gov/CSR .
If you have questions, contact Rebecca Brenzel at 574-5866, Rebecca.firstname.lastname@example.org or Syvoskia Bray Pope at 574-5158, Syvoskia.email@example.com.
Cheri Bryant Hamilton (D) 5