Three Small Businesses Receive METCO Approval
Thursday December 13, 2012
Four loans in the amount of $995,000 were approved by the Louisville Metropolitan Business Development Corporation. These loans will assist three businesses in environmental clean-up, façade improvement, and business start-ups.
· $908,000 from the Brownfield Revolving Loan Fund to Acquisition LLC, located at 1228 South 7th Street. The loan will allow prospective owner Bill Weyland to perform environmental remediation on property currently owned by LG&E. The loan pool provides opportunities to finance remediation on properties where traditional financing may be difficult or impossible to obtain because of their environmental issues, and allows those properties to be redeveloped and returned to more productive uses. The projected site redevelopment is projected to be $14 million in private investment.
· $50,000 in gap-financing loan and $12,000 in façade loan Pizza Donisi, Inc., located at 1396 S. 2nd Street. The loans will allow owners Daniel Fitzgerald and Stephen Fitzgerald to open a new sit-down pizza business in Old Louisville, also serving to patrons of the next-door Mag Bar. This project will create 13 new jobs, and improve the building façade with a new storefront, tuck-pointing and signage.
· $25,000 loan to Joy Owens and Cindy Ealy, for a new Sam’s Hot Dog Stand located at 1984 Brownsboro Road. The loan will allow the owners to open a new hot dog franchise, which specializes in chili dogs, and is popular in its other 45 locations in Kentucky, West Virginia, Virginia and Ohio.
For more information about the city’s small-business loan program, visit http://www.louisvilleky.gov/economicdevelopment/METCO.htm.