Economic Development Newsroom
Business Loans Help Companies Expand
Friday March 30, 2007
Louisville, Ky -- A motorcycle store and a clothing store are moving into downtown Louisville, thanks in part to business loans awarded this month by Louisville Metro Government.
Commonwealth Motorcycles, located at 361 Baxter Ave., received a $100,000 loan to relocate to East Jefferson St., across the street from the $233 million Liberty Green redevelopment. GQ Unlimited, a high-fashion men’s clothing shop, is opening a store at 728 W. Broadway.
The two businesses are among six companies awarded loans this month from the Metropolitan Business Development Corporation.
“Small businesses make our community vibrant – and metro government is pleased to help these companies grow,” Mayor Jerry Abramson said. “Small businesses have a ripple effect throughout our economy.”
The projects approved for loans are:
- GQ Unlimited, owned by Raju and Michelle Mahbubani. The business started in 1989 as New York Fashion in Radcliff, Ky., and moved in the former Galleria for several years. The store is currently located at Jefferson Mall and is now looking to open a second store downtown. The owners received a five-year $50,000 forgivable loan and a 10-year $50,000 low-interest loan.
- Commonwealth Motorcycles, owned by Edmod Staloff, which sells Suzuki, Ducati and KTM products. The company was awarded a $100,000 low-interest loan to help it purchase property at 625 E. Jefferson St.
- Positively Fourth Street, a live-performance hall owned by Edward, Eva and Richard Burch. The hall, to be located at 2901 S. 4th St., will also contain arts and crafts and collectibles for sale. The company received a $50,000 low-interest loan.
- Parker Properties LLC, is receiving a $39,818 loan to improve the façade of two Shoney’s restaurants – one on Eastern Parkway and one on Fern Valley Road. Owner Oscar Parker plans to add decorative stone banding on the facades, install new landscaping and improve the parking lots.
- Trend Companies of Kentucky, 11216 Decimal Drive, owned by Joseph and Linda Dumstorf. Trend received a $100,000 low-interest loan to help it expand and hire additional staff to service the Lexington and Louisville markets. Trend sells kitchen and other appliances for high-end homes, apartments and condos.
- Bargains Unlimited, doing business as Adams Cabinetry. The company received a $40,000 low-interest loan to purchase a building at 849 S. 15th Street.
Metro government provides a variety of programs to held business, including façade improvement loans, forgivable loans for retail stores. For more information, visit louisvilleky.gov/mda or call MetroCall at 311.