Economic Growth and Innovation Newsroom
METCO Awards New Business Loans
Thursday June 28, 2007
(June 28, 2007) – A new men’s clothing store downtown. A new Italian restaurant in Clifton. An expanded Asian and Mexican grocery in Lyndon.
These were among four low-interest loans approved today by the Metropolitan Business Development Corporation, a branch of Metro Government.
“These loans are money well spent,” Mayor Jerry Abramson said. “They will bring new services and new jobs to all parts of our growing city.”
Businesses receiving loans were:
- GQ Unlimited, to operate at 728 W. Broadway. Michelle and Raju Mahbubani plan to renovate the building to become GQ Unlimited’s second location. The owners currently operated New York Fashion in Jefferson Mall. A $27,550 façade loan will be used for new signs, new glass and fencing.
- Varanese Fusion, LLC. John Varanese, executive chef at The Cardinal Club and a former chef at Azalea’s, plans to open a restaurant at 2106 Frankfort Avenue. A $5,000 loan from Metro Government will allow Varanese to make his restaurant accessible to the disabled. He is also receiving a $50,000 low-interest loan that will help him start the restaurant. The project will create 20 full-time jobs and 16 part-time jobs.
- Choi’s Asian Food Market, 607 Lyndon Lane. The store, owned by Sookja Choi and Hyun Sook Yoo, features Asian and Mexican foods. Metro Government is providing a $50,000 low-interest loan for the market’s expansion that will result in five new full-time jobs.
- ETA Daycare Center, 724 S. 44th St. Rose Walton established the adult daycare center in 1999. She plans to move the center to 724 W. Breckinridge, into a building she is buying and renovating. Metro Government is providing a $100,000 low-interest loan.
For more information about business loans provided by Metro Government, see www.louisvilleky.gov/economicdevelopment