Economic Growth and Innovation
The Department of Economic Growth and Innovation's loan programs support entrepreneurial and small business endeavors, which are the backbone of our local economy.
Because metro government is not the primary lender, the loan program allows many public-private partnerships between government and private business ventures that further the vitality and quality of life in the Louisville community.
These loans are approved by, and made in conjunction with, the Metropolitan Business Development Corporation (METCO).
You can get pre-screened for a loan by filling out this form.
Louisville Agribusiness Loan
The Agribusiness Loan is targeted to businesses processing food which is grown by Kentucky farmers. To be eligible, businesses should open in the Portland neighborhood, the first LIFE (Locally Integrated Food Economy) Zone created by Mayor Fischer.
Applicants must demonstrate that the major ingredients in their product come from Kentucky farmers and that they will create jobs in the Portland area.
This is a negotiable, low-interest revolving loan.
The Micro Loan was developed specifically for start-up businesses, as a direct funding source for entrepreneurs in Metro Louisville who otherwise would not have access to funding.
This loan offers primary financing, with loans ranging from $10,000 to $30,000.
The Business Loan provides up to 25% of project costs up to $100,000, in gap financing, to small businesses. This loan can be financed up to 10 years at a minimum rate of 5%.
Small and Disadvantaged Business Loan
The Small and Disadvantaged Business Loan provides up to 50% of project costs, or $100,000, in gap financing to ethnic, minority, disadvantaged or women-owned businesses at market rates. This loan can be financed up to 10 years at 5%.
The Facade Loan is available to commercial property owners to revitalize neighborhood commercial corridors in Louisville. Facade loans are awarded for exterior property improvements, including window and door replacements, storefronts, masonry repair, siding, painting, carpentry, signage, and landscaping. Often, a professional architectural rendering is offered to a potential borrower to identify necessary building improvements.
Facade loans are offered at a fixed interest rate of 3% over 10 years, making this an attractive program for revitalizing large target areas. Loans are typically secured with a lien on the improved property and the personal guarantee of the borrower.
Accessibility Loans are offered to commercial property owners for the purpose of making buildings more accessible to people with physical disabilities.
Loans are limited to $5,000 for exterior or interior accessibility improvements. Accessibility Loans are restricted to ingress and egress improvements, including but not limited to: accessible paths of travel, doors, handrails, threshold adjustments, and bathroom alterations. Funds are loaned at a maximum of 100% of the total approved project at a fixed interest rate of 3% with maximum maturity of 4 years. Accessibility Loans are typically secured with a lien on the improved property and the personal guarantee of the borrower.
Brownfields KEOZ Redevelopment Loan
The Brownfields KEOZ Redevelopment Loan provides financing for economic development in older industrial areas. Companies who want to acquire, assess and remediate property for use or resale, or to construct and install buildings and fixtures for industrial use may be eligible for the loan program if they are located in the qualified Kentucky Economic Opportunity Zone. This loan is collateralized by a mortgage on the subject property.
For more information, call 502.574.4140.