September 17, 2020 1:57pm
Metro Louisville announces new Small Business COVID-19 Relief Loan Program
Louisville Metro Government has announced an additional opportunity for businesses impacted by COVID-19 to access funding through a new small business loan program. A total of $2.8 million is available in low-interest loans for small businesses to help sustain their operations and cover expenses related to the impact of the pandemic.
Eligibility requirements include:
- Be located in Louisville/Jefferson County, Kentucky
- Be in good standing with Louisville Metro Revenue Commission and Kentucky Secretary of State
- Show no more than $2.5 million annual revenue in previous year
- Demonstrate that there was negative impact due to COVID-19
Loan amounts are available of up to $50,000 with 66-month terms. For the first six months, there is zero interest and no payments. A 2 percent interest rate kicks in on the seventh month.
Funding for the loan program was made available through the U.S. Department of Commerce’s Economic Development Administration.
This summer, Louisville Metro announced the Small Business COVID-19 Relief program, which included $21 million federal CARES Act funds for small businesses in Jefferson County. Read more about that program here.
Metro recently announced that, as of Sept. 3, more than $16.7 million in grants had been awarded to 463 small businesses in Louisville.