LOUISVILLE DOWNTOWN PARTNERSHIP ANNOUNCES EXPANSION OF LOAN PRODUCT ELIGIBILITY

LOUISVILLE DOWNTOWN PARTNERSHIP ANNOUNCES EXPANSION OF LOAN PRODUCT ELIGIBILITY

Publication Date: 01-22-2024

MEDIA CONTACT:
Bryn Alston
(502) 614-4122
balston@louisvilledowntown.org

LOUISVILLE DOWNTOWN PARTNERSHIP ANNOUNCES EXPANSION OF LOAN PRODUCT ELIGIBILITY
Expanded Loan Product to Help Existing Small Businesses in Downtown

LOUISVILLE, KY. (January 22, 2024) – An expansion of the Downtown Small Business Loan program was announced today, designed to help overcome gaps in funding for small businesses to make improvements or upgrades to their existing ground-floor retail spaces. With this expansion of eligible businesses, the Downtown Small Business Loan also is now available for existing Downtown businesses that wish to expand or improve their current location.

“The goal of the Downtown Small Business Loan is to attract and assist street level businesses in the Downtown area, because having more storefront presence means less vacancy, generates more vibrancy on the street, and boosts the local economy and job creation,” said Rebecca Fleischaker, executive director of Louisville Downtown Partnership (LDP). “This product is committed to giving small businesses the best possible chance to secure the financing they need to succeed.”

The Downtown Small Business Loan is a product of the Downtown Commercial Loan Fund (DCLF), with a goal to provide 30% of its Small Business Loans to local minority and immigrant-owned businesses. The maximum loan is $50,000 and DCLF has initially allocated up to $500,000 of its capital in support of the program. Businesses within Louisville’s Downtown core are eligible for this loan.

In November 2023, The Hereafter LLC was approved for $40,000 in gap financing. The new restaurant and bar, called The Misfit, located at 119 S. 7th Street, will feature a sandwich and sausage shop, craft beer, wine, spirits, a bottle and gift shop, and a subterranean cocktail bar and music venue, called Hereafter, on the lower level. The concept is inspired by beer halls of New York City, New Orleans, San Franciso, Chicago, and Los Angeles. The Misfit and Hereafter are slated to open early this year.

LDP also administers the Downtown Housing Assistance Fund (DHA). Working closely together, DCLF and DHA help provide gap financing for projects that support new housing developments, commercial projects, and opportunities to enhance vibrancy in Downtown Louisville.

For more information on the Small Business Loan and other financial resources available for Downtown projects, please visit louisvilledowntown.org/financial-resources or contact (502) 584-6000 for individual assistance. The Loan Review Committees of each Fund meet quarterly or as needed to review, discuss, and vote on applications.

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About LDP
LDP’s mission is to improve the economy of Downtown Louisville by promoting the redevelopment, vitality and economic growth of the Central Business District and surrounding areas and to improve Downtown’s quality of life by creating a safe, clean and enjoyable environment.

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