Correction: The press release issued by METCO erroneously stated the address of For Goodness Crepes. Though the restaurant likely will be in or around the 1200 block of Bardstown Road, the exact location has not been determined. The story has been updated.
Metro Louisville is putting its money where its mouth is, quite literally, with its latest round of municipal loans. Three of four new Louisville Metropolitan Business Development Corp. (or METCO) loans are going to assist local food and beverage businesses, with a fourth issued to help jumpstart a major Germantown development.
The loans total $695,000 and are aimed at improving energy efficiency, improving facades and accessibility, and creating jobs. The city says these loans will in turn leverage total investments of $28.6 million.
•Kentucky Peerless Distilling Co. received a $150,000 Portland Neighborhood Revitalization loan and a $150,000 Agribusiness loan for its property at 120 N. 10th Street. The loans will help owners Roy and Jamia Taylor launch the company, obtain their grains from Kentucky farmers, and also hire Portland-area employees. Fifteen full-time jobs are expected to be created. (Read more about plans for Peerless here.)
Peerless had previously received $60,000 in public loans, announced back in May.
•Metro granted $300,000 in loans for property at 900-946 Goss Ave., the former location of the Goss Avenue Antique Mall. The first $225,000 in loans is a Go Green loan, and the second $75,000 is a facade loan. The loans allow property owner Underhill and Associates to renovate the building, and increase its energy efficiency by replacing its HVAC system and replacing windows. This $26 million mixed-use project is dubbed Germantown Mill Lofts and will include about 200 market-rate apartments. (Read today’s update on the project in Closing Bell.)
•Feast BBQ has received $75,000 to help open its second restaurant at 909 E. Market St. (a rumored new location Insider Louisville finally confirmed at last month’s NuLu Business Association meeting). The loan will help owners Ryan Rogers, Ben Butler and David Levine renovate the space—formerly occupied by Cake Flour—also creating 10 part-time and three full-time jobs.
The original Feast opened in New Albany in 2012.
•The smallest loan, for $20,000, went to For Goodness Crepes, LLC, to be located on Bardstown Road in the Highlands. The loan will help owners Abby Peak and Carrie Ramsey open a casual build-your-own crepes restaurant, which is expected to create six full-time jobs.
For more information about METCO, go here.