Loan Eligibility

For small businesses to be eligible to receive a loan they must meet the following criteria:

• Must have 10 or fewer full-time employees.
• Business must show emergencies connected with the COVID-19 economic crisis.
• Business must be located in Jefferson County.
• Business must be in good standing with Louisville Metro Revenue Commission as of March 1, 2020.
• Must agree to receive financial coaching and apply for other financial assistance within 90 days of loan closing.

 

What is the Purpose of the Loan?

The purpose of the loan is to keep very small businesses viable through the pandemic and to serve as a bridge to other assistance or programs. A twelve (12) month term with a balloon payment at maturity. Borrower must receive financial coaching and apply for other financial assistance within 90 days of closing. No prepayment penalty if other assistance is secured and used to pay off loan early.  If no other financial assistance is secured by the end of the term, the loan is renewable for additional four (4) years at a 5.0% APR. Similarly, no prepayment penalty if loan is paid off early.
 

Loan Details

Up to $25,000 available within 3 - 5 business days of receiving a completed application packet. Zero percent interest and no repayment due for 12 months.