Companies which have acquired loans from Louisville Metro authorities can now search to have funds deferred for as much as three months, below a plan accredited Friday by the Metropolitan Enterprise Growth Company board of administrators.
The board administers 9 completely different mortgage packages to help native companies with property enhancements, accessibility expansions, hole financing and extra.
The deferment plan was unanimously accredited and is in direct response to the financial results of the COVID-19 pandemic as companies are shuttering throughout the town.
Beneath the plan, the town may even forgo charging late charges to debtors for 3 months, and lengthen mortgage maturity dates for as much as three months for companies accredited for deferment.
Companies should nonetheless apply for the deferment program, and people with funds which can be already greater than 30 days late is not going to qualify, in keeping with the plan. Town at the moment has $8.2 million out in loans to companies. Metropolis information reveals that 16 of 142 companies are at the moment behind on funds and wouldn’t qualify.
“I feel it’s actually ahead wanting to do that now, and provides our purchasers some reduction earlier than they actually have a probability to get deep within the gap,” stated board member Jacqueline Pennington.
Plenty of these loans are for restaurant renovations. Eating places are at the moment closed statewide, apart from supply and takeout.
The most important mortgage accredited throughout this time was for environmental cleanup at The Edison Heart, a former Louisville Fuel and Electrical constructing that was not too long ago renovated and now homes tons of of metropolis workers.