The Small Business Continuity Loan Fund Program supported by Render Capital is seeking donations to meet a $500,000 matching grant, including hosting a virtual 5K walk/run event.
The fund is providing zero-interest loans, with no payments for 12 months, to Louisville’s smallest businesses impacted by COVID-19. Small businesses can receive up to $25,000 to meet short-term debt obligations and remain viable.
Since opening the application process on April 6, Louisville-based community development financial institution LHOME has approved $346,110 in loans for 16 small businesses, including 10 women-owned businesses and five minority-owned businesses. To date, LHOME has 455 open applications from local small businesses in need.
“The good news is that our very small businesses are getting the assistance they need to combat the impact of this pandemic, but the demand far outweighs the supply. We need to mobilize broad community support to fully catalyze the fund’s impact. This is why donations are so important.”
Amy Shir, President and CEO of LHOME
Donations to go towards the $500,000 match can be made at www.lhomeky.org.
In addition, The Small Business Continuity Loan Fund Program is partnering with Louisville Entrepreneurship Acceleration Partnership (LEAP) and startup Moolathon to host “The Grind,” a virtual 5K walk/run event to help raise funds and encourage people to get outdoors. The program partners are Louisville Metro Government, LHOME, Render Capital, Greater Louisville Inc., and Lenderfit.
“The same small businesses that add to Louisville’s unique character are, by nature, more vulnerable to the changing economic tides. Widespread support for these businesses is imperative to ensure that our small businesses emerge strong after the COVID-19 economic recession,” said Mayor Greg Fischer. “Participating in the 5K run/walk is a great way for all to get involved in supporting small businesses while remaining healthy at home.”
Getting outside and being active can help reduce stress and anxiety — two things people are experiencing while weathering the COVID-19 pandemic.
“We thought this would be a fun way to motivate the community to do something almost anyone can still safely enjoy – going outside. And, by using Moolathon to track and share socially it can help us all feel a little more connected right now,” said Larry Horn, Executive Director of LEAP, a public-private partnership that aims to amplify the Louisville region’s entrepreneurial ecosystem.
“The Grind” 5K walk/run has a $10 entry fee, which includes a finisher’s T-shirt, and participants are encouraged to raise additional funds to help contribute to the Small Business Continuity Loan Program’s goals. Sign up now at www.louisvilleleap.com/thegrind.
“Just getting outside and enjoying the fresh air is great, as long as you do so safely. There is no bigger benefit to our platform than its ability to get people to continue exercising,” said Moolathon founder Mac Wilkinson.
When walking or running, you’re asked to follow social distancing guidelines. Participants have until May 15, 2020, to complete their goal. Get motivated, get out there and grind out a 5K run or walk all while supporting the city’s small businesses.
LHOME is administering loans through the Small Business Continuity Loan Fund Program, and local loan application software startup Lenderfit is managing the application process.
For more details about eligibility and to apply for a small business continuity loan, visit www.lhomeky.org.