Park Community Credit Union - Small Business Support Program

Small Business Support Program

$2.2 Million in Support of Louisville Businesses.

Due to overwhelming response, we have temporarily paused accepting applications. If you have already submitted an application you will get a response within 30 days.

Park Community Credit Union is launching the Small Business Support Program to help small businesses in Louisville that need financial support due to the COVID-19 pandemic. Louisville Metro Government has awarded $2.2 million to fund the program which will be split equally between loans and grants to provide relief to small businesses in our community. Loans and Grants are awarded on a first come, first serve basis.

 

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$1.1 Million in Grant Funds Available

PCCU will award grant funds to small business organizations that are vital anchors in their neighborhoods and communities. We feel we have an obligation to invest in workforce development and fortify resources and relationships to make lasting impacts in the areas that need it most.

Eligibility Requirements:

  • Businesses must be located in and/or predominantly serve Algonquin, Smoketown, Shelby Park, Russell, Parkland, Park DuValle, Park Hill, California, Portland, Shawnee, and Chickasaw.
  • Business must be registered with the Louisville Metro Revenue Commission
  • Small Business is defined as businesses with less than 300 employees and less $20 million average annual revenue.
  • Privately owned, partnership, sole-proprietor, and non-profit (501) (c)(3) are eligible to apply.
  • Funds must be used to sustain business operations which includes, but are not limited to, items such as mortgage payments, rent, other debt obligations, payroll, utilities, and cash flow shortages related to the pandemic.
  • Preference for Minority Business Enterprise (MBE), Women Business Enterprise (WBE), and Disabled Business Enterprise (DBE) applicants.
  • Grant funds will go quickly. Do not wait to apply.
  • Applications that are not fully completed upon submission will be declined.
  • Grant applicants only:  You will receive a response within 30 calendar days from submission of grant application.

$1.1 Million in Loan Funds Available

  • Fixed rate of .75% APR*
  • Maximum term of 84 months
  • Amounts from 5,000 to $150,000 available.
  • Small Businesses registered with the Louisville Metro Revenue Commission are eligible to apply.
  • Small Business is defined as businesses with less than 300 employees and less $20 million average annual revenue.
  • Privately owned, partnership, sole-proprietor, and non-profit (501)(c)(3) are eligible to apply.
  • Funds must be used to sustain business operations which includes, but are not limited to, items such as mortgage payments, rent, other debt obligations, payroll, utilities, and cash flow shortages related to the pandemic.
  • Preference for Minority Business Enterprise (MBE), Women Business Enterprise (WBE), and Disabled Business Enterprise (DBE) applicants.

 

One African-American Woman with surgical protective mask holding open sign in front of her small business store.

DISCLOSURE: $50,000 for 84 months at .75% annual percentage rate would yield a payment of $611.19 per month.

Meet the Team.

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Frequently Asked Questions

  • Covid impacted small businesses, 501c3 organizations, partnerships and sole proprietorships with less than 300 employees and less than $20 million in annual revenue that are registered in Louisville and Jefferson County can apply

  • Yes, but the business must either be located in or primarily serving the CDFI census tracts of West Louisville.  Further preference will be given to Minority Owned, Women Owned and Disabled Owned businesses.

  • No, the funds must be used to save jobs, pay bills, rent, mortgage payments, etc. The funds are to be used to help sustain organizations who have been economically impacted by the ongoing pandemic.

  • We are using a scorecard, similar to micro loans, that was developed specifically for this product.  If a loan meets a certain score on the scorecard it will be automatically approved.  If it does not, then the request will be sent to management to consider approval.