Potential Financial Incentives Available
Property Tax Reassessment Moratorium
The Property Tax Reassessment Moratorium is a five-year moratorium on real property assessment or reassessment at both the Jeffersontown and metro government levels. This moratorium is available on improvements to existing structures, which are at least 25 years old where a minimum of a 25% improvement in value is being made over the current property value administrators assessed value.
Manufacturing Tax Moratorium
The Manufacturing Tax Moratorium permits property taxes to be abated for five years for a new manufacturing company locating in, or moving into, Jeffersontown; or for the increased value of a building / equipment for an existing manufacturing company that is expanding its operations for a new product line.
Metropolitan Business Development Corporation
The Metropolitan Business Development Corporation (METCO) is offered through the Louisville Metro Economic Development Department. The following programs are included:
- Accessibility Loans – These loans are offered to commercial property owners for the purpose of making buildings more accessible to people with physical disabilities. Loans are limited to a maximum of $5,000 at a fixed interest rate of 3% with a maximum maturity of four years.
- Business Loan Program – The program allows a maximum business loan of 25% of the project costs up to $100,000, in gap financing, to small businesses. Projects can be financed up to 10 years at a minimum rate of 5% interest. The loan is typically based on a job creation minimum of $25,000 per job created.
- Façade Loan Program – This loan program is available to commercial property owners to revitalize neighborhood commercial corridors. A professional architectural rendering may be offered by the Jeffersontown Economic Development Authority to potential METCO borrowers to identify necessary building improvements. Façade loans are offered at a fixed rate of 3% over 10 years.
- Micro Lending Program – The program offers direct funding for entrepreneurs for loans ranging from $10,000 - $30,000.
- Small and Disadvantaged Business Loan Program – The program provides up to 50% of the project costs or $100,000 in gap financing to ethnic, minority, or women-owned businesses. Projects can be financed up to 10 years at a minimum rate of 5% interest.
Learn more about loan programs through the Louisville Economic Growth and Innovation Department.
SBA 504 Loan Program
The SBA 504 Loan Program provides businesses up to 40% fixed asset financing. While its overall goal is job creation ($120K/job in SBA funds for manufacturers and $75K per job in SBA funds for all others), there is certain criteria that could exempt them from the job creation requirement. The program allows 10-year amortization, mostly on equipment loans, or 20- or 25-year amortization on real estate-based loans (land and building).
- Learn more at the Capital Access Corporation - Kentucky website.