COVINGTON, Ky. — Assistance is available for small businesses in the City of Covington, but time is running out to apply for the help.
What You Need To Know
- Covington small businesses have until Jan. 29 to apply for next round of help from the city
- The assistance goes toward paying first-year rent or fixing up exteriors
- Applications and more information are available online
The City announced that local small businesses have until Friday, Jan. 29, to apply for the next round of help. The assistance goes toward paying first-year rent or fixing up exteriors.
Under two incentive programs that make up the City's Small Business Program, Covington has distributed almost $416,000 to 78 businesses since the start of 2017. Covington hopes to commit an additional $111,300 over two rounds of funding by June 30.
The programs provide up to $500 a month for first-year rent for 12 months or a forgivable loan of up to $6,000 to match dollar-for-dollar investments in façade improvements to a commercial building.
“Our Small Business Program is one way that we constantly invest in our community’s talent to expand neighborhood revitalization, spur job creation, and add to Covington’s quality of place,” said the City's Assistant Economic Development Director Ross Patten. “We strongly encourage businesses to apply by the Jan. 29 deadline.”
Businesses can contact Patten at (859) 292-2144 or rpatten@covingtonky.gov. Applications and more information are available online.
According to Patten, the $416,000 invested by the City has leveraged almost $3.4 million in private investment.
“Collectively, every dollar the public invested through these programs has leveraged $8 in private investment in our community directly within those businesses,” he said.
Covington provided $77,974 to 14 businesses in 2020, leveraging $847,585 in private investment, according to a press release from the City.
