For small businesses in Covington by Friday, January 29, apply for the next round of city aid in the first-year rent or in their exterior repair.
Since its inception in 2017, Covington has provided nearly $ 416,000 to 78 businesses as part of the two incentive programs that make up its small business program. By June 30, the municipality wants to commit an additional $ 111,300 to two rounds of funding.
The plans offer up to $ 500 per month for first-year rentals for 12 months, or a forgivable loan of up to $ 6,000 to match dollar-to-dollar investments in improving the facade of a commercial building.
The program represents tangible help – with tremendous returns – that comes directly to protecting vulnerable new businesses and arranging buildings.
“Our small business plan is one way we are constantly investing in our community’s talent to expand neighborhood renewal, encourage job creation and add to the quality of Covington’s place,” said Ross Petten, assistant director of economic development at the city. “We strongly encourage businesses to apply by the January 29 deadline.”
Businesses should start contacting Petten at (859) 292-2144 or [email protected] Applications and information about the programs can be found here.
Petten said the $ 416,000 the municipality has invested since the small business program actually began has raised nearly $ 3.4 million in private investment.
“Collectively, every dollar the public has invested through these programs has appropriated $ 8 in private investment in our community directly within those businesses,” Petten said.
And that measure does not take into account the number of jobs created and maintained, the economic security of those jobs for families and the impact of spin on other businesses, he said.
In 2020 alone, the city helped 14 businesses with $ 77,974 that leveraged $ 847,585 in private investment. For example, in December the municipality granted four subsidies for rent and a front incentive worth a total of $ 28,500 to businesses located in five different neighborhoods: Eastside, Old Town / Motre Gottes, Central Business District, Westside and Village Mainstrasse.
These included model training studio ModelFit, a human resources technology company called Cloverleaf, The Annex of Greenline Salon and B Squared Partners LLC (the ownership group in the building houses the video production company Spotted Yeti Media and the boutique public relations firm Scooter Media).
Petten said news of the success of the small business plan has spread beyond Covington’s borders. “I regularly receive phone calls and emails from other cities in other countries that want to replicate all or part of our program,” he said.