Two Covington Businesses Awarded Rent Subsidies
The Covington city commission approved rent subsidies for two new businesses on Tuesday night.
YesWorks, a software development firm at 525 West Fifth Street in Mainstrasse Village, and the Roost, a coffeehouse at 3616 Decoursey Avenue in Latonia, were awarded $5,466 and $4,800 respectively to help cover first-year rent costs.
"This has been a challenging year, but we haven't taken our foot off the gas pedal," said City Economic Development Program Manager Ross Patten. "We're laser-focused on growing small businesses, and these investments will help grow two more exciting businesses in the Cov."
- The subsidy for Yesworx is for $5,466 and will be parceled out monthly over a year. The firm provides software development, app development, and app management services to businesses. It opened in late January 2020, filling an office suite that had been vacant for over a year. It will hire four employees.
- The subsidy for Bluegrass Barn dba The Roost is for $4,800 and will also be parceled out monthly over a year. The Roost will feature coffee drinks, cocktails, smoothies and a limited food menu, as well as provide studio space for creatives and retail space for local arts and crafts. It hopes to open this summer and will hire three employees.
The city sets aside $150,000 a year for the rent subsidies and forgivable loans for exterior improvements and tries to allocate about a fourth of that money each quarter to small businesses across Covington.
But the pandemic limited applications for the existing small business program during this cycle, Patten said.
Separately, the city created a program that offers four-month rent help on an emergency basis during the pandemic for existing businesses. Details about that program can be seen here.