Covington Offers Grants Up to $50,000 for Qualified Businesses Impacted by Pandemic
The City of Covington is offering grants of up to $50,000 to support businesses impacted by the COVID-19 pandemic.
Mayor Joe Meyer signed an executive order on Thursday to create the "Emergency Business Assistance Program", setting aside $350,000 from federal funds awarded to the city.
Businesses must meet requirements related to benefitting low- to moderate-income residents through either employment or providing goods and services, or located in such a designated neighborhood.
"This enhances our ability to help our businesses, some of whom have been significantly hurt by the pandemic, and it offers a much higher potential grant than, for example, our emergency rent subsidy program - which by the way still has money available for small businesses," the city's economic development director Tom West said.
Details about the new program and its application form can be found here.
In addition, applicants must contact and be working with the Kentucky Small Business Development Center on business coaching, contingency planning, and accessing federal disaster loans. (They can either work with the small-business coach operating out of office space provided by the city at Aviatra Accelerators on Pike Street or with the SBDC office at Northern Kentucky University.)
Specifically, the eligible activities/uses of the funds are:
- Supporting new businesses or business expansion to create jobs that manufacture medical supplies necessary to respond to infectious disease.
- Avoid job loss caused by business closures related to social distancing by providing short-term working capital assistance to small businesses to enable retention of jobs held by low- and moderate-income persons.
- Provide assistance to establish, stabilize, and expand microenterprises (businesses with 5 or fewer employees) that provide medical, food delivery, cleaning, and other services to support home health and quarantine.
For more information, contact Suzann Gettys, the City's business retention & expansion specialist, at [email protected] or (859) 292-2141.