Deadline Approaching for Covington's Small Business Incentives
Small businesses in Covington have until Friday, January 29, to apply for the next round of help in paying first-year rent or fixing up exteriors.
Since the start of 2017, Covington has provided almost $416,000 to 78 businesses under the two incentive programs that make up its Small Business Program. By June 30, the city wants to commit an additional $111,300 over two rounds of funding.
The programs offer 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 Ross Patten, the city’s assistant economic development director. “We strongly encourage businesses to apply by the Jan. 29 deadline.”
Patten said the $416,000 invested by the city since the Small Business Program effectively began 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,” Patten said.
In 2020, the city helped 14 businesses with $77,974 that leveraged $847,585 in private investment, a news release said.
Patten said news of the Small Business Program’s success has spread beyond Covington’s borders. “I regularly get phone calls and emails from other cities in other states looking to duplicate all or part of our program,” he said.