The deadline to apply for small business incentives through the City of Covington is Dec. 29. There is currently about $128,000 remaining in the program’s funding allocation, according to a recent announcement from the city.
The small business incentive program began as a way of attracting and investing in local businesses in Covington.
“The program helps new businesses get off to a strong start by reducing operating costs in their first year in a brick-and-mortar space,” said Covington Business Attraction Manager Susan Smith in the announcement. “It’s a game changer to help businesses find a home, sooner rather than later. Existing businesses in Covington are eligible if they have substantial expansion plans.”
The deadline in December is for the second round of incentive awards for this fiscal year, for which the city has allocated $150,000. Incentives include rent subsidies of up to $500 a month for first-year rent for 12 months for new and expanding businesses; a forgivable loan of up to $6,000 to match dollar-for-dollar investments in façade improvements to a commercial building, such as for paint, lighting or windows; or a 3-to-1 match of a forgivable loan up to $7,500 to repair historic electric signage.
Visit the city’s website for information on the incentive program as well as general rules and procedures for setting up a business in the city.
