Covington is looking to expand its small business incentive programs in a specific part of Latonia around Ritte’s Corner.
Ritte’s Corner is a historic area found at the intersection of five streets in the Covington neighborhood.
The city has long been considering how best to improve that part of town. The city and some nonprofit consultants had actually conducted a study of KY-16, which includes Ritte’s Corner, in 2024 that considered how to improve business retention and transportation along the corridor.
The move to expand the program in that part of town follows the city’s prioritization of Latonia earlier this year. Additionally, the city has hired a new member for its economic development team, Clint McIntosh, to specifically focus on Latonia and the Central Riverfront Development.
The Covington Board of Commissioners are scheduled to vote to approve the incentive program expansion next week.
The small business incentive program aims to help local small businesses get off their feet or improve their spaces. Incentives can take the form of rent subsidies and forgivable loans to make building improvements or refurbish historic signs.
Nearly 200 incentives had been granted in the city as of this week, and the budget for the new fiscal year, which began on July 1, has enough for about 25 incentives, according to Covington’s Business Retention & Expansion Manager Patrick Duffy. Duffy presented the program changes to the Board of Commissioners on Tuesday.
The new program for Latonia will see the forgivable facade improvement loans increase their maximum award from $10,000 to $15,000 for commercial properties located on the following streets:
- KY-16 from 34th and 40th Street
- Southern Avenue from Katie O’Donnell Way to Caroline Avenue
- Decoursey Avenue from the Ritte’s Corner intersection to Church Street.
“By changing the reimbursable amount from $10,000 in that corridor to $15,000 we can encourage more business owners— more building owners, I should say — to invest in their commercial properties and fill in those gaps,” said Duffy.
The other incentives in the program will remain unchanged. The city plans to dedicate $150,000 for small business incentives in this fiscal year. Awards are granted in four rounds throughout the year. Application deadlines are below.
Covington Commissioner Shannon Smith encouraged local businesses on Tuesday to stay engaged with the city and emphasized the role they played in community life.
“If you (businesses) get to the point that you’re having to close your doors, just recognize the reasons that you lay out for having to close your doors, they don’t just impact you; they impact the entire city and every business around you,” Smith said. “So, just be cognizant about that. We’ve got an incredible community. We’ve got an incredible economic development team, and so far I’ve been incredibly proud about how our city has responded to some of the obstacles that have come before us.”
The incentive program changes were placed on the consent agenda for next week’s meeting, meaning they will likely pass.
Learn more about the current small business incentive program at thecovky.gov/incentives-resources/#small-business-incentives.
