Two new business support grants will offer small businesses in Fort Thomas opportunities for interior improvements and, for new businesses, a rent subsidy program. The city has set aside $120,000 for each program taken from funds provided through the federal American Recovery Plan Act.
The Business Interior Upfit Grant provides money for improvements, renovations and/or additions to interior business spaces. The Small Business Rent Subsidy Program is designed to help new businesses through their first year with a $500 per month rent subsidy for one year with a signed two-year lease.
Last month Fort Thomas City Council approved a recommendation by the city’s Finance Committee to increase funding on the city’s Grow Grant, a program established in 2019 to provide funding to small businesses looking to upgrade and improve building façades and outdoor areas. The funding for that program was doubled from $60,000 to $120,000, also thanks to ARPA funds.
Economic Development Director Chanda Calentine introduced the two new grants along with the Grow Grant increase to council in March, but members wanted more time to consider the new grants. In April, council voted to approve the Finance Committee recommendation to fund the new grants.
Business interior upfit grant
Designed to encourage growth and development by assisting property owners and businesses with interior improvements, the Interior Upfit Grant offers two levels of funding: a grant for improvements costing less than $10,000 and a larger grant for up to $20,000. Business or property owners are required to fund 30% of the full project.
Qualified improvements include mechanical, electrical or plumbing for build outs, HVAC, fire suppression and the costs of bringing a building up to code, accessibility compliance, restroom improvements and support mechanisms for roofing, foundation, support beams, trusses, etc. Also included are lighting, flooring, fixtures and interior space changes such as construction of new walls or demolition of unnecessary walls.
For more details, restrictions and requirements, as well as an application, see the Fort Thomas Business Interior Upfit on the Fort Thomas city website. The deadline for applications is May 24.
Small business rent subsidy program
The Small Business Rent Subsidy Program is designed to help new businesses thrive and grow during their first startup year. The program is aimed at any new businesses opening or moving into Fort Thomas.
For the first year on a signed two-year lease, recipients can receive up to $500 per month for 12 months ($6,000 max). Those looking to purchase a building may apply to receive $6,000 in a lump sum upon securing a loan for the building.
The program includes a detailed set of guidelines and required approvals from the city and the Fort Thomas Renaissance Board. For a full list of requirements, as well as an application, see the Small Business Rent Subsidy Program on the city website.
The application deadline is also May 24.
Relief for pandemic challenges
The new grants, as well as the additional funding for the Grow Grants, is part of an effort to support and attract businesses to the city, especially in light of the recent challenges from the pandemic.
Calentine said the grants are a product of ongoing discussions with the business community. “We’ve really been trying to listen to the businesses and what they are asking for. And we’ve been in touch with as many people as possible… Between our city and the businesses and with the Fort Thomas Business Association, we’re all trying to work together to create a better environment for our businesses as well as our community.”