The City of Covington is set to approve seven small businesses for financial incentives through its Small Business Program.
On Tuesday night, the city commission was presented the projects for consideration and is expected to approve them formally next week.
“In the fiscal year 2022, the Covington City Commission approved $150,000 for the Covington small business program to provide approximately 25 rent subsidies or facade improvement incentives to Covington businesses,” said Sarah Allan, the city’s assistant director of economic development.
Covington received 10 applications for the program this round and Allan said Covington will provide $41,655 to the seven businesses that qualify.
Covington’s rent subsidy incentive is designed to attract new Covington businesses and help existing Covington businesses expand. It offers financial assistance in the form of reimbursement of rent payment of up to half of the business’s monthly rent or $500.00 per month.
The Empanadas Box, Rent Subsidy
The Empanadas Box is slated to open in Covington on June 10 at 212 W. Pike Street.
The business is moving from Cincinnati to Covington.
- $6,000 forgivable rent subsidy incentive
- 3-year lease
- minority-owned business
- $20,000 startup investment
- Adding three new full-time employees
Cut & Smoke Lounge, Rent Subsidy
Cut & Smoke Lounge is a new business that will occupy a 48,000 space at 417 Scott Street after a years-long vacancy.
- $6,000 forgivable rent subsidy incentive
- 7-year lease
- $90,000 new annual payroll
- Add three full-time employees
- Minority, woman, and veteran-owned business
Align Spinal Care, Rent Subsidy
Align Spinal Care is a new business located at 140 W. Pike Street.
- $6,000 forgivable rent subsidy incentive
- 5-year lease
- Approximately $125,000 in new annual payroll
- Adding four to five new full-time employees
The facade improvement incentive offers commercial property owners a 50 percent matching forgivable loan, up to $6,000, to update their commercial building’s facade. This helps property owners update lighting, windows, painting, signage, and other exterior building improvements visible from the street.
She Said Properties LLC, 629 Main Street, Facade Project
- $5,655 forgivable facade incentive
- $1:1 leverage of city dollars
- $11,316 project includes new door and two new windows on second floor
- Supports destination business: OKBB
Laible Auto Repair, 4002 Decoursey Ave., Facade Project
- $6,000 forgivable facade incentive
- $1:3:1 leverage of city dollars
- $13,813 project includes new windows and front door, signage with lights, and updated paint
- Supports legacy business in Latonia
Muggsy Development LLC, 327 Pike Street, Facade Project
- $6,000 forgivable facade incentive
- $1:6:1 leverage of city dollars
- $15,500 project includes new windows, updated paint, and will fix rotting wood on paint
- In a highly visible location
TPT Playground LLC, 118 W. 15th Street, Facade Project
- $6,000 forgivable facade incentive
- $2:7:1 leverage of city dollars
- $22,488 project includes tuckpointing and major wall repair, full facade painted, new signage and garage doors
- Noted that the area hasn’t seen much investment
“We are absolutely thrilled that we’ve been able to play a small role in helping you be successful in your business,” Mayor Joe Meyer said. “It’s all too often we pay attention to the multimillion dollar investors, but the simple fact is that it’s the small business, people like yourselves, who create the energy and vitality and make Covington a real special place.”
