Covington’s Small Business Program doled out financial incentives to two small businesses that recently moved locations to higher-traffic storefronts along Madison Avenue.
At Tuesday’s Board of Commissioners legislative meeting, the commission approved rent subsidies for both Peachy & Vintage and Upper Kutz. Each business received $6,000, which will go toward helping the owners pay their rent throughout the next year.
“This round of recipients once again speaks to the city’s commitment to all of Covington’s neighborhoods,” said Sarah Allan, Covington’s assistant economic development director.
The city’s Small Business Program provides approximately $150,000 to 25 Covington small businesses for rent subsidies and façade improvements throughout the current fiscal year, which is divided into rounds. The funds are doled out during four quarterly application periods. This is the second round of funding allotments for the current fiscal year.
Peachy & Vintage
Peachy & Vintage is a thrift and vintage clothing store that recently moved from Renaissance Covington’s Pike Street Popup shop to a larger location at 531 Madison Ave. Founded by two Northern Kentucky University students, Caden Adams and Kayla Braden, the business grew from a small online retailer to a viable multi-platform business boasting a brick-and-mortar location. Peachy and Vintage hosted a grand opening for their new location on Oct. 28.
- Recommended $6,000 rent subsidy for 531 Madison Avenue
- Neighborhood: Central Business District
- $64,000 in new payroll
- Two new employees
- Woman-owned business
Upper Kutz
Upper Kutz is a barbershop owned by Covington native Wale Giwa. Previously operating out of a location on the corner of 16th and Greenup streets in the Austinburg neighborhood, Giwa upgraded his business by moving into a larger space at 808 Madison Ave. Upper Kutz announced on their Instagram page the shop would be moving to a new location on Aug. 28. It began at its new location in the beginning of November.
- Recommended $6,000 rent subsidy for 808 Madison Avenue
- Neighborhood: Central Business District
- Three-year lease
- Minority-owned business
