Three Covington small businesses received financial help this week from the city’s Small Business Program.
The Covington Board of Commissioners on Tuesday approved two rent subsidy incentives and one façade improvement during their regularly scheduled meeting. The program sets aside $150,000 to distribute throughout the current fiscal year. This is the first round of incentives doled out during the 2023-2024 fiscal year.
The money goes toward helping businesses pay their rent in their first year, as well as aiding commercial property owners in the restoration of their building’s exterior.
“We’re happy to support both longtime businesses such as Fedders as well as cutting-edge businesses like Flamel.AI,” Covington Assistant Economic Development Director Sarah Allan said during the commission meeting.
Rent Subsidy
Covington’s rent subsidy incentive is designed to attract new businesses and help existing businesses expand. It offers financial assistance in the form of reimbursement of rent payment for up to half of the business’ monthly rent.
Gardening Seamstress
Gardening Seamstress is a bridal alterations business relocating from Cincinnati to Latonia.
- $5,400 to Gardening Seamstress located at 3702 Decoursey Ave.
- Neighborhood: Ritte’s East Latonia
- Woman-owned business
Flamel.AI
Flamel.AI is a growing startup that utilizes artificial intelligence to design marketing material.
- $6,000 to Flamel.AI located at 615 Madison Ave.
- Neighborhood: Central Business District
- New payroll: $600,000
Facade Improvement
Covington’s façade improvement incentive offers commercial property owners a 50 percent matching forgivable loan of up to $6,000 to update their commercial building’s façade. This helps property owners update lighting, windows, painting, signage, and other exterior building improvements visible from the street.
JH Fedders Inc.
JH Fedders Inc. is a 140-year-old store that sells supplies for animals, lawns, gardens and pest control among other things. The funds will help pay the $16,400 cost of painting the store’s entire façade.
- $6,000 to JH Fedders Inc. at 1550 Russell St.
- Neighborhood: Westside