Seven Covington small businesses were awarded grants through the city’s Small Business Incentive Program.
At the Covington City Commission meeting last week, the legislative body voted to approve public incentives for seven small businesses throughout the city. The program sets aside money to help businesses pay rent and help property owners restore the exterior of their buildings.
“To date, we’ve helped 149 small businesses as well as 54 disadvantaged business entities, so that count keeps on growing,” Covington Business Retention Manager Patrick Duffy said when presenting the incentives during an Aug. 20 caucus meeting.
The program sets aside $150,000 to distribute throughout the current fiscal year. Covington doles out small business incentives each quarter of the fiscal year. In total, the city approved $39,400 worth of incentives for this round.
“To our businesses that are opening and to Frank’s who has been here since I ran on the plaza, thank you for spending your hard-earned money here,” Covington Vice Mayor Ron Washington said during the caucus meeting. “Thank you for opening and staying in our city.”
Rent Subsidy
Covington’s rent subsidy incentive is designed to attract new businesses and help existing businesses expand. It offers financial assistance by reimbursing rent payments for up to half of the business’ monthly rent.
Reka’s Butcher is a butcher shop, deli, and grocery that specializes in quality meats and ready-to-go dinner options.
- $6,000 to Reka’s Butcher at 401 Scott. St.
- Neighborhood: Central Business District.
- Women-owned business.
Artmarkit is an art supply store and studio will feature both new and used art supplies, as well as providing an environment to create, learn and shop.
- $5,100 to Artmarkit at 1131 Holman St.
- Neighborhood: Westside.
La Vela Venue is a boutique event space that will provide an affordable location for corporate or social events.
- $6,000 to La Vela Venue at 20 E. Fifth St.
- Neighborhood: Central Business District.
- Woman-owned business.
Facade Improvement
Covington’s façade improvement incentive offers commercial property owners a 50% matching forgivable loan of up to $6,000 to update their building’s façade. This helps property owners update lighting, windows, painting, signage, and other exterior building improvements visible from the street
Thrive Empowerment Center
The developer is looking to remove and repair damaged molding, replace a cast tread/ledger, and caulk and paint. In total, the project is estimated to cost $12,960.
- $12,960 to Thrive Empowerment Center at 226 W. Pike St.
- Neighborhood: Mutter Gottes.
Frank’s Men Shop
The developer is looking to rebuild and paint the soffit, and repaint the building. The project is anticipated to cost $8,600.
- $8,600 to Frank’s Men’s Shop at 32 W. Pike St.
- Neighborhood: Mutter Gottes.
Red Bird Deli
The developer will add new windows and touch up the building’s paint. The project is anticipated to cost $14,900.
- $14,900 to Red Bird Deli at 329 Pike St.
- Neighborhood: Westside.
1132 Banklick St. — Ryan Arey
The developer will rebuild the storefront, repair the porches, garage and mortar, and paint the building and fire escape. The project is anticipated to cost $15,870.
- $15,870 to 1132 Banklick St.
- Neighborhood: Westside.
