Covington Small Business Program
Covington Small Business Program
City of Covington
ABOUT THE GRANT
Applications for all three programs are reviewed on a quarterly cycle, with City staff reviewing submissions and recommending funding awards to the Covington Board of Commission for final approval. Award and approval processes typically take six to eight weeks. Applicants must be in compliance with Covington's Good Standing Ordinance (current on loans, fines, liens, and other obligations to the City) and meet all zoning, building, and health code requirements.
The Rent Subsidy Incentive provides reimbursement of up to half of a business's monthly rent (or $500 per month, whichever is less) for up to 12 months within the first 18 months of business, with a maximum total benefit of $6,000. The program is designed to help new businesses launch or existing businesses expand, and requires a minimum two-year lease, at least one full-time equivalent employee whose wages are reported to the City of Covington, and set operating hours of 30 hours per week or more. New businesses must have been open for less than 120 days at the time of the application deadline, while existing businesses can qualify as a "substantial expansion" by occupying more than 150 percent of their current space, incurring at least $5,000 in tenant improvements, and creating at least one additional full-time equivalent employee. Businesses renting in publicly owned buildings, check cashing businesses, vape shops, home-based businesses, businesses where ownership also owns the real estate, and accelerator, incubator, or coworking operators are not eligible.
The Façade Improvement Forgivable Loan provides commercial property owners with a 50 percent matching forgivable loan of up to $10,000 to update their building's façade. Applicants can pursue one of two options: an Exterior Only option, which reimburses the owner's investment on a $1-to-$1 basis up to $20,000 in total project cost (with City funds spent only on the street-facing façade), or an Interior and Exterior option (available for vacant buildings being prepared for a tenant), which allows the private match to go toward interior "white box" renovations while City funds are still spent exclusively on exterior improvements. Eligible improvements include painting, storefront restoration, exterior lighting, windows, signage, awnings, tuck-pointing, and cornice repairs. Roofs are not eligible, and projects focused exclusively on signage or awnings do not qualify. A Certificate of Appropriateness from the City's Historic Preservation Specialist is required, even for non-historic buildings. Property owners must hold the property for at least three years following the improvement, with full repayment required if the property is sold within that period.
The Historic Electric Sign Program provides commercial property owners (or businesses with the property owner as a co-applicant) with an 80 percent city / 20 percent owner matching forgivable loan of up to $10,000 to help restore existing projecting signs or install refurbished historic signs on their building's façade. The program is designed to enhance the aesthetic appeal of Covington's commercial districts, generate foot traffic, and improve businesses' curb appeal by bringing historic electric signage back into use. A Certificate of Appropriateness from the City's Historic Preservation Specialist is required, and face changes to existing signs are not eligible. Recipients must sign a covenant protecting the sign from removal, sale, or demolition for 25 years following reimbursement, with full repayment required if the sign is voluntarily removed or destroyed in violation of the covenant. Bonus consideration is given to signs that are documented to be at least 50 years old.
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NOTES
We haven't added commentary on this grant yet. In the meantime, the fundor's website (linkeded above) is the best source for application details and eligibility specifics.
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