We strive to make it easy to invest and grow here through our various incentives targeting small businesses, property owners, and developers
Our jobs development incentive is designed to assist growing Covington businesses or to attract new businesses that will be making capital investments and creating jobs. It provides eligible existing and new businesses a payroll tax reimbursement for up to 10 years.
Part of our award-winning Small Business Program, our 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 (whichever is less).
Part of our award-winning Small Business Program, our façade improvement incentive offers businesses a 50% matching forgivable loan (up to $6,000) to update their commercial building’s façade. It’s a great way to update lighting, windows, painting, signage, and other exterior building improvements visible from the street.
Most recent addition to our award-winning Small Business Program, this incentive has the potential to enhance downtown’s nighttime aesthetic and spur business. It a 3-1 match of a forgivable loan up to $7,500.
In 2021, Covington was the recipient of the International Economic Development Council (IEDC) Bronze Award in the Neighborhood and Retail Development category for programs success, creativity, and innovation.
Part of our award-winning Small Business Program, our façade improvement incentive offers businesses a 50% matching forgivable loan (up to $6,000) to update their commercial building’s façade. It’s a great way to update lighting, windows, painting, signage, and other exterior building improvements visible from the street.
Most recent addition to our award-winning Small Business Program, this incentive has the potential to enhance downtown’s nighttime aesthetic and spur business. It a 3-1 match of a forgivable loan up to $7,500.
Our vacant property incentive is designed to entice developers and real estate investors to convert vacant, historic buildings into move-in ready, quality commercial space (office and retail) for prospective businesses. In return, we pledge 50% of the payroll tax from any new tenant to Covington the developer attracts for 5 years (or 25% for an existing Covington tenant.)
This designated fund (financed by the dedication of incremental increases in district-wide property and payroll tax revenue) can be used to offset some eligible public infrastructure costs barriers associated with office, mixed-use, or residential new-construction or rehabilitation developments located in our downtown TIF district.
An industrial revenue bond is an economic development tool that provides upfront capital to close a funding gap in large-scale (usually $10 MM+) real estate developments that will help the City attract significant capital investment, jobs, and/or increase the City’s tax base. It acts like a property tax abatement by artificially keeping property taxes low over the incentive period.
We’ve compiled this guide to finding the perfect loan for your unique business.
Your accomplishments deserve a celebration, and our City leaders would love to join your business team to celebrate with a ribbon-cutting event.
It’s easy. Here’s how it works: On your behalf, we invite several community organizations (Covington Business Council, BE NKY, NKY Chamber, NKYADD, Covington Library, LINK NKY and meetNKY (for restaurants/retail) to join in. On the day of the event, we come with seriously giant scissors, bold blue ribbon, and some City leaders.
We continue to spread the word about your business because the City’s Communications team attends the event to take pictures to share on the city’s social media channels and introduce and welcome your business to the community.
You decide how big or small you want the event. Maybe you’d like to simply ‘snip and smile’ for a photo opp, or include a tour with light snacks/refreshments and invite your customers, associates and friends. It’s up to you!
If interested, (Let’s do it!), please complete the Request form below and return to Susan Smith at susan.smith@covingtonky.gov. Best times are M-Thur between 10-3pm. Will try to accommodate alternative days and times.
Economic Development
Director
twest@covingtonky.gov
859-292-2168
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Photos provided by Sam Greenhill unless otherwise noted.
