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.
Economic Development
Director
twest@covingtonky.gov
859-292-2168
Assistant Economic Development Director
sarah.allan@covingtonky.gov
859-292-2144
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