Covington small business owners packed City Hall Tuesday night to hear about the financial incentives they are in line to receive through the city’s Small Business Program.
The city commission was presented six applications for consideration — all have been placed on the consent agenda for next Tuesday’s regularly scheduled legislative meeting. The body is expected to approve all six applicants.
“This is our first round for the Fiscal Year 2023,” said Sarah Allan, economic development assistant director for Covington. “$150,000 has been budgeted for the next four quarters.”
The $150,000 for the Small Business Program will provide approximately 25 Covington small businesses with rent subsidies and façade improvements throughout the current fiscal year, which is divided into rounds. This is the first round of funding allotments for the current fiscal year.
In total, $35,100 will be allotted to the six small businesses, pending voting approval from the Commission.
Rent Subsidies
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’s monthly rent.
Here are the businesses likely to receive them, should the commission vote yes, along with the details of those subsidies:
Maki Mono
Maki Mono is a specialty sushi and saki restaurant. The owners signed a five-year lease with a five-year option to renew at 715 Madison Ave.
“It’s a sushi, saki bar restaurant across from Madison Theater,” Allan said. “It compliments the growing restaurant list on Madison.”
Owner Zi Jin intends to expand the business in the next year by at least 15% in sales, and plans to place an emphasis on hiring Covington residents.
- Recommended $6,000 rent subsidy for 715 Madison Avenue
- Neighborhood: Central Business District
- $140,000 in new payroll
- 4 new employees
- Minority-owned business
Jennifer Lynn Pictures
Jennifer Lynn Pictures is a photography business looking to move into Covington. The owner, Jennifer Lynn Blackburn, has been searching for a commercial location in Covington for the past six years, according to Covington’s Economic Development Department. Blackburn has plans to share the space with other local creatives.
- Recommended $6,000 rent subsidy at 264 Pike Street
- Neighborhood: Central Business District
- Woman-owned business
AlloyFX
AlloyFX moved their 3D design business from Cincinnati to Covington and has been searching for a commercial location in Covington for the past 11 years, according to Covington’s Economic Development Department.
“They’ve been in Cincinnati, and they too, wanted to come to Covington,” Allan said.
AlloyFX has signed a 2-year lease at 621 Scott Street.
- Recommended $5,100 rent subsidy for 621 Scott Street
- Neighborhood: Central Business District
- $280,000 in new payroll
Façade Improvements
The 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.
Here are the businesses in line to receive façade improvements:
Providential Properties LLC, 3414 Decoursey Avenue
The façade project will update a prominent legacy business in Latonia. The business that operates in this location is called the Restoration Society, which specializes in furniture restoration. The money is slated to go toward repainting the entire building, adding a refurbished awning and new doors. The building is extremely visible, and the new updates stand to make an impact on Decoursey Avenue.
- Recommended $6,000 façade incentive for 3414 Decoursey Avenue
- Neighborhood: Latonia
KM Holdings, 315 E. 15th Street
The façade project will the provide the new headquarters of M&M Mid Valley Service and Supply with tuckpointing, new lighting, and the replacement and painting of rotting wood. The building is highly visibility in the Eastern Corridor. The Covington Economic Development Department thinks the façade update will complement the rest of the newly renovated building.
“You may recognize this building. It is a part of, actually the northern side of where M&M is,” Allan said. “They’ve done an extensive renovation of their headquarters. There’s a couple of businesses in there right now and they want to attract more.”
- Recommended $6,000 façade incentive for 315 E. 15th Street
- Neighborhood: Austinburg
Muggsy Development LLC, 410 Pike Street
The façade project looks to enhance the building’s overall appearance. Conveyor Belt Books, a new bookstore, has recently moved into the space. The façade update looks to increase the business’s viability through the beautification of the outside.
- Recommended $6,000 façade incentive for 410 Pike Street
- Neighborhood: MainStrasse
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