A seamstress, an AI startup, and a longstanding native provide firm positioned in three totally different areas of Covington have been awarded monetary assist by the Covington Board of Commissioners.
The Fee accredited one façade enchancment and two lease subsidy incentives by way of the Metropolis’s internationally acknowledged Small Enterprise Program.
The incentives got here in the course of the first spherical of funding this fiscal 12 months underneath this system, which units apart $150,000 a 12 months in three areas — serving to fledgling companies with first-year lease and business property house owners improve their exteriors or restore an historic electrical enterprise signal.
The awards:
Lease Subsidies
• $5,400 to The Gardening Seamstress, a woman-owned enterprise targeted on bridal alterations that’s relocating from Cincinnati to Ritte’s Nook in Latonia. The enterprise aligns with the Metropolis’s goal sector of “Experiencing Covington.”
• $6,000 to Flamel.AI, Inc., a high-growth startup enterprise that may add not less than $600,000 in new payroll. The enterprise is positioned at 615 Madison Ave. and aligns with the Metropolis’s goal sector of “All Issues Workplace.”
JH Fedders receives funds for facade enhancements. (Picture offered)
Façade Enchancment
• $6,000 to JH Fedders Inc., a 140-year-old enterprise positioned at 1550 Russell St. that sells provides for animals, lawns, gardens, pest management, and extra. The funds will assist with the $16,400 value of portray the shop’s whole façade.
“We’re completely happy to help each longtime companies resembling Fedders in addition to cutting-edge companies like Flamel.AI,” mentioned Covington Assistant Financial Improvement Director Sarah Allan.
In the meantime, the Fee additionally accredited a $100,000 tax-increment financing mortgage (TIF) for Opal Rooftop Bar & Restaurant at 535 Madison Ave., which opens this fall. The seven-story rooftop restaurant is the third Covington venue for proprietor Invoice Whitlow, who owns Wealthy’s Correct Meals and Drink at 701 Madison Ave. and Hangry Omar’s Slider Shack at Covington Yard at 401 Greenup St.
The bar and restaurant is likely one of the tenants of the renovated six-story Republic Financial institution constructing, whose first flooring consists of the financial institution and different flooring embrace newly designed Class A workplace house.
“This enterprise provides one other distinctive expertise to our metropolis and furthers the sense of place our group is working so arduous to foster,” mentioned Allan.
Companies involved in making use of for both the façade, historic electrical signal, or lease help incentives ought to contact Sarah Allan at (859) 292-2144 or sarah.allan@covingtonky.gov. For data, see applications and guidelines.
Between 2017 and 2023, the Small Enterprise Program has assisted 131 companies or initiatives (not counting 58 COVID-related Small Enterprise Emergency Grants) … supported 37 companies with girls, veteran, or Black house owners … leveraged virtually $7.3 million of personal funding … helped create or retain over 5,800 jobs … and impacted slightly below 470,000 sq. ft of vacant business house that has been stuffed or improved.
In 2021, this system obtained an award from the Worldwide Financial Improvement Council, the world’s largest group of improvement professionals.
