Covington is home to many unique small businesses, like these on the Pike Street corridor.
City’s rent-mortgage assistance program still available
COVINGTON, Ky. - An emergency fund set aside by the City of Covington to help small businesses pay rent and mortgages during the pandemic still has money waiting to be used.
On March 26, the City set aside $200,000 to award qualifying businesses up to $500 a month for four months. So far, 32 applications have been approved, but the program could be helping many more businesses.
“This is real money sitting on the table waiting to be invested in Covington’s small businesses and their workers,” said Ross Patten, the City’s Economic Development Project Manager. “The shutdown has been challenging, and the City is committed to helping its businesses - especially its entrepreneurs - survive both the pandemic and the reopening.”
The Emergency Disaster and Rent & Mortgage Business Assistance Program was one of several initiatives created by the City to protect jobs by helping local businesses stay solvent during the global health crisis.
The money is dispersed as a reimbursement of up to half their monthly rent or mortgage payment, or $500, whichever is less. Businesses can receive up to four months’ assistance.
Businesses that apply for rent and mortgage help from the City must be open at least 30 hours a week, unless ordered closed by legal mandate. And they must be working with the Kentucky Small Business Development Center on contingency planning and accessing federal disaster loans.
To apply or learn the details of the program, click HERE
. And note that an application doesn't guarantee funding.
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