To help its small businesses grow, Covington has created a new low-cost loan program. The city received permission from the Loooking government to start such a program in but never established it.
The Covington City Commission recently voted to approve guidelines and underwriting criteria so economic development officials can begin accepting applications immediately. We want every possible tool in our toolbox as we continue to build a vibrant local economy in Covington and create jobs for our residents.
Because the U. Department of Housing and Urban Development will guarantee the loans, the city can borrow and lend at a lower interest rate and pass that savings onto businesses, Patten said.
Approval by the city commission will be required for each individual loan.
Kenrucky gave three examples of the types of loans that could be made under the Section program:. Under Section guidelines, only projects that create new jobs will be eligible, Patten said. Businesses will be encouraged to work with the Kentucky Career Center for free assistance with identifying and hiring qualified workers.
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