By Ryan Clark
NKyTribune reporter
Small businesses can now take advantage of a new $4 million city loan program to help them grow and create jobs.
Commissioners unanimously approved the new Section 108 program at their regularly scheduled city meeting Tuesday night.
“This is basically another tool in our toolbox to help small businesses,” said Economic Development Director Tom West. “If they have a great idea, or they have an opportunity, but they need a leg up, we can help. And this is not a grant, this is a loan.”
West said the city actually got permission from the federal government to start the program in 2014, but never took advantage of it. After approving the program tonight, the city can immediately start to accept applications.
Covington City Commission recognizes retired Rep. Arnold Simpson: Tim Downing ,Denny Bowman, Simpson, Mayor Meyer, Michele Williams, Shannon Smith
The program will offer federally-backed loans from $35,000 to up to $1 million at low cost to small businesses. Because the U.S. Department of Housing and Urban Development is guaranteeing the loans, Covington can borrow and lend at a lower interest rate, which passes the savings on to small businesses, West said.
City officials said they will currently be able to offer loans at 4-5 percent.
Officials say they will investigate all applicants, including their ability to repay the loans, before each loan is approved by the city commission.
For more information about the Section 108 loan program, or if you’re interested in applying, contact Ross Patten at rpatten@covingtonky.gov or (859) 292-2144.
Commission honors longtime State Rep. Simpson
City commissioners passed a resolution Tuesday night honoring Arnold Simpson for his nearly four decades of public service.
After serving as Covington’s city manager, assistant city manager and city solicitor, Simpson went on serve 12 two-year terms in the Kentucky House of Representatives.
“I don’t know anybody in Covington who doesn’t love you and respect you for what you’ve done for Covington and the region,” Commissioner Denny Bowman said.
Commissioner Shannon Smith thanked him for being an inspiration for young attorneys and politicians like herself.
“We’re all better off for your service,” Mayor Joseph U. Meyer said.
Simpson then took the microphone and chose to thank those who currently serve the city. He explained that public service should be commended, and he said he was proud to live in a place where the leaders care for the region so much.
He noted that “it’s been a great joy” working with them.
Also Tuesday:
– Commissioners accepted the resignation of Assistant City Manager Frank Warnock, who resigned earlier this month to become Bellevue’s new city administrator. “I can honestly say I did my best, and it’s been quite a ride with a few bumps along the way, but the good far outweighs any challenges l may have faced over the years,” Warnock wrote in his resignation letter. “In summary, in the immortal words of the Grateful Dead with a little variation, sometime the light shined on me, other times I could barely see, lately it occurs what a long strange trip it has been for me.”
– Commissioners also approved the hiring of Meganne Robinson as grant writer, effective Feb. 1. Robinson was chosen from 23 applicants.
– Mayor Joe Meyer made sure to note that newly-elected state representative Buddy Wheatley was in the audience Tuesday night. Wheatley, a democrat who is succeeding Simpson in the state House of Representatives, is a fourth-generation Covington firefighter who served as general counsel for the Kentucky Professional Fire Fighters.
The next regularly scheduled Covington Commission meeting will be a caucus meeting held at 6 p.m., Jan. 22, at the Covington City Hall at 20 West Pike St.
Contact the Northern Kentucky Tribune at news@nkytrib.com
