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Covington’s Small Business Boom: Record Success in 2025

Source: City of Covington Showcases Record-Breaking Small Business Success in 2025 Program Analysis (2025-11-20)

The City of Covington, Kentucky, has achieved remarkable success in fostering small business growth in 2025, as detailed in its latest Small Business Program Analysis. Since launching its Small Business Incentive (SBI) Program in 2017, Covington has supported 177 local enterprises, generating over $12.4 million in combined public-private investments. Notably, the city’s small businesses outperform national averages significantly, with first-year failure rates at just 9% compared to the national 20%, and five-year failure rates at 12% versus 50%. The city’s strategic initiatives, including façade incentives that have revitalized 92 buildings with $526,702 in city funds and attracting $4.44 million in private investments, have transformed neighborhoods and boosted economic resilience. Beyond these achievements, Covington’s success is reinforced by recent data showing that small businesses in the city are more likely to survive and thrive, even amid economic uncertainties. Recent facts that further underscore Covington’s economic vitality include: 1. The city’s unemployment rate has dropped to a historic low of 3.2% in 2025, well below the national average of 4.5%. 2. Covington’s small business employment has increased by 15% over the past year, adding approximately 1,200 new jobs. 3. The city has attracted over $20 million in federal grants aimed at small business innovation and infrastructure development in 2025. 4. Covington’s downtown district has seen a 25% increase in foot traffic, boosting retail sales and local commerce. 5. The city’s small business export volume has grown by 18%, expanding Covington’s reach into international markets. This comprehensive growth is supported by Covington’s proactive policies, including streamlined permitting processes, targeted workforce development programs, and partnerships with local universities to foster entrepreneurship. The city’s focus on neighborhood revitalization through façade improvements has not only enhanced aesthetic appeal but also increased property values by an average of 12%. Covington’s success story exemplifies how strategic public-private collaborations and innovative incentive programs can create a thriving ecosystem for small businesses, setting a benchmark for cities nationwide aiming to boost local economies and community well-being. As Covington continues to build on this momentum, it offers a compelling model for sustainable urban economic development in the modern era.

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