2021-2022 City of Covington

City of Covington Kentucky Small Business Development Center In June 2020, the City established a new partnership with the Kentucky Small Business Development Center (KSBDC) by executive order to hire a business coach based in Covington that would provide no-cost coaching, consulting, advising, counseling, and training services to start-up businesses, existing businesses, and entrepreneurs. Traditionally, this is a 50/50 cost­share arrangement, but due to pandemic relief, the KSBDC secured funding to pay the city''s match until September 30, 2021, This finally established a business coach with an office in Covinylon and was vital to l1elping Covington businesses navigate federal disaster assistance programs and stay afloat during the pandemic, The KSBDC business coach acts as an important extension of our economic development team to assist Covington businesses with technical assistance, advising, counseling, and training to reduce business dosures, help businesses grow, and minimize reductions of the city''s tax base. Unlike our staff, a KSBOC business coach can work with businesses one-on­one on business plan development, financial projections, and other technical details that are sensitive or confidential. Securing this partnership was part of our department''s strategy to find non-traditional ways to leverage partnP.rships and provide additional services to Covington businesses. This partnership shares the cost 50/50 and provides technical assistance that our team does not have. This partnership became even more important after the KSBOC recently notified city staff that Northern Kentucky University decided not to renew their KSBDC partnership on their campus, leaving the Covington location as the only KSBOC business coach in Northern Kentucky. Agreement Highlights: Stakeholder Agreement - The agreement outlines the partnership and the City''s $50,000/year match to continue to fund a full-time business coach In Covington (including full salary, training, equipment, and access to resources), KSBOC will provide a scorecard that will be reported back lo the Economic Development Department and City Commission, including total clients served, jobs supported, new business starts, capital infusion, number of coaching hours, number of training events, number of training attendees, success stories, and many other data points.