Whether for equity investment, capital asset purchases or working capital, there is a network of local and regional revolving loan funds and programs to assist businesses and developers large and small with their financing needs. Connecticut makes job creation and retention a high priority. There are several new financial incentives and programs that include low interest borrowings, tax credits, and tax abatements for qualifying businesses and developers.
Incentives, Credits and Abatements
The Southeastern Connecticut Enterprise Region (seCTer) is a public-private regional economic development agency serving the towns of New London County Connecticut. Their mission is to promote and preserve the region’s attractiveness, to encourage new businesses, and to assist and to nurture existing and expanding local enterprises.
CERC ProgramFinder is Connecticut’s comprehensive database of business programs and services. ProgramFinder contains information from both the public and private sectors, as well as from federal, state and local levels.
The Connecticut Enterprise Zone Program, along with the various business incentive related subprograms, are administered within the Office of Business & Industry Development of the Connecticut Department of Economic and Community Development (DECD). The Enterprise Zone Program is the core program on which many other business related incentive programs are based. Program staff provides guidance to DECD business expansion, retention and recruitment teams as well as municipal officials who coordinate the program application process at the local level.
The Tax Abatement Program is designed to assist in the financial feasibility of privately owned nonprofit and limited dividend low and moderate-income housing projects by providing reimbursement for taxes abated up to $450 per unit per year for up to 40 years. The abatement of taxes enables the owners to maintain the rents at an affordable level for the tenants.
The State of Connecticut and local cities and towns offer a wide variety of tax incentives that encourage businesses investment. Numerous tax credits, tax exemptions, and tax abatements are available at the state level, while municipalities can offer property tax incentives based on certain levels of capital investment.
The Eastern Connecticut Workforce Investment Board (EWIB) works with local, state, and federal Legislators, Chief Elected Officials and businesses to ensure that the constantly changing needs of the Eastern Connecticut’s employers and job-seekers are met in a manner that keeps Eastern Connecticut at the forefront of industry & technology.
Norwich leaders understood the problems associated with urban redevelopment indoors and created a way to help. They designed three programs as tools for economic development assistance to Downtown Norwich.