Economic Development
111 Union Street
New London, CT 06320
[860] 437-6309
[860] 437-4467 Fax
BUSINESS INCENTIVE PROGRAMS
BUSINESS RENT SUBSIDY PROGRAM
A new program started in 2008 designed to attract new businesses by providing rent subsidies up to $5 per square foot for the first year and up to $2 per square foot for the second year.
• Rent Subsidy Program Information
• Application
• Certification of Rent Paid
ENTERPRISE ZONE PROGRAMS
A. This State of Connecticut Dept. of Economic and Community Development monitored program provides tax incentives for manufacturers and certain commercial sector businesses locating within the enterprise zone. Some of those incentives and benefits are:
• a five-year, 80% exemption of local property taxes on qualifying real and personal property.
• a ten-year, 25% credit on the State’s corporate business tax for eligible businesses.
• an exemption from state real estate conveyance taxes.
B. The local New London EZ program offers property owners undertaking improvements on commercial and residential structures a seven year graduated tax exemption of the increased taxes resulting from real property improvements. All new construction projects are considered as improvements under this program.
• Local Enterprise Zone Program Information
• Enterprise Zone Map
CITY AND TOWN DEVELOPMENT ACT
A special tax exemption program available for significant capital improvement projects that create long-term, tax-based growth. This program may not be available for projects eligible for Enterprise Zone programs. Contact Ned Hammond for additional information.
REVOLVING LOAN FUNDS
1. Business Revolving Loan Fund. This program provides low interest loans for small and medium size businesses located within, or considering locating within the New London Enterprise Zone (EZ). The maximum loan amount is generally $25,000 with interest rates from 4% to 6% over a maximum term of 6 years.
• Application
2. Commercial and Mixed Use Building Rehabilitation Program. This program provides financial assistance to owners of commercial properties located within the Enterprise Zone who plan substantial building renovations. Loans range from $10,000 to $50,000 with an interest rate as low as 4% over a maximum term of 6 years.
• Application
3. Southeastern CT Revolving Loan Fund. Similar to the Business Revolving Loan Fund, this fund targets small businesses located in low to moderate income areas outside the Enterprise Zone. The maximum loan amount is $30,000 with an interest rate of 6% and a maximum term of 5 years.
FAÇADE IMPROVEMENT PROGRAMS
1. South Water Street Façade Improvement Program. Provides grants up to $15,000 for improvements made to the facades of buildings facing South Water Street.
• Application
• Facade Program Map
2. Façade Improvement Program. Provides grants up to a maximum of $50,000 per single principal building fronting on a City street located in the downtown City Center District.
•Application
3. City Center Sign Improvement Program. Provides grants up to $1,999 to first and second floor storefront business owners for business signs and awnings, and for property owners for building identification signs.
• Application
FOREIGN TRADE ZONE
Located adjacent to the downtown area is New London’s Foreign Trade Zone, a designated area which, for Customs purposes, is considered outside the U.S. Nearly any imported merchandise can be brought into a Zone for almost any kind of manipulation, duty-free.
For more details about any of these programs contact:
Ned Hammond
Economic Development Coordinator
Office of Development and Planning
Resource Links:
• New London Economic Development Data Information (EDDI)
• Southeastern Connecticut Enterprise Region (SeCTer)
• CT Department of Economic & Community Development
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