Business and Property Improvement Incentive Programs
For additional information and applications for the following programs contact Ned Hammond, Economic Development Coordinator, at 860-437-6309 or by email.
Enterprise Zone Programs
This State of Connecticut Department of Economic and Community Development monitored program provides tax incentives for manufactures 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.
The Local New London Enterprise Zone 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.
Revolving Loan Funds
The Business Revolving Loan Fund 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.
The Commercial and Mixed Use Building Rehabilitation 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.
Facade Improvement Programs
The Façade Improvement program provides grants up to a maximum of $50,000 per single principal building fronting on a City street located in the program area.
The City Center Sign Improvement Program provided 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. Sign applications must be approved prior to ordering the sign.
City and Town Development Act
This special tax exemption program is 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 more information.
New London's Foreign Trade Zone
New London's Foreign Trade Zone a designated area adjacent to downtown 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.
Historically Underutilized Business Zones (HUBZone)
This program helps small business in urban and rural communities gain preferential access to federal procurement opportunities. The program falls under the auspices of the U.S. Small Business Administration.
For more details about any of these programs, contact Ned Hammond, Economic Development Coordinator.