• Tall ships docked at Fort Trumbull during OpSail 2012.

  • The Coast Guard Barque Eagle docked at its home port in New London.

  • The Thames Base Ball Club of New London plays vintage ball at Fort Trumbull.

  • Crowds enjoy the surf and Summer sun at Ocean Beach Park.

  • Art lovers enjoy work at the annual Salon des Independants at Hygienic Galleries.

  • A fish-eye's view of the majestically renovated Garde Arts Theater.

  • A community parade passes City Hall on State Street.

  • A bustling Waterfront Park during SailFest.

  • A lone tug passes Harbor Light on a foggy day on the Thames River.

  • The Reducers rock the boardwalk at Ocean Beach.

CONTACT US

New London City Hall
181 State Street
New London, CT 06320

PHONE (860) 447-5200
HOURS Monday-Friday
8:30 a.m. - 4:00 p.m.

Business Incentive Programs

Business Rent Subsidy

This program promotes rent subsidies up to $5 per square foot for the first year and up to $2 per square foot for the second year.  

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.

 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.

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 downtown City Center District.

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.

 
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.

Listing files in 'Business Incentive Programs'

Resource Links

Contact Information

Ned Hammond
Economic Development Coordinator
111 Union Street, 2nd Floor
New London, CT 06320

Phone: 860-437-6309
Fax: 860-437-4467
Email