Economic Development Block Grant Incentive Programs

Economic Development Block Grant Incentive Programs

Facade Improvement Programs

1. Building Façade Improvement Program. Provides grants up to a maximum of $50,000 per single principal building in the downtown program area.

2. Downtown Sign Improvement Program. Provides grants up to $1,999 to first and second floor store front business owners for business signs, and for property owners for building identification signs.

Revolving Loan Fund Programs

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).

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.

City & Town Development Act

A special tax exemption program available for major capital improvement projects that create long-term, tax-based growth. This program may not be available for projects eligible for Enterprise Zone programs.

Enterprise Zone Improvement Programs

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.

Foreign Trade Zone

New London’s Foreign Trade Zone, located adjacent to the downtown area, is a designated area considered outside the U.S., for Customs tariff purposes.

Opportunity Zones

The opportunity is for investors with long-term capital gains to defer paying tax on those gains for a period of time while also investing in underserved communities that need capital.