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CAN DO FOR YOUR BUSINESS:
The City of Norwich and The State of Connecticut offer a wide variety of tax incentives that encourage businesses investment. Numerous tax credits, tax exemptions, and tax abatements are available; one of them is right for you.
Mill Enhancement Program
This program provides zoning and tax incentives to owners of historic mill properties who wish to restore and reuse these buildings for manufacturing, residential and other economically beneficial purposes.
Urban Enterprise Zone
Norwich is one of twelve Connecticut cities with a state designated Urban Enterprise Zone. The program provides direct incentives to manufacturers, commercial business, retailers and residential property owners to encourage new capital investment in urban areas. Additionally, businesses looking to locate in Norwich may be eligible for Urban Enterprise Zone level incentives for projects located outside the enterprise zone but within an underutilized railroad depot area â€“ Railroad Depot Zone.
Utility and energy efficiency programs
Utility costs can represent a large portion of your businessâ€™ operating costs. Norwich Public Utilities (NPU) offers a number of Energy Efficiency programs that can help you save on your utility usage. They also have a staff of Project Coordinators who can help take you through the permitting, building or renovation, and utility installation.
Urban Jobs Program for Targeted Investment Communities
This program provides an 80% tax abatement on real property for five years, 80 percent tax abatement on personal property for five years, 25 percent corporate tax credit for 10 years. Intent is to make it attractive for manufacturers already located in the targeted investment communities to reinvest in their communities and to attract new manufacturers and jobs to these municipalities.
Department of Economic and Community Development's Office of Business and Industry Development helps companies identify specific tax incentives that will positively impact the bottom line and improve long-term competitiveness. Click here for more information
Growing businesses need capital. Whether the financing requirement is equity investment, fixed asset purchases, or working capital, there are a number of financing programs available to support businesses large and small. Programs include direct funding from the Department of Economic and Community Development, Connecticut Development Authority and Connecticut Innovations. In addition, there is a network of local and regional revolving loan funds across the state to assist businesses with their financing needs.
Connecticut Development Authority (CDA) Financing to businesses when private-sector lenders cannot
Connecticut Innovations (CI) Stimulating high-tech growth in Connecticut
Community Economic Development Fund (CEDF) Loans and technical assistance to small businesses, and grants to community organizations for economic development projects
Connecticut Venture Group (CVG) Assisting the development of high-growth enterprises through the promotion of capital formation