Even in this challenging economy, financial assistance may be available from the City of New Haven and statewide economic development organizations, such as the Connecticut Department of Economic and Community Development, the Connecticut Development Authority, Connecticut Innovations and the Connecticut Community Investment Corporation.
To determine whether you qualify, contact the EDC by emailing firstname.lastname@example.org or calling (203) 785-1000. Our staff can help you understand the requirements and work with different agencies to create the best package for you.
Examples of some of the types of assistance that may be available include:
- Low-interest loans for capital improvements, furniture, fixtures and equipment and training. Sources: Connecticut Department of Economic and Community Development, the Connecticut Development Authority.
- Financial assistance to offset facility costs for technology-based start-ups. Sources: Connecticut Innovations, Connecticut Development Authority and Department of Economic and Community Development.
- Equity investment for technology-based start-ups and emerging companies. Source: Connecticut Innovations.
- A five-year, 80 percent abatement on qualifying real estate and personal property taxes that are new to the Grand List may be available to qualifying businesses if they relocate, expand or renovate.
- A 100 percent abatement of local property taxes on qualified, newly acquired manufacturing machinery and equipment may be available depending on the industry.
- Corporation Business Tax Credit on 25 percent to 50 percent of the share of corporate business tax allocable to facility costs associated with relocation, expansion or renovation in an Enterprise Zone.
- R&D Corporate Tax Credit of 1 percent to 6 percent is available for expenditures on research and development conducted in the State of Connecticut. The credit may be taken in the form of a cash refund of 65 percent of the value of the credit.
- Job Creation Tax Credit of up to 60 percent of the state income tax withheld from the employee's wages for companies who hire at least 10 new employees. The credit may be available for five consecutive years.
- The Workforce Alliance, the regional Workforce Investment Board representing New Haven.
- Gateway Community College, the community college serving New Haven.
- Connecticut Department of Labor, through the State's Manufacturers Assistance Act.