Business Development
With six million people living within a 50-mile radius, unique opportunities exist in Worcester for dynamic business growth. Once among the pre-eminent manufacturing cities in the nation, Worcester has transformed itself into a leader in biotechnology, advanced manufacturing, information technology, health care, and medical research. We offer innovative municipal support for business development and are setting the pace for sound, cooperative growth in New England.
The City’s Executive Office of Economic Development offers a multitude of assistance programs to interested developers and business owners, providing a link between available local, state, and federal incentives and loan programs and the City’s comprehensive employment plan and training network through the Workforce Development Division.
Whether a start-up or an established business, Worcester will work for you. We can assist with finding the site, finding the money, or finding the know-how. The staff of the Economic Development Division is ready to meet with you to extend our welcome and to discuss any issues or questions that you may have about Worcester. Please contact us at 508-799-1400.
New days are dawning... everyday in Worcester! Click here to see for yourself
2012 Year in Review
“The skyline is changing” is one of the phrases repeated time and time again in response to the development projects underway or recently completed in Worcester, particularly within the Downtown. These projects are considered by many as catalysts of economic growth paving the way for a more vibrant city.
For more information about Worcester's latest economic development projects please read our 2012 Year in Review below:
Financial Assistance
- Microloan Program - Low-interest loans up to $10,000 to assist in the creation, expansion, or retention of small businesses located in the city of Worcester.
- Storefront Improvement Grant Program - Up to $15,000 in grants for first floor/street level storefront repairs, renovations, and improvements in commercial establishments located in the identified commercial corridors within the Neighborhood Revitalization Strategy Areas (NRSAs).
- Façade & Awning Incentive Grant Program - Up to $10,000 in grants for façade renovations in first floor/street level storefronts located in the Commercial Area Revitalization District (CARD).
- Economic Development Incentive Program (EDIP) - Local and state tax relief for projects involving new investments that result in an increase in property value and the creation of new jobs for Worcester residents.
- HUD Section 108 Loan Guarantee Program - Loan amounts range from $50,000 to $5,000,000 for new or existing businesses looking to make substantial economic revitalization projects.
- Quinsigamond Village Economic Revitalization - Integrated program developed for the Greenwood Street Landfill Taskforce, a major component of which is a facade and storefront improvement program providing matching grants for certain improvements to eligible properties.
Technical Assistance
- Business Start-Up Guide - a general overview of the steps necessary to help you start and/or develop a successful business in Worcester
- Worcester Business Guide – This chart provides a quick overview of the permits necessary to operate a small business.
- Site Search Assistance – Assistance in identifying available land and/or building space in coordination with local real estate professionals.
- Business Retention – Assistance to existing businesses looking to expand or relocate within the City.
- Creative Industries - Assistance in identifying sites and technical support to support and grow creative economy businesses.
Partnerships
In addition to the municipal departments, Worcester has a number of other public and private partners fostering small business start-up in the city. We encourage you to contact the organizations below to help craft your business plan and chart a path for success.
Workforce Training
- Worcester Workforce Central - In addition to traditional educational institutions, the City of Worcester is also home to the Worcester Workforce Central One Stop Career Center. The Center offers a comprehensive, online, "One Stop" access point to employment and training information for job seekers, employers and service providers throughout Worcester County, including the highly successful STEMPower Program - a multi-faceted project built around Science-Based-Manufacturing and related jobs in aerospace, biotechnology and renewable energy.
Viva Vitality
Looking at population, employment and small business growth, American City Business Journals has ranked Worcester in the top 50 in its small business vitality rankings for 2010 - having determined the most vibrant U.S. metropolitan areas for those businesses with 99 or fewer employees. Worcester ranked 42nd out of the nation's 100 largest metropolitan areas, a strong improvement from its 2009 ranking of 93. ACBJ is publisher of forty major city business newspapers. The listing is based on key economic factors that are critical to entrepreneurial development. See more here
Monthly Newsletter
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