Business Assistance

Demonstrating its firm commitment to the development and support of commerce and industry, the Executive Office of Economic Development strives to expand the municipal tax base through job creation and the enhancement of the quality of life in Worcester. As the central point of contact for business assistance programs throughout the City, the Development Office oversees and facilitates programs geared to serve new, start-up operations, large corporate relocations and virtually everything in between.

Technical Assistance

Financial Assistance

Pre-Development Planning

In an effort to streamline the planning and permitting process for development within the City, the Executive Office of Economic Development oversees a Development Cabinet - a body comprised of the heads of several key City departments including Health & Code, Public Works, Traffic & Engineering, Employment & Training, Planning, Zoning, Historical and Law. The Cabinet meets to review development proposals, providing one-stop shopping for expertise and assistance in all areas.

Business Retention Program

While actively recruiting new industry to the City, the Executive Office of Economic Development fully recognizes the importance of assisting existing businesses to grow and prosper in Worcester. With its extensive contacts within the local real estate market, staff works closely with existing businesses looking to expand or relocate within the City.

Site Search Assistance

The Real Estate Initiative Program is designed to identify available land and building space in coordination with local real estate professionals. Through the Executive Office of Economic Development's extensive network of commercial brokers, staff can expeditiously and accurately respond to real estate inquiries based on prospective requirements.

Economic Development Incentive Program

Worcester and the Massachusetts Office of Business Development collaborate to offer local and state tax incentives to qualified businesses that choose to expand in or relocate to a targeted geographic area in Worcester. Businesses meet the development staff to discuss the scope of the proposed project and determine qualification. Each project must involve (1) new investment that results in an increase in property value and (2) the creation of new jobs in Worcester. Projects that meet these guidelines are then forwarded to the Worcester City Council and, pending approval, to the State Economic Assistance Coordinating Council for final approval. Businesses which are eligible and receive City and State approvals may receive a 10% Abandoned Building Tax Deduction, a 5% Investment Tax Credit and Local Property Tax Relief.

Contact 508-799-1523 for additional information.

Micro-Loan Pool

This program is funded by entitlement funds from the Community Development Block Grant Program of the U. S. Department of Housing and Urban Development (HUD). The loan program provides short-term, fixed rate, low-interest loans to qualified new and existing small businesses. The program targets projects that create jobs for low to moderate income persons, serve low to moderate income areas, or aid in the elimination of conditions of slum and blight in accordance with HUD guidelines. Priority will be given to applicants whose projects are located in designated geographic target areas. Eligible activities include working capital, inventory, fixed asset, equipment and certain rehabilitation of interiors and facades. Loan amounts range from $1,000 to $30,000.

Contact 508-799-1523 for additional information.

Section 108 Loan Guarantee Program

This innovative program is also funded through HUD and the CDBG program and provides credit enhancement to HUD qualified applicants. The city has approval for nearly $28 million in loan guarantee authority that can be used to promote growth in both emerging and maturing industries as well as small business start-ups and expansions. Applicants must be denied conventional financing to access this program, which provides credit enhancement to secure traditional bank loans. Priority will be given to projects that create jobs or locate in or benefit designated geographic targeted areas.

Contact 508-799-1523 for additional information.

Environmental Remediation Fund

This new loan fund was established to encourage the redevelopment of vacant or underutilized commercial and industrial properties in Worcester that are environmentally contaminated. Loan proceeds may be used to finance environmental assessments of contaminated properties in order to trigger the clean up of the site and the redevelopment of the parcel. Projects will be considered if a developer or tenant for the property has been identified and the project will create new jobs in Worcester. Projects must meet HUD eligibility and fundability criteria.

Contact 508-799-1523 for additional information.

Façade & Awning Incentive Grant Program

The Facade & Awning Incentive Grant Program is designed to stimulate the revitalization of targeted areas, leverage private investment in the physical and aesthetic improvement of storefront properties, and enhance the attractiveness of targeted areas in the City to new businesses as well as to encourage existing businesses to remain in their current locations. A set-aside within the Microloan Program, this program is designed as a loan, having payments deferred for a maximum term of five years. At the end of the five-year period, debt repayment of the loan is forgiven, of amounts up to $10,000, and the loan will be conveyed as a "Grant" to the borrower. Any loan balance in excess of the first $10,000 must be repaid over a term of three years.