The City of Groton Department of Planning and Economic Development put together this resources information page for local businesses to better understand economic development initiatives, projects, and resources at the local, state, and federal level. This page will be updated regularly as more information becomes available.
September 14th @ 3:00pm: Entrepreneur- Leadership Tactics that Promote Diversity and Foster Happier Employees
September 16th @ 2:00pm: SCORE- Build & Protect Your Business Online Reputation-
September 17th @ 1:00pm: SCORE- Overcoming Cybersecurity Challenges During the COVID-19 Pandemic
September 17th @ 3:00om: Entrepreneur- 94 Ways to Repurpose Your Content on Social Media
September 22th-24th: Small Business Administration- National Small Business Week 2020
September 22nd @ 10:00am: SCORE- QuickBooks to Manage Your Business Finance
September 22nd @ 1:00pm: SCORE- Get Your Business Online in a Blink- Stress Free Ways to Find the Right Software
September 24th @ Noon: Entrepreneur- Direct-to-Consumer Success: A Conversation with the President of a Multi-Million Dollar Brand
September 29th @ 10:00am: SCORE- QuickBooks to Manage Your Business Finance (Advanced)
September 29th @ 1:00pm: SCORE- Concrete Strategies to Boost Your Sleep & Double Your Business Impact
September 30th @ 5:30pm: SCORE- What’s The Big Idea? (Session 1)
CT Small Business Development Center has an array of free online training videos for entrepreneurs.
Connecticut Main Street Center has arranged a Small Business Resource Library
SeCTer now offers free business advising! Through the addition of Business Advisor Judith Lamson-Rockwell, supported by a subcontract from the Small Business Development Center. Judith brings to seCTer a diverse background in business and management. Click here to register for business advising today!
Small Business Survey: Moving Main Street forward through the COVID-19 Recovery– With some states and communities emerging from “stay-at-home” orders related to the COVID-19 pandemic and others moving toward greater restriction, we are interested in understanding how your business is adapting and how you are coping with our current realities. Your answers to the questions below will help us understand what is working well in supporting successful business operations and making customers and clients feel safe and comfortable venturing out to small businesses.
Business Reopen & Recovery is a online resource to help businesses prepare, rebuild, and grow during the State’s emergency Coronavirus response.
Check out the State of CT New Business Portal This one-stop-shop is an easy and quick resource providing entrepreneurs with everything required to start and/ or manage their business in Connecticut.
#LetsGo860 is a free campaign implemented by business leaders volunteering their time to support the region’s economy. The dedicated website features a Google map sharing all the businesses who would like to be listed. Google is the first stop for most of your customers. And now more than ever, customers are looking for up-to-date information on your open hours and services.
- Step 1: Update your Google listing by managing your business listing or visit Google for Small Business
- Step 2: Join the Let’s Go 860 map – Here’s a tutorial on how to do it!
List of suppliers to obtain cleaning supplies, PPE equipment, plexiglass barrier materials and more.
The City of Groton, is happy to announce a partnership with the City of New London that will allow our Spanish speaking business owners a ‘Help Line’ to navigate available relief programs. Please call 860-437-6309 or email firstname.lastname@example.org to make an appointment. Now is the time where partnerships are vital in getting information to all of our small business/ non-profit owners. We are all in this together.
La Ciudad Groton, se complace en anunciar una colaboración con la ciudad de New London que les permitirá a nuestros propietarios de pequeñas empresas de habla española a utilizar el Centro de Ayuda paraevaluar los programas de asistencia disponibles. Por favor llamar al 860-437-6309 enviar un correo electrónico a email@example.com para hacer una cita. Este es el momento vital para proveerles información a todos los propietarios de pequeñas empresas y organizaciones sin fines de lucro. Estamos juntos en esto.
Employers reducing hours but not furloughing employees can partner with CT Department of Labor’s Shared Work Program, which allows employers to reduce employees’ work schedules by 10 percent to 60 percent and supplement lost wages with unemployment benefits
Constant Contact provides Small Business Action Plans designed to assist businesses in managing their organization through tough times.
SeCTer is the designated private, non-profit Economic Development Organization providing a broad range of services and resources to stimulate and support economic development and diversification within the Southeastern CT region.
Advance CT is a nonprofit organization that works to engage, retain and recruit businesses and advance overall economic competitiveness in Connecticut.
Explore More Groton: Groton, Connecticut, is a growing New England community positioned midway between New Haven and Providence along I-95. With easily accessibility to the major metro areas of Boston and New York City, explore the many opportunities and quality of life Groton CT has to offer.
CTNext Entrepreneur Innovation Award is a pitch competition that features startup and early-stage companies vying for grants of $10,000 or more. There can multiple winners in addition to the Crowd Favorite and Judges’ Favorite grants of $2,000 each. Click here to Apply to Pitch or call Rachel Ferreira at 860/258-7872. Deadline for Pitch Applications is Wednesday, August 19th at noon.
The Connecticut Department of Economic and Community Development (DECD) offers the following programs:
- Small Business Express Program
- Manufacturing Assistance Act
- Minority Business Revolving Loan Fund
- Additional funding opportunities
The U.S. Small Business Administration (SBA) is offering a new financial assistance loan called CARL,this program offers financial and technical assistance to help small businesses adapt to changing business conditions in the COVID-19 environment and strengthen their ability to manage through potential future disruptions. For more information visit Community Advantage Recovery Loans
Businesses have access to the following programs through Connecticut Small Business Development Center:
- Paycheck Protection Program
- Economic Injury Disaster Loan
- Main Street Program
- SBA Traditional Loans
HEDCO provides small businesses and non-profit organizations access to flexible and affordable capital that would be otherwise un-met or under-served.
Community Economic Development Fund provides loans and technical assistance to Connecticut small business owners who are not able to obtain traditional bank financing.
Connecticut Community Investment Corporation provides access to capital that may not be available elsewhere as well as financing opportunities for expanding businesses looking to purchase real estate and/or machinery and equipment.
BDC Capital provides financial assistance with loans, mezzanine and equity investments, guarantees, and financial services to businesses of every type and description.
The State Historic Preservation Office is offering a reimbursable Stewardship Relief Grant of up to $1,000 to Connecticut 501(c)3 nonprofits. The purpose of this funding is to encourage and support the continued safeguarding of historic resources at a time when many organizations are experiencing economic distress because of the Covid-19 pandemic.
Connected Commerce Council aggregated available public and private funding options in and easy to navigate tool- Finding Assistance & Relief
COVIDCAP is a searchable database of over $1 trillion in COVID-19 cash relief resources available to small business and nonprofit entrepreneurs.
Business Soft-Cost Grant
Grant funds are available to reimburse owners/operators for soft costs associated with opening or expanding a small business in the City of Groton. Eligible expenses include: architectural fees, survey/soil scientist costs, engineering expenses, legal fees specific to planning and zoning, and consultant fees specific to business operations, pre-approved by staff.
Business Soft Cost Grant Policies and Procedures
Business Soft Cost Grant Application
Tax Increment Financing
TIF Districts leverage the increased tax assessment that is realized over a baseline assessment value. The tax revenue generated is placed into its own account and can be reinvested into the District for public infrastructure improvements (i.e. utilities, streets, walks, recreation, etc.), used to assist with private development, or moved into the general fund for other purposes. The City has adopted a TIF district along the Thames/Bridge Street corridor from I-95 to Eastern Point Road and extending through the Five Corners area to Clearance B Sharp highway. Please refer to the map below. For more information visit City of Groton Tax Increment Financing District
Economic Assistance Fund
Financial support for public infrastructure associated with new development projects. Examples uses include: utility line extensions, sidewalk/road improvements, and traffic control/street lighting.
Economic Assistance Fund
Companies involved in manufacturing, research associated with manufacturing and distribution warehousing (new construction/expansion only) as well as certain service companies that develop properties in an Enterprise Zone or a zone that is eligible for Enterprise Zone-level benefits will receive:
- a five-year, 80% abatement of local property taxes on qualifying real estate and personal property (note: the company must be new to the municipality’s grand list as a direct result of a business expansion or renovation); and
- a 10-year, 25% credit on the portion of the corporate business tax that is directly attributable to a business expansion or renovation project, as determined by the Connecticut Department of Revenue Services. The credit may increase to 50% based on number of new jobs created.
Newly formed corporations located in a zone qualify for a 100% corporate tax credit for their first three taxable years and a 50% tax credit for the next seven taxable years.
Eligibility: These programs are designed to encourage capital improvements to land and/or buildings. Businesses must be prepared to either:
- renovate an existing facility by investing at least 50% of the facility’s prior assessed value in the renovation; Or
- construct a new facility; Or
- expand an existing facility; Or
- acquire a facility that has been idle for a stated minimum time frame
For more information visit CT Department of Economic and Community Development
The 2019 Groton Economic Development Strategy is designed to empower Groton communities in creating an economic future that realizes their full potential.
The Vision: becoming communities of choice while hosting a diverse economy with innovation and activity that will lead to regional transformation and shared prosperity.
What sets this strategy apart from others is the guiding principle of putting people first. Groton is home to a diverse population with varying needs and interest. This strategy seeks to look at the intersection of people with place.
The Strategy’s Overarching Goals include:
- Increase the percentage of people who both live and work in Groton
- Shape Groton’s pockets of economic activity into places where people connect
- Strengthen and diversify the transportation network to accommodate transformative growth
- Promote and connect Groton’s educational assets from early education through higher education, lifelong learning, and new career development
- Grow and diversify existing and emerging opportunities
- Provide an environment that nurtures entrepreneurs and startup companies
- Connect, communicate, and educate on economic development
For more detailed listings of activities that will ultimately bring about success please refer to the following:
Groton Economic Development Strategy
Economic Development Action Plan Matrix
Incorporated in 1964 the City of Groton takes pride in the entrepreneurial spirit, vision, and perseverance found in its business community. Throughout the City’s history, economic growth has been fueled by ambitious individuals and collaborative efforts that have pushed the needle forward. The City of Groton’s Economic Development staff and commission are committed to supporting the recovery and revitalization of our local economy by proactively unifying economic interests. Our team strives to unite stakeholders in creating a future that realizes the community’s full potential.
For additional information contact:
Economic Development Specialist