Supporting Your Business Is Our Business
Incorporated in 1964 the City of Groton takes pride in the entrepreneurial spirit, vision, and perseverance found within 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 is committed to supporting the growth and success of local business by proactively unifying economic interests.
To achieve this the City of Groton is focused on four essential elements:
- The City of Groton’s Economic Development Commission and staff diligently work to unify the economic interest in the City of Groton and throughout the Southeastern CT region. By serving as champions, conveners, and connectors of our business community the commission encourages a diverse business environment; implements strategies that enhance that attractiveness and viability of doing business in the City of Groton; and establishes opportunities to support, promote, and celebrate the success of local entrepreneurs.
- The City of Groton’s Business Visitation Program goes beyond building relationships, it’s an opportunity for Economic Development staff to learn about the business community, understand what is like to do business in the City, and identifying concerns of entrepreneurs while connecting them to appropriate support services and/or developing customized workshops to address their needs.
- In the City of Groton we celebrate our history while inspiring future innovation. The City’s Economic Development staff have set out to improve the function and appearance of City commercial districts with a goal to enhance the quality of life. The City of Groton appreciates the business community and its contribution to the economic viability of the City. Thus, the Economic Development Commission and staff will implement beautification and wayfinding programs that contribute to and enhance doing business in the City.
- Communication and Collaboration are key to ensure the establishment of a community of choice. The City of Groton aims to create an environment that hosts a thriving and diverse economy. An environment that encourages innovation and economic activity; that will lead to regional economic transformation and shared prosperity. Through improved marketing platforms and community programming the City of Groton strives to engage the community in hopes to unite stakeholders in creating an economic future that realizes the community’s full potential.
The City of Groton is proud to be in a region with a strong and ever evolving business support community. The City’s Economic Development staff works with the following organizations to provide local entrepreneurs with a customized experience to establish and grow their business.
For more information visit:
Business Soft-Cost Grant
Grant funds are avaible 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.
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 is exploring 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. While still in draft form and evolving as research continues, the district is subject to approval by City Council.
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.
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 for Businesses:
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 timeframe
For more details, visit Connecticut Department of Economic Development
Small Business Express Program
- Loans and grants to Connecticut’s small businesses to spur job creation and growth. For more information visit Connecticut Department of Economic Development
Connecticut for Businesses
For additional information contact:
Economic Development Specialist