Welcome to The City of Groton Business Webpage!
Managed by Department of Planning and Economic Development, this webpage provides regularly updates on the local and regional economy, economic development initiatives and connection to ecosystem partners and resources designed to support business development and growth.
Browse at your leisure. Engage with ecosystem partners. And feel free to connect with the City’s Economic Development Specialist with any questions.
Cierra Patrick, Economic Development Specialist
Jan 19th 10:00-11:00am Chamber of Commerce Eastern CT: Effective Succession/ Exit Planning for Small Business & Nonprofits
Jan 19th 11:00-12:00pm CT SBDC: What’s Next?: Rethinking Your Business in a Post-COVID World
Jan 19th 1:00-2:00pm SCORE: How to Find and Get a Small Business Grant
Jan 20th 11:00-Noon CTSBDC: Federal Relief Funding Update
Jan 20th 12:00-1:30pm SCORE: Navigating the PPP Loan Forgiveness Process
Jan 21st 12:00-2:00pm WBDC: AARP Work For Yourself @ 50+
Jan 25th 12:00-1:00pm Entrepreneur: Finance in 2021: Planning for the Future
Jan 26th 11:00-Noon CTSBDC: Federal Relief Funding Update
Jan 26th- March 23rd 12:00-2:00pm WBDC: GPS: A Guide to Plan for Success , Application Required/ Fee: $199
Jan 27th 12:00-1:30pm SCORE: Marketing Your Business with Email
Jan 28th 2:00-3:00pm SCORE: Data Privacy- Why it Should be a top Priority for Your Small to Medium- Size Business
Feb 2nd- March 4th Tuesdays & Thursdays 8:00-10:00am WBDC: Liberty Bank Academy for Small Business
Feb 2nd 1:00-2:00pm SCORE: Shipping as Small Business Growth Strategy
Feb 4th 5:30-7:00pm SCORE: Small Business Sales Techniques
Feb 9th 1:00-2:00pm SCORE: How Packaging Can Build Your Brand, Reduce Damages and Waste, and Even Save Money
Feb 9th- 25th Tuesdays & Thursdays 4:00-5:30pm WBDC: Business Concept Clinic
Feb 10th 5:00-6:00pm SCORE: Marketing Fundamentals
Feb 16th 1:00-2:00pm SCORE: Mastering Finances for Black-Owned Businesses
Feb 18th 1:00-2:00pm SCORE: Choosing the Right E-Commerce Technology to Grow Your Small Business
Feb 24th 2:00-3:30pm SCORE: How to Start & Run a Successful Non-Profit Organization
Feb 25th 1:00-2:00pm SCORE: Expand to New Markets with Small Business International Shipping
Mar 2nd 10:00-11:30am SCORE: Managing Your Business Finances with QuickBooks
Mar 2nd 1:00-2:00pm SCORE: Reach More E-Commerce Customers with Expert Online Marketing Tips
Mar 9th 10:00-11:30am SCORE: Choosing the Right QuickBooks: The Basics of Setting up Your QuickBooks Company
Mar 24th 2:00-3:30pm SCORE: The Succinct Business Plan
Mar 30th 5:30-7:00pm SCORE: Fundamentals of Starting or Growing a Business: Session One~” What’s the Big Idea?”
Apr 6th 5:30-7:00pm SCORE: Fundamentals of Starting or Growing a Business: Session Two~ “Customer & Competition”
Apr 13th 5:30-7:00pm SCORE: Fundamentals of Starting or Growing a Business: Session Three ~ “Marketing & Sales Basics”
Apr 20th 5:30-7:00pm SCORE: Fundamentals of Starting or Growing a Business: Session Four ~ “Digital Marketing Must-Haves”
Apr 27th 5:30-7:00pm SCORE: Fundamentals of Starting or Growing a Business: Session Five ~ “Show Me the Money”
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
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.
List of suppliers to obtain cleaning supplies, PPE equipment, plexiglass barrier materials and more.
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. 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!
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.
Hover Box Element
The nation’s largest network of volunteer, expert business mentors, dedicated to helping small businesses get off the ground, grow and achieve their goals. Since 1964, SCORE have provided education and mentorship to more than 11 million entrepreneurs.
SCORE provides a wide range of services to established and budding business owners alike, including:
Entrepreneurs can access free, confidential business mentoring . SCORE mentors, all experts in entrepreneurship and related fields, meet with their small business clients on an ongoing basis to provide continued advice and support.
SCORE regularly offers free online workshops on topics ranging from startup strategies to marketing and finance. Attendees can watch webinars live, or view recordings online on their own time. We also offer interactive courses on demand, so you can walk through each module at your own pace.
Business owners can also benefit from SCORE’s extensive collection of eguides, templates, checklists, blogs, videos, infographics and more. We strive to provide the most relevant and current educational content to help small business owners and entrepreneurs succeed.
The Payroll Protection Program has re-opened. This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.
Key PPP updates include:
- PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
- PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
- The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations;
- The PPP provides greater flexibility for seasonal employees;
- Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
- Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.
- A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
- Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
- Has no more than 300 employees; and
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
Guidance & Resources
- Top-Line Overview of First Draw PPP Loans(Released 1/8/21)
- Top-Line Overview of Second Draw PPP Loans(Released 1/8/21)
- Accessing Capital for Minority Underserved, Veteran and Women-Owned Business Concerns Guidance(Released 1/6/21)
- Interim Final Rule #1 – PPP as Amended by Economic Aid Act(Released 1/6/21)
- Interim Final Rule #2 – PPP Second Draw Loans(Released 1/6/21)
- Procedural Notice – Modifications to SBA Forms 3506, 3507 and 750 CA (PPP only)(Released 1/8/21)
- Procedural Notice – SBA Procedural Notice on Repeal of EIDL Advance Deduction Requirement(Released 1/8/21)
Updated First Draw Forms
- Form 2483 – First Draw Borrower Application(Updated 1/8/21)
- Form 2484 – First Draw Lender Guaranty Application(Updated 1/8/21)
Second Draw Forms
- Form 2483-SD – Second Draw Borrower Application(Released 1/8/21)
- Form 2484-SD – Second Draw Lender Guaranty Application(Released 1/8/21)
For more information and updates, visit SBA.gov/PPP
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
- Pre-Seed Financing
- 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:
- Economic Injury Disaster Loan
- HartBeat 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