V.3.3 Local Incentives and Financial Support

V.3.3 Local Incentives and Financial Support

Action

Establish grant, incentive, and/or loan programs such as microloans, facade improvement programs or energy assistance small businesses can access year round.

Why

Providing local incentives and financial support for businesses makes your Main Street more competitive and sustainable. Often small businesses are just starting out and can utilize these incentives to buy equipment or make other code related upgrades, cover startup costs or fix up their storefronts or facades. Grants, loan programs and other incentives are a great way to catalyze neighborhoods and accomplish the changes the district wants to see. Developing your own local programs allows you to tailor the incentives in a way that works best for your district. 

How

1. Brainstorm with your community, district, Main Street stakeholders. Ask, “What is it we are trying to achieve? What is our vision?”
2. Utilize your vision, community plans, market studies or other information gathered to help you choose which incentives you’ll offer. 
3. Know where your annual funds come from. Tools such as Tax Increment Financing, ongoing Loan Programs and Municipal Budget lines provide continuity and resilience for your Main Street district. 
4. Support your district with local grant programs for upgrades like facade improvement, expansion, start up expenses, relocation, equipment or marketing efforts.  These could be in partnership with local banks.
5. Provide easy access to information about other public or private financial supports.

Resources

• Wethersfield CT Facade Improvement Program 
• Windsor Locks Community Development Loan Program 
• Tax Increment Financing (TIF) [66 minute webinar] 
• Developing Your Main Street Action Plan [50 minute webinar] 
• Intro to CT’s Small Business Financing Options 
• CT Small Business Boost Fund
• State of CT DECD Small Businesses
• CT Small Business Development Center
• Women’s Business Development Council