Loans, loan guarantees, risk capital, labor training, tax abatements, exemptions and credits, and other incentives including financing and assistance for brownfield remediation are available through the Department of Economic and Community Development (DECD), the Connecticut Development Authority (CDA) and Connecticut Innovations. The department assists businesses through several initiatives.
The DECD and CDA offer a wide array of financing programs for the following activities:
• Planning, including but not limited to: feasibility studies, engineering, appraisals and market studies;
• Acquisition of real property, machinery, or equipment, or any combination;
• Construction of site and infrastructure improvements related to a municipal or business development project;
• Relocation expenses for the purpose of assisting manufacturing or other economic-based businesses to locate, construct, renovate, or acquire a facility;
• Working capital in conjunction with a business development project;
• Business support services such as labor training, day care, energy conservation, pollution control and recycling.
Risk capital/technology assistance:
Connecticut Innovations, the state's emerging-technology investor, operates programs including:
• Product development financing in the form of risk capital for high-technology startups, products, and services; investments are available for high-tech companies in the state seeking between $100,000 and $1 million;
• Advice and information to Connecticut companies and to companies seeking to relocate in Connecticut;
• Connecticut Technology Partnership, which provides funds of between $50,000 and $500,000 to companies seeking matching funding to work in federal research and development programs in high-tech disciplines;
• Yankee Ingenuity Initiative, collaborative research funding that pairs up and funds
university researchers and private companies working on the same technology; funding of between $25,000 and $100,000 is available to Connecticut universities, matched at least one-to-one by the participating company.
Other financing programs:
The state's Urban Reinvestment Tax Credit Program provides up to $100 million in tax credits to companies over a 10-year period for projects that create significant jobs and capital investment in urban centers and economically distressed communities.
The Department of Economic and Community Development also assists businesses through enterprise zones, industrial parks, the Urban Jobs Program and other incentives.
The Connecticut Office of Brownfield Remediation and Development was recently established at DECD as a one-stop resource for state programs and services and a host of flexible tools - such as gap financing, seed capital programs, corporate tax credits, and an environmental liability insurance program - to successfully redevelop brownfields. Brownfields are buildings or sites that have been contaminated over the years and now need to be properly evaluated and cleaned before they can be put back into reuse. The Connecticut Brownfields Redevelopment Authority offers grants to reimburse developers and municipalities for Phase I and Phase II site assessments and investigations. Also, through the Special Contaminated Properties Remediation and Insurance Funds (SCPRIF), municipalities and businesses can receive low-interest loans to assess, demolish, and remediate contaminated brownfields.
In addition to the above-mentioned programs and services, the DECD can also assist companies in working with other state agencies, including the Department of Revenue Services, the Department of Environmental Protection, and the Department of Transportation. A streamlined permitting process has been established for companies seeking environmental permits for manufacturing operations.
Connecticut State Contact:
Connecticut Business Response Center
805 Brook Street, Building 4
Rocky Hill, CT 06067
Incentive and tax information is provided to Area Development by each state's economic development or commerce agency for information purposes only and is subject to revision at any time by the state government. Please contact the state agency directly for full requirements and offerings.