Financial Assistance

Economic Development Incentive Program

This collaborative effort between the Commonwealth of Massachusetts' Office of Business Development and the City of Worcester offers local and state tax incentives to qualified businesses that choose to start-up, expand or relocate in or to Worcester. This program promotes growth in both emerging and maturing industries. EDIP may be utilized by manufacturers, retailers, commercial office users or industrial businesses.

Economic Development Incentive Program

Facade Program

To leverage private investment in the physical and aesthetic improvement of commercial properties with first floor/street-level storefronts and enhance the attractiveness of targeted areas within the City of Worcester.

Facade

HUD Section 108 Loan Guarantee Program

To promote growth in both emerging and maturing industries as well as small business start-ups and expansions.

HUD Section 108

The Housing Development Incentive Program

The Housing Development Incentive Program (HDIP) was established in accordance with 760 CMR 66.00 and M.G.L. Chapter 40V. The mission of the program is to increase residential growth, expand diversity of the housing stock, support economic development and promote neighborhood stabilization. The City of Worcester adopted the program in 2014.

Housing Development Incentive Program

Microloan Program

To assist in the creation of new small businesses and expansion or retention of existing small businesses by providing short- and long-term, fixed-rate, low-interest loans to qualified borrowers.

Microloans

Small Business Grant Program

To assist in the creation of new small businesses or the physical expansion of existing small businesses in targeted commercial corridors by providing forgivable loans to qualified applicants.

Small Business Grants

Contact Information

Economic Development
City Hall 4th Floor
455 Main Street
Worcester, MA 01608

Accessible via WRTA Bus Line. View Schedules

Phone: 508-799-1400
Fax: 508-799-1406
Email Us

Office Hours:
Monday - Friday
8:30 a.m. - 5 p.m.

City of Worcester
Customer Service Line
Monday - Friday
7:30 a.m. - 5 p.m.
508-929-1300
Contact Us

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