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.
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.
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.
To promote growth in both emerging and maturing industries as well as small business start-ups and expansions.
The City of Worcester was selected as one of eight cities by the Commonwealth of Massachusetts to participate in this new program that will encourage small businesses to locate in vacant storefronts within our Vacant Store Front Districts.
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.
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.