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.

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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 facades within the City of Worcester.

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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.

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HUD Section 108 Loan Guarantee Program

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

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Massachusetts Vacant Storefront Program (MVSP)

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.

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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.

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Small Business Grant Program

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

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