The following are links to compilations of various tax incentives and loan programs offered by the City of Lowell, State of Massachusetts, and other entities.

Tax Incentives

Through the Massachusetts Economic Development Incentive Program (EDIP), the City can combine certain state and local tax incentives to assist companies wishing to relocate or expand in Lowell.  These incentives can be utilized for new construction or the redevelopment of a site in the following manner:

• State 5% Investment Tax Credit: All qualifying tangible, depreciable assets purchased in association with new construction or significant rehabilitation would be eligible to receive this incentive.  This incentive increases the investment tax credit of 3% currently available to manufacturers.  In most cases, the cost of building acquisition qualifies for the credit.
• 10% Abandoned Building Tax Deduction: The cost of any improvements made to a certified abandoned building (defined as any building which is at least 75% vacant for at least 24 months) will qualify for this state income tax deduction
• Tax Increment Financing (TIF): The City of Lowell can offer firms or developers who are making significant improvements to property a chance to negotiate a phased-in increase on the assessed value of the property.  This can result in significant savings to a firm making a large investment in an underutilized Lowell site: click here for more detailed information on the EDIP program.

Financing:

• MassDevelopment Real Estate Loans: Provide borrowers with competitive low-interest rates loans for real estate and equipment financing.  MassDevelopment provides a wide range of financing tools, including development funds, tax-exempt bonds, loans, and guarantees, to provide financing at any project's stage – from predevelopment to acquisition, renovation, construction, and permanent financing.

• US Small Business Administration: Check out their list of preferred/certified lenders in MA. Here is SBA Lenders List within Lowell and Massachusetts region.

• MA Growth Capital Corporation: In 2010, Governor Deval Patrick signed into law an economic development bill designed to help gateways cities such Lowell. A new loan pool of $35 million has been established to provide financing to small businesses and promote job retention/creation.

• Lowell Small Business Assistance Center- Microloan Program: Loans up to $5,000 available to small businesses. The Lowell Small Business Assistance Center's Microloan Fund Program will target low and moderate-income entrepreneurs in Lowell who lack access to conventional credit but who have the capacity to achieve small business ownership.  The Fund will bridge the credit gap, helping businesses expand and grow, and make them bankable.

• ACCION USA:  Provides affordable small business loans to microentrepreneurs, including start-ups. 

• City of Lowell Economic Development Assistance Program: The City of Lowell, through its Department of Planning & Development/ Economic Development Office, offers small business loans  to businesses either looking to expand or relocate to the city and create and/or retain jobs.
• City of Lowell "Best Retail Practices" Program: The BRP program is available to Lowell’s retailers and restaurants looking to improve their stores’ physical appearance, customer service, marketing, etc. The Grant Program provides an 80% matching grant of up to $2,500 per grantee.