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Incentives

Tax Incentives, Loan Programs & Procurement Opportunities

Lowell’s Economic Development Office (EDO) of the Department of Planning and Development offers a host of financial incentives and technical assistance to companies and developers including site selection, traditional and non-traditional finance programs, tax incentives, workforce development, procurement assistance and other areas of business support.
 
 
 
Tax Incentive
Companies creating a significant number of jobs within Lowell and making significant capital investment may be eligible for investment tax credits and a real estate tax exemption under the Economic Development Incentive Program (EDIP). This program is offered in partnership with the Commonwealth of Massachusetts, Massachusetts Office of Business Development (MOBD). To find out if you are eligible for these tax incentives please contact Maria Dickinson, Economic Development Officer mdickinson@lowellma.gov or (978) 674-1435.
 
Loan Programs
EDO also works with other non-traditional financial lenders and can offer businesses a full gamut of options. Below are just some examples:
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MassDevelopment has financed companies of all sizes across the Commonwealth with loans, guarantees, and tax-exempt bonds. Financing can be used to purchase real estate, building rehabilitation, equipment, as well as providing export financing to access global markets. 
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Massachusetts Growth Capital Corporation (MGCC) provides loans, lines of credit and guarantees to eligible businesses in MA.  
 
 
The Lowell Development & Financial Corporation (LDFC) offers low-interest loans for the acquisition, construction or renovation of commercial, industrial or office facilities containing at least 10,000 square feet.  
 
The Property and Casualty Initiative, LLC (PCI) offers financing to companies that are unable to obtain the required financing from conventional sources. Loans can be used for working capital, equipment and real estate purchases. Priority is given to companies located in an economic
target area (i.e. Lowell ETA), minority and women-owned businesses and companies that are creating new jobs and/or employ low and moderate-income Massachusetts residents. 
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Small Business Administration (SBA) - offers business loan guarantees and equity financing. The following are the primary vehicles for starting and growing a small business:
  • 7(a) Loans - A loan offered in conjunction with banks and other lenders. For-profit businesses that meet SBA’s standard.
  • 504 Loan Program - For the acquisition of long-term fixed assets, such as real estate and/or equipment.
  • SBAExpress- Loan guaranty available to lenders as a way to obtain s guaranty on smaller loans up to $350,000
  • International Trade Loan Program (ITL) - This program is designed to assist small businesses enter and expand into international markets. The ITL offers a combination of fixed assets, working capital financing and debt refinancing up to 90% of SBA’s guaranty.
  • Patriot Express- Available only to veterans and members of the military community (veterans; service-disabled veterans; active-duty service members; reservists and National Guard Members; Current spouses of any of the above; widowed spouses of a service member who died during service)  MVSmallBusCenter.jpg
The Merrimack Valley Small Business Center (MVSBC), as a recipient of a Small Business Administration (SBA) PRIME, administers a microloan fund available to small businesses and start-ups. Loans range from $2,000 to $25,000. Fund can be used for capacity building, working capital, and startup expenses.
 
 
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Best Retail Practices Grant Program: The City offers 80% matching grants of up to $2,500.00 each to retailers, restaurants and other businesses with a storefront presence. Funds can be
used to improve the store’s physical appearance, marketing, equipment purchase, etc.  
 

HUBZone and Procurement Opportunities
Established by the Small Business Administration (SBA), the "Historically Underutilized Business Zones Program" (HUBZones) promotes economic development and creates job opportunities by providing federal contracting preferences to small businesses that obtain HUBZone certification. The City of Lowell is located within a HUBZone which gives Lowell local small businesses the opportunity to tap into more than $425 billion of purchasing power by our federal government. To find out if your property is within a HUBZone please enter