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March 10, 2020

New Britain launches incentives to spur downtown business development

HBJ Photo | Steve Laschever New Britain's Beehive Bridge.
By Sean Teehan

The city of New Britain has launched two new incentive programs aimed at encouraging businesses to set up shop in its downtown.

Mayor Erin Stewart this week announced the city will start revolving loan and commercial lease rebate programs in an effort to lower hurdles small businesses often face in establishing a presence.

“This is a new venture for our city, but one that we feel offers potential for the small business person and helps to continue the growth in our downtown area,” said Bill Carroll, New Britain’s director of economic development said of the loan program.

The revolving loan program allows businesses to obtain a loan from the city for the purposes of making repairs or improvements to their downtown buildings. That allows access to capital to businesses and entrepreneurs that may have a difficult time getting loans from traditional lending institutions, Stewart said.

Only companies located in the city’s tax increment financing (TIF) district, which encompasses 278 acres in the downtown area, are eligible for the program.

“This program was created to be more flexible with rates and terms in addition to being riskier than standard loan programs,” Stweart said. “The average small business owner has always been at a disadvantage when seeking funding. Our program will assist in growth, bankability, credit, and future stability for these businesses.”

The commercial lease rebate program provides rebates on rents to downtown companies that sign multi-year leases at commercial properties. With this program, the city aims to increase the value of properties in New Britain’s downtown by decreasing the amount commercial tenants have to pay to operate there.

Businesses that take advantage of this program may use it for lease payment reimbursement, and projects that support commercial, retail and recreation.

Anyone interested in the incentives is urged to contact the city’s Department of Economic Development at 860-826-3433.

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