Visit
Explore
Live
Work
About

Incentives

 

The City of Newport and the Newport City Renaissance Corporation can offer a variety of incentives aimed at helping both international companies looking to move, as well as locally owned small businesses looking to grow. By making available: loans, grants, and tax credits, Newport supports its businesses by addressing their needs and promoting their development.

The City has direct access and in-depth understanding of incentives and loans, and we work closely with the state of Vermont and regional agencies  to package incentive proposals targeted to the needs of individual businesses.

Whether it is grants, loans, bonds or tax exempt financing, contact us to learn more about available incentive programs  and which programs may be  appropriate for your business or project.

 ANCBIO - sample images - 86

 

GRANTS

  • Vermont Community Development Fund Grants: VCDP provides federal Community Development Block Grant (CDBG) funding for eligible activities through  Accessibility Modification Grants (AM), Implementation Grants (IG), Planning Grants (PG), and Scattered Site Grants (SS) http://accd.vermont.gov/strong_communities/opportunities/funding/vcdp
  •  RURAL BUSINESS ENTERPRISE GRANTS (RBEG)  are for rural projects that finance and facilitate development of small and emerging rural businesses, help fund distance learning networks, and help fund employment related adult education programs. To assist with business development, RBEGs  fund a broad array of activities. http://www.rurdev.usda.gov/BCP_rbeg.html
  • The Brownfields Revitalization Fund (BRF), administered by ACCD, provides eligible applicants with the ability to borrow up to $250,000 on attractive terms for assessment, characterization and cleanup of contaminated sites. http://www.anr.state.vt.us/dec/wastediv/SMS/RCPP/Loans_Grants.htm
    • Contact: Kiersten Bourgeois  |  Vermont Department of Economic, Housing and Community Development
    • 1 National Life Drive, Montpelier, VT 05620-5001  |  802-828-5220  |  kiersten.bourgeois@state.vt.us
  •  Rural Business Opportunity Grants (RBOG)   Public bodies, nonprofit corporations, Indian tribes, institutions of higher education, and rural cooperatives are eligible to apply. Grant funds must be used for projects in rural areas and cover Community economic development, Technology based economic development , Feasibility studies and business plans, Leadership and entrepreneur training ,  Rural business incubators ,  Long-term business strategic planning. http://www.rurdev.usda.gov/BCP_rbog.html
  • USDA Rural Development Funded grants for small businesses. (50 or less employeesa nd less than $1M gross profit).  Technical assistance and consulting services  include:  Energy Efficiency Audits/Design / Education & Training /Marketing & Sales Strategies/Engineering & Architectural Reports/Permitting Assistance/Finance & Accounting/Website Development. Businesses responsible for 32% of total project cost. http://www.ncic.org/business-resources/
  • The Working Lands Enterprise Initiative invests in the farm, food system, forestry, and forest product sectors. http://workinglands.vermont.gov/
  • The Vermont Arts Council grants support artists, organizations , communities and schools. Priorities include learning, employment of artists, cultural development, professional development, and strengthening of arts organizations. http://www.vermontartscouncil.org/Portals/0/tabid/110/Default.aspx

 

TAX INCENTIVES

  • Newport City Tax Stabilization for businesses or developers considering locating, relocating, developing, and expanding within the City of Newport, or for business owners or building owners, to aid new businesses to move into their building.  Tax incentives based on meeting criteria outlined by the City of Newport.  Incentive terms vary up to ten years based on size of the project. Please see the Tax Stabilization PDF link at the bottom of this page. www.newportvermont.org
    • For more information, contact: Laura Dolgin (802) 334-5136
  •  Designated Downtown Newport: The Downtown Designation Program works throughout the state to bring  tax credits, grants, training and technical services to help designated downtown organizations preserve and revitalize historic downtowns and create strong communities. Click here for benefits of being located in Newport's Designated Downtown
    • We can help make available numerous State and Federal Tax Credits  covering facade projects, technology projects, upgrades to code for pre-1983 buildings, and Historic Tax Credits for eligible income producing buildings.
    • CONTACT:  Caitlin Corkins  |  Tax Credits and Grants Coordinator  |  caitlin.corkins@state.vt.us
  • The New Markets Tax Credit Program (NMTC) attracts investment capital to low-income communities by permitting individual and corporate investors to receive a tax credit against their Federal income tax return in exchange for making equity investments in specialized financial institutions called Community Development Entities (CDEs). http://www.vhfa.org/
  • The Work Opportunity Tax Credit (WOTC) program offers federal tax credits to employers as an incentive to hire people in several specific target groups. http://accd.vermont.gov/business/relocate_expand/capital/incentives
  • Research and Development Tax Credits: Vermont companies that make eligible research and development expenditures in Vermont can claim a state tax credit equal to 30 percent of the federal tax credit allowed in the taxable year. http://accd.vermont.gov/business/relocate_expand/capital/incentives
    • For more information, contact:
      • Vermont Department of Taxes  |  133 State Street  |  Montpelier, Vermont 05633
      • 866-828-2865 (toll-free in Vermont)  |  802-828-2865 (local & out-of-state)

 

LOANS  AND FINANCING :

 

  • NVDA
  • NCIC - NCIC develops optimal lending solutions based on the individual business requirements.  Our offerings can often lower the risk for the business and our banking partners by employing our loan in concert with an assistance plan designed to strengthen and refine the capabilities of the business.  To get started, complete the Business Financing Inquiry Form (http://www.ncic.org/resource-library/forms/business-financing-inquiry-form.aspx) or contact the Business Resource Manager in your area.
  • VEDA
  • SBA 

 

 LOCAL BANKS

  • Community National Bank
  • Passumpsic Bank
  • North Country Federal Credit Union
  • People's
  • Union Bank

 

 

CAPITAL:

 

  • Borealis Ventures partners with exceptional entrepreneurs to build great companies from the earliest stages.  Based in New Hampshire- portfolio includes companies have global impact as they redefine application software, deliver new Internet and mobile services, and commercialize life-changing technologies. http://www.borealisventures.com/
  • Community Capital Vermont: Commercial financing for startups and existing small and mid-level businesses seeking working capital, business acquisition, vehicle/equipment purchases, inventory, refinancing debt and real estate. http://www.communitycapitalvt.org/small-business-loans/
  • Cooperative Fund of New England:  A Community Development Financial Institution (CDFI) that is a bridge between socially responsible investors and cooperatives, community oriented non-profits, and worker-owned businesses in New England. http://www.cooperativefund.org/about_us
  • Fresh Tracks Capital: A $25 million venture capital fund focusing investment on high growth private Vermont companies. http://www.freshtrackscap.com/about/
  • Harbor Lights Partners: Provides “patient capital” to build sustainable, high growth businesses with a philosophy to provide “commitment, capital, and collaboration” to build exceptional businesses that will be the next generation of industry leaders. http://www.hlcp.com/
  • North Country Angels: Focusing on companies with a sound business strategy and are in the seed stage of investment. http://www.northcountryangels.com/about.shtml
  • The Vermont Small Business Offering Exemption (VSBOE), allows Vermont businesses and start-up companies to raise up to $2 million in capital by selling shares in their company to in-state investors. Also reduces regulatory burdens and costs usually associated with securities registration.  www.dfr.vermont.gov
  • Vermont EPSCoR (Experimental Program to Stimulate Competitive Research)  Provides the opportunity for Vermont small businesses to compete for grants to foster research and development projects. http://www.uvm.edu/~epscor/splash/
  • Vermont Seed Capital Fund: A professionally managed venture capital fund which invests exclusively into Vermont start-ups and growing firms offering high growth potential, financial return commensurate with risk, and public benefit for Vermonters. http://www.vermonttechnologies.com/