The City of Pawtucket works to assist businesses in ways consistent with its strategic plan. The City has an economic development office with a customer-friendly approach to troubleshooting zoning, site selection and various business growth issues.
Flexible financing tools are among Pawtucket’s resources to help businesses grow. Through the Pawtucket’s Business Development Corporation, the City provides programs that include:
- Commercial Ventures – Provide matching loans to retail and service-sector borrowers, including start-ups. Eligible uses of funds include inventory and lease-hold improvements (term not to exceed 3 years, maximum loan up to $10,000).
- Equipment Loans – Providing matching loans to industrial borrowers working to purchase equipment or upgrade existing equipment. Borrower is allowed to borrow up to 90% of value of equipment (not to exceed 5 years and $50,000).
- Real Estate Loans – To enable industrial and commercial borrowers to acquire and rehabilitate real estate. Borrower is allowed to borrow up to 90% of the value of the real estate (not to exceed 10 years and $100,000).
- Working Capital Loans – Provide working capital for inventory materials, marketing and related expenses to industrial and commercial borrowers (not to exceed 3 years and $50,000). Relocation loan-related expenses for businesses moving into the city are included in this program.
- Restaurant Loans – Providing incentive funding for the improvement and/or expansion of restaurants located in the City’s 307 acre Arts & Entertainment District or those interested in relocating to this area. Borrower is allowed to borrow up to $50,000. The terms of the loans are determined by use of funds: Working Capitol (3 years); Real Estate (10 years); Equipment (5 years).
- Fire Safety Loans – Providing building owners and long-term lessees with funding to upgrade existing commercial properties to meet Rhode Island’s Fire Safety Code.
Other Economic Development Services:
- Data Base – Providing a state-of-the-art database that allows the city to quickly respond to inquiries for information about properties in Pawtucket that are for sale and/or for lease. Detailed information about each property is made available including characteristics such as ceiling height, loading docks, utilities and asking price for sale and/or lease.
Other Programs:
- State Tax Incentive Program in City’s Arts & Entertainment District - Equipment Loans – Providing state income tax incentives for eligible artists residing in the City’s Arts and Entertainment District. Eliminates sales tax for art work purchased from eligible galleries and artists in this geographical area.
- Enterprise Zone Assistance -- Providing assistance for companies in applying to participate in the state’s Enterprise Zone Program.
- Pawtucket Redevelopment Agency’s Commercial Rehabilitation Loan
Program - Providing assistance to commercial property owners in physically upgrading their Pawtucket properties. Loans from $10,000 to $100,000, at a 5% interest rate.
- City Council’s Tax Stabilization Treaty – The City offers a tax stabilization treaty for projects that create employment opportunities This program phases in increases in property taxes for new construction or rehabilitation of property.
- Streamlining Pawtucket’s Regulatory Process – The City of Pawtucket works together with developers to bring their buildings up to fire and safety codes. Every Wednesday, from 11:00 a.m. to 1:00 p.m., the Zoning, Fire and Planning Departments meet together with developers to discuss their specific projects. Once a month, a meeting is held between developers and City regulatory officials and the Mayor’s Office to determine how the City’s continue to stream-line its regulatory process while ensuring safety. Also, 73-page manual has been compiled; codifying the City’s permitting process.
Contact: Michael Cassidy, Director of Planning and Redevelopment or Herb Weiss, Economic and Cultural Affairs Officer, at 175 Main Street, Pawtucket, Rhode Island 02860. Or call 401/724-5200; 401/726-6237.
