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Economic Development

 

For all inquiries regarding economic development, including programs and regulatory permitting issues affecting business, please contact:

James Moran, Economic Planner

401-435-7531 - Ext. 11153

email: Jmoran@cityofeastprov.com 

Click here to view February 26th, 2014 Economic Development Outreach and Business Assistance Initiatives Presentation to the City Council

For information on the City's Waterfront District, click here.
  

The City of East Providence's Economic Development programs are administered through the Department of Planning, located in City Hall. Whether you are looking for available real estate, tax stabilization information, financing, or information on permitting, our staff is here to assist you. Contact the East Providence Planning Department at 435-7531, Ext. 11153 for more information on our community's economic development services.

East Providence maintains a strong commitment to economic growth and vitality with programs and initiatives designed to promote the expansion of existing commercial and industrial businesses as well as to attract new business. The City has long been noted as an attractive location for a wide variety of commercial and industrial interests and has a reputation for providing top quality municipal services and amenities. East Providence's commitment to economic development is spearheaded by a nine member Economic Development Commission and a support staff available to provide technical support for existing or prospective businesses.

Commercial Loan Program

The City of East Providence offers a low interest (20 percent below prime) loan program for either commercial or industrial businesses to finance the acquisition, construction and improvements of land or buildings and for the purchase of capital equipment. The Commercial Loan Program is available to businesses currently located in or relocating to East Providence and provides funding from $10,000 to $100,000, at a variable rate adjusted annually, with a maximum payback term of 15 years. For more information Please contact the Department of Planning at (401) 435-7531  Ext.11153.  

Download application (pdf)

Commercial Microloan Program

The East Providence Commercial Microloan Program is intended to finance startup expenses, operating expenses and/or to purchase assets for businesses with five (5) or fewer employees, which are unable to obtain a loan through banks and other commercial lending sources. To be eligible for a Microloan, a business owner must reside in the City and meet HUD income guidelines. Microloans are available for between $1,000 and $10,000 at an interest rate of prime rate plus one point, fixed over the term of the loan, with a maximum payback term of 5 years. The City's Economic Development Commission plays an active role in the application process by assisting with the preparation of loan applications, including the creation of a business plan and ongoing "mentoring" assistance after a loan is granted. For more information regarding this program contact the Department of Planning and Urban Development at (401) 435-7531  Ext. 11153.

Download Application (PDF)

 

Tax Stabilization Program

In 1999, the City of East Providence adopted its first Commercial Tax Stabilization Program. The City of East Providence has recently (December, 2013) made important changes to the program that expand the criteria for participation. Under the newly established ordinance, all legally permitted commercial and industrial facilities within the city may still participate but under the revised ordinance, all legally permitted apartments, condominium complexes, and hotels which meet the qualifications are also eligible to participate and all new business tangible property which meets the qualifications established by the ordinance are eligible to participate.

Benchmarks for the program have been modified. The minimum threshold for participation in the stabilization program by existing eligible properties is $150,000 in taxable improvements as determined by the city tax assessor. The minimum threshold for new eligible properties and tangible business equipment is $500,000.  In addition, applicants for stabilization of tangible business equipment must document the creation or relocation of no fewer than 10 full time equivalent jobs (FTE’s) to receive stabilization.

For expansion or renovation of any existing facility, construction of a new facility, the addition of tangible business property, or leasehold improvements, excepting instances where the proposed taxable improvements are in excess of $5,000,000, the percentage of new added taxable assessment shall be stabilized is in accordance with the following tax exemption schedule:

 

YEAR

% EXEMPT FROM TAX

1

100%

2

80%

3

60%

4

40%

5

20%

6

0%

The extended stabilization program, for larger projects amounting to more than $5,000,000 in assessed improvements, is based upon the following schedule:

YEAR

% EXEMPT FROM TAX

1

100%

2

90%

3

80%

4

70%

5

60%

6

50%

7

40%

8

30%

9

20%

10

10%

11

0%

Note: The extended stabilization program is subject to the approval of the City Council. 

For more information regarding this program contact the Department of Planning and Urban Development at (401) 435-7531  Ext. 11153.

Tax Stabilization Ordinance (PDF)

Tax Stabilization Application (PDF)

 

Enterprise Zone Program

On January 1, 2010, the City of East Providence Enterprise Zone was officially re-designated by the State of Rhode. To view a map showing the City's Enterprise Zone, click here. The Enterprise Zone Program offers a variety of incentives for businesses that expand employment within the Enterprise Zone. The most important of these incentives is a tax credit for businesses generating job growth. Businesses must expand their employment base by 5 % annually in order to participate in the program. The program will provide a tax credit of 50% of the wages of each new Rhode Island resident employee to a maximum of $2,500 per employee. For new hires who reside within a designated Enterprise Zone, the program provides a tax credit of 75% of the wages of each new Rhode Island resident employee up to a maximum of $5,000 per employee. The program also offers priority assistance in job training initiatives, financial assistance and in the streamlining of the permit process. The City's Enterprise Zone status is effective until December 31, 2014. For more information regarding this program, please contact the Department of Planning and Urban Development at (401) 435-7531 Ext. 11153 or visit the Rhode Island Economic Development Corporation's web site highlighting the Enterprise Zone program.

Enterprise Zone Application Form (pdf)

 

 

Looking To Start A Business? Explore These Links:

 

        

     

         

 

Other Useful Economic Development Links:

                    

             

Manufacturing Assistance:

         

 

Commercial Real Estate Search Engines: