Business Barnstable - Everything you need to know about Economic Development, Opening a Business, Permits & Licensing, Development, Redevelopment, Financial Assistance, Arts & Culture in Barnstable Cape Cod MA

Financial Assistance

Small Business Loans
Most small businesses rely on lenders to provide the capital they need to either open a business or to finance capital improvements. Without loans, many small business owners would be unable to realize their dreams of opening a business or expanding their operations

SBA Loan Programs

The US Small Business Administration (SBA) offers a variety of loan programs for very specific purposes. Take some time to study the programs described in this section, to see if you qualify to participate.

7(a) Loan Program
The 7(a) Loan Program includes financial help for businesses with special requirements. For example, funds are available for loans to businesses that handle exports to foreign countries, businesses that operate in rural areas, and for other very specific purposes

Microloan Program
What is a Microloan? The Microloan Program provides small, short-term loans to small business concerns and certain types of not-for-profit child-care centers. The SBA makes funds available to specially designated intermediary lenders, which are nonprofit community-based organizations with experience in lending as well as management and technical assistance. These intermediaries make loans to eligible borrowers. The maximum loan amount is $50,000, but the average microloan is about $13,000.

CDC/504 Loan Program
What is the CDC/504 Program? The CDC/504 loan program is a long-term financing tool, designed to encourage economic development within a community. The 504 Program accomplishes this by providing small businesses with long-term, fixed-rate financing to acquire major fixed assets for expansion or modernization.

A Certified Development Company (CDC) is a private, nonprofit corporation which is set up to contribute to economic development within its community. CDCs work with SBA and private sector lenders to provide financing to small businesses, which accomplishes the goal of community economic development.

For more information on SBA Loans: www.SBA.Gov

 

Coastal Community Capital

Coastal Community Capital is a division of Cape & Islands Community Development, Inc, a non-profit community development lender serving Massachusetts businesses since 1995. They promote economic development through small business growth, management of the region’s small business loan fund, and provide entrepreneurial support through the EntreCenter. Coastal Community Capital has unlimited access to an array of funding sources, including SBA 504 loans, loan guarantees, and direct lending which are constantly evolving to provide the best solutions for borrowers.

Coastal Community Capital
5 Shoot Flying Hill Road
Centerville, MA 02632
Phone: 508-362-3755
Contact: Jeannine Marshall:

 

 Mass. Growth Capital Corporation (MGCC)      

 Massachusetts Growth Capital Corporation (MGCC) is a quasi-public lender created by an act of the legislature and signed into law by Governor Patrick in the summer of 2010. The Mission of MGCC is to create and preserve jobs at small businesses, women and minority owned businesses, and to promote economic development in underserved, gateway municipalities and low and moderate income communities.
If you have any questions please feel free to reach out to them at 617.523.6262 or visit their website for more program information at
 
 
 

 MassVentures   Image result for mass ventures logo

MassVentures is a venture capital firm focused on fueling the Massachusetts innovation economy by funding early-stage, high-growth Massachusetts startups as they move from concept to commercialization.

MassVentures focuses on Series A investments and considers occasional and opportunistic seed rounds. We provide capital for first-time CEOs and/or founders and consider industry segments not adequately served by the venture community.

Our track record of success combined with our expertise, contacts and support for entrepreneurs makes MassVentures an attractive venture partner for early-stage companies in Massachusetts.

http://www.mass-ventures.com/

 

MassDevelopment  MassDevelopment

As the Commonwealth’s economic development and finance agency, MassDevelopment is committed to achieving three goals: stimulating business, driving economic growth, and helping communities thrive across Massachusetts.

www.MassDevelopment.com

 

Town of Barnstable:

Growth Incentive Zone(GIZ) in Downtown Hyannis

The Growth Incentive Zone will allow the Town to direct opportunity to the center of the Village of Hyannis by supporting village-scale density and mixed use zoning furthering a town-wide plan to create a healthy community and a sustainable economy. Downtown Hyannis is an area of Barnstable with existing growth infrastructure and capacity but many underperforming properties. This plan maximizes the infrastructure advantage while minimizing the negative impacts of growth. It highlights the potential for people to live and work on a smaller environmental footprint reinforced by steps taken to offset growth in areas of Town where development threatens those human and environmental measures that determine our quality of life

Growth Incentive Zone

Tax Increment Financing(TIF)  

The Town of Barnstable is part of the Barnstable County Regional Economic Target Area which allows Barnstable to use local and state tax incentives to attract new business, expand existing businesses, and stimulate job creation and business investment.

The Town of Barnstable seeks to enter into Tax Increment Financing(TIF) Agreements for qualifying projects that:
- Encourage qualifying existing businesses to expand
- Attract new businesses that are compatible with the Barnstable Local Comprehensive Plan (LCP) and the goals of the Barnstable Economic Development Commission (BEDC)
- Stimulate capital investment and creation of jobs paying above the area median income for Barnstable. Provide substantive increases in employment with salaries higher than the area median income. Provide private capital investment resulting in a substantive increase in net taxable property value.
- Foster reconstruction and renovation of vacant or underutilized commercial properties.

TIF Guidelines

TIF Application Checklist 

Contact: Mike Trovato at 508 862 4791 for more information

 

Commonwealth of Massachusetts:

Massachusetts Office of Business Development (MOBD) is committed to helping companies create and retain jobs, as well as promote private investment in our state. They facilitate simplified, timely access to a host of governmental and non-governmental resources and incentive programs that will help businesses grow faster and stronger in Massachusetts:

Economic Development Incentive Program
The Economic Development Incentive Program (EDIP) is a tax incentive program designed to foster job creation and stimulate business growth throughout the Commonwealth. Participating companies may receive state tax incentives in exchange for job creation, manufacturing job retention and private investment commitments.

Investment Tax Credit (ITC)
The Massachusetts Investment Tax Credit (ITC) offers a three-percent credit for qualifying businesses against their Massachusetts corporate excise tax. The credit is to be used for the purchase and lease of qualified tangible property used in the course of doing business.

Research & Development Tax Credit
Massachusetts offers a tax incentive for research and development investment for both manufacturers and R&D companies. This tax incentive was designed to remove any obstacles to R&D investment and spur growth and innovation throughout the Commonwealth. The R&D tax credit closely resembles the federal credit program, however, it specifically offers qualifying Massachusetts companies many unique features for doing business in Massachusetts.


MOBD is a state agency under the Executive Office of Housing and Economic Development: www.mass.gov/

State and Local Energy Efficiency Programs
Here you will find a listing of state, local and regional programs that help small businesses become energy efficient. These programs offer financial assistance in the form of grants and loans for making energy efficient upgrades. Grants are also available to firms developing energy efficient technology. These programs also offer free or low-cost technical assistance to help small business owners conduct energy audits and implement energy efficient technology

 

 Mass. Seaport Economic Council

As part of the Baker-Polito Administration's commitment to promote prosperity in communities of all sizes as well as to cultivate job and economic growth in the maritime economic sector, the Seaport Advisory Council has been revitalized under Executive Order 564 and is now known as the Seaport Economic Council. 

The Seaport Economic Council, chaired by the Lieutenant Governor of the Commonwealth and administered by the Executive Office of Housing and Economic Development with support from the Office of Energy and Environmental Affairs, will challenge the 78 coastal communities of Massachusetts to leverage their unique geographic advantages in order to grow jobs and the economy as well as prepare for the future as we confront the challenges posed by sea level rise and increasingly powerful coastal storms.

http://www.mass.gov/governor/administration/groups/seaporteconomiccouncil/

 

 

Federal:

US Government Tax Credits

Energy Tax Breaks for Businesses
The American Recovery and Reinvestment Act of 2009 amended or added numerous energy tax incentives available to businesses

 

 

 

 

Commonwealth of Massachusetts:Business Incentives

Hy Arts District Hyannis Main Street - Cape Cod's Downtown Hyannis Area Chamber of Commerce
Cape Cod Chamber of Commerce
Representing the seven villages of the Town of Barnstable:
Barnstable Village, Centerville, Cotuit, Hyannis, Marstons Mills, Osterville, West Barnstable
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