Business Development
With six million people living within a 50-mile radius, unique opportunities exist in Worcester for dynamic business growth. Once among the pre-eminent manufacturing cities in the nation, Worcester has transformed itself into a leader in biotechnology, advanced manufacturing, information technology, health care, and medical research. We offer innovative municipal support for business development and are setting the pace for sound, cooperative growth in New England.
The City’s Economic Development Division offers a multitude of assistance programs to interested developers and business owners, providing a link between available local, state, and federal incentives and loan programs and the City’s comprehensive employment plan and training network through the Workforce Development Division.
Whether a start-up or an established business, Worcester will work for you. We can assist with finding the site, finding the money, or finding the know-how. The staff of the Economic Development Division is ready to meet with you to extend our welcome and to discuss any issues or questions that you may have about Worcester. Please contact us at 508-799-1400, Ext. 3.
Viva Vitality
Looking at population, employment and small business growth, American City Business Journals has ranked Worcester in the top 50 in its small business vitality rankings for 2010 - having determined the most vibrant U.S. metropolitan areas for those businesses with 99 or fewer employees. Worcester ranked 42nd out of the nation's 100 largest metropolitan areas, a strong improvement from its 2009 ranking of 93. ACBJ is publisher of forty major city business newspapers. The listing is based on key economic factors that are critical to entrepreneurial development. See more here
2009 Year in Review
In spite of a worldwide financial meltdown, the City of Worcester experienced steady economic growth in 2009. Education and health services were among the fastest-growing industries, with a 4.7% increase; and the leisure and hospitality industry increased by 3.7% over the previous year. In 2009, more than 60 new businesses opened in the city. Over 2,300 building permits were issued, totaling an estimated value of $116.8 million in both residential and commercial renovations and new construction. Read our 2009 Year in Review report below.
Monthly Newsletter
Sign up for the City of Worcester's Division of Economic Development mailing list
Workforce Training
- Worcester Workforce Central - In addition to traditional educational institutions, the City of Worcester is also home to the Worcester Workforce Central One Stop Career Center. The Center offers a comprehensive, online, "One Stop" access point to employment and training information for job seekers, employers and service providers throughout Worcester County, including the highly successful STEMPower Program - a multi-faceted project built around Science-Based-Manufacturing and related jobs in aerospace, biotechnology and renewable energy.
Financial Assistance
- Microloan Program - Low-interest loans up to $10,000 to assist in the creation, expansion, or retention of small businesses located in the Commercial Area Revitalization District (CARD).
- Storefront Improvement Grant Program - Up to $15,000 in grants for first floor/street level storefront repairs, renovations, and improvements in commercial establishments located in the identified commercial corridors within the Neighborhood Revitalization Strategy Areas (NRSAs).
- Façade & Awning Incentive Grant Program - Up to $10,000 in grants for façade renovations in first floor/street level storefronts located within targeted commercial corridors in the Downtown and Canal District and along Shrewsbury Street.
- Economic Development Incentive Program (EDIP) - Local and state tax relief for projects involving new investments that result in an increase in property value and the creation of new jobs for Worcester residents.
- HUD Section 108 Loan Guarantee Program - Loan amounts range from $50,000 to $5,000,000 for new or existing businesses looking to make substantial economic revitalization projects.
- Quinsigamond Village Economic Revitalization - Integrated program developed for the Greenwood Street Landfill Taskforce, a major component of which is a facade and storefront improvement program providing matching grants for certain improvements to eligible properties.
Technical Assistance
Partnerships
In addition to the municipal departments, Worcester has a number of other public and private partners fostering small business start-up in the city. We encourage you to contact the organizations below to help craft your business plan and chart a path for success.
Contact Person
Paul Morano, Jr., Business Assistance Director, 508-799-1400, x264, moranop@worcesterma.gov.
