Areas Served: Waterbury, Connecticut
The City of Waterbury, through the Waterbury Development Corporation, has developed The Waterbury Fund, which is funded by the Connecticut Department of Economic and Community Development (DECD), to create and/or retain jobs in Waterbury.
The guidelines that will be used to implement the Waterbury Fund are provided below, along with an application for participation.
ELIGIBLE APPLICANTS: Property owners, those with an agreement to purchase property, and tenants or prospective tenants with an agreement to lease are eligible.
The property and business must be located in Waterbury and must be qualified to conduct business in the City and the State of Connecticut.
The applicant and its principals must receive a favorable tax clearance from the City’s Delinquent Tax Collector.
ELIGIBLE PROJECTS: Eligible projects will focus on creating and/or retaining jobs in the City of Waterbury.
types of businesses include, but are not limited to, commercial and industrial establishments.
Convenience and liquor stores will not be considered.
All projects are subject to approval by the WDC.
USE OF FUNDS: Funds may be used for property acquisition, property improvements, equipment and fixture purchases, working capital, architectural and other design services, and other purposes as determined by the WDC.
FUNDING AMOUNTS: Loans are available from a $50,000 minimum to a $250,000 maximum for any one project.
larger funding may also be considered in situations involving exceptional economic benefit.
FUNDING TERMS: Generally, loan maturity will not exceed 5 years RATES: Interest rates will be based on the merit of each loan request, and will be negotiated between the WDC and the borrower.
COLLATERAL: The borrower will be required to provide adequate collateral for all funds loaned
Contact InformationWaterbury Development Corporation
Address: 24 Leavenworth St
City: Waterbury
State: Connecticut
Website:
http://www.wdconline.org/content/98/119/408/default.aspx
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