Waterbury Development Corporation works closely with a variety of stakeholders to provide, administer, and navigate various programs and incentives for business development at the local, State, and Federal level. Our talented economic development team is ready to assist you!

For information and assistance applying for any these programs or incentives, reach out to:

Thomas Hyde

Interim Director
(203) 346-2607 ext. 7283

WDC Financial Assistance

WDC offers financial assistance from a variety of loan funds in an effort to facilitate business development and growth in Waterbury. We look forward to talking with you about financial assistance options for your business!

When examining applications for financial assistance, the Loan Committee are likely to review the following criteria:

  1. The economic benefit of the business to the City of Waterbury/the region
  2. The financial condition of the business
  3. The quality of management of the business
  4. The nature and condition of the industry
  5. The current assets of the company
  6. The expected loan payments holistically – taking into account other debts, assets, etc.


To start the application process and to learn more about our financial assistance options, please contact:

JoAnn Genovese

Finance & Administrative Specialist
(203) 346-2607 ext. 7276

The following is a checklist of pre-loan requirements, which must be completed & submitted with your loan application in order to be considered for financial assistance from WDC:

  1. A detailed & concise business plan
  2. A current balance sheet, income statement, and cash flow statement
  3. A projected (12 month statement) balance sheet, income statement, and cash flow statement
  4. Personal tax returns for the last three (3) years
  5. Business tax returns for the last three (3) years (if applicable)
  6. The completed loan application along with a personal finance statement that states the proposed collateral to secure the loan

At this time, the Waterbury Development Corporation does not provide debt consolidation or reimbursement services. WDC loan eligibility is ultimately determined by WDC’s Loan Committee.


Incentives, Tax Abatements, & Other Programs

Enterprise Zones

The enterprise zone program creates tax incentives for businesses, which can enable them to open in or improve property in specially designated areas (Targeted Investment Communities). The Enterprise Zone designation is used by both State and Federal governments to spur economic development encourage the redevelopment of underutilized or vacant properties, to grow manufacturing or service industries in an area, and add new jobs to the area and state. The Enterprise Zone in Waterbury is the second largest zone in the state of Connecticut. It consists of more than 1,600 properties. The Waterbury Development Corporation administers the Enterprise Zone program. It has two components: the State Component and the Local Component. The State of CT’s Department of Economic and Community Development determines eligibility and an application must be submitted to CT DECD prior to initiating a project.

Want to see if a property is in an Enterprise Zone?

For help navigating these benefits and to learn more about Enterprise Zones please contact:

Brenda Richard

Administrative Assistant

203-346-2607 ext. 7284

Urban Jobs

The Urban Jobs program provides state-reimbursed property tax exemptions and business tax credits to businesses that acquire or develop property in a Targeted Investment Community, but outside of an Enterprise Zone. The benefits are mainly available to manufacturing businesses, but some wholesale businesses and certain financial and business-related services may also qualify. Eligibility is determined by the State of CT’s Department of Economic and Community Development.


Benefits may include:

A maximum of a five-year, 80% abatement of local property taxes on qualifying real and personal property that is new to the City’s grand list.


The applicant must submit an application to the State of Connecticut’s Department of Economic and Community Development prior to initiating an eligible project.


Opportunity Zones

Opportunity Zones are federally designated areas within the State of Connecticut that provide tax benefits to investors who move realized capital gains into the qualified Opportunity Zone Fund within 180 days of an asset sale. The Opportunity Zone Funds then invest in qualifying businesses, real estate or infrastructure that is located within the Opportunity Zone. For their qualifying investments, the investors may be eligible for tax deferral, tax reduction, or tax elimination opportunities depending on the length that the investment is held.


To learn more about Opportunity Zones, how to form an Opportunity Zone Fund, and types of eligible projects, visit the State of CT DECD’s website here.


To view Opportunity Zones in the City of Waterbury, click here.


Historic Tax Credits

The Historic Rehabilitation Tax Credit (HRTC) is a State program that can provide a 25% tax credit for eligible expenses associated with the rehabilitation of historic buildings or buildings in historic districts. Generally buildings must be mixed use, nonresidential, or residential with 5 or more units & properties must be listed on the State or National Register of Historic Places. The rehabilitation must take place in such a way that is consistent with the historic character of the property. If the rehabilitation projects will include an affordable housing piece or are located in a federally designated opportunity zone, the tax credit increases to a maximum of 30%. State Tax Credits can be combined with Federal Historic Preservation Tax Credits in certain cases. Prior to be beginning any work on a project, the work to be completed must be approved by Connecticut’s State Historic Preservation Office in order to qualify for the tax credit. The review period generally takes a minimum of 60 days. For more information Historic Rehabilitation Tax Credits and to learn more about the application process, click here.


Small Business Express Program

Small businesses that employ less than 100 employees, have operations in Connecticut, have been registered to conduct business for at least 12 months, and are in good standing with the payment of all local and State taxes may apply for this funding when funding rounds open. There are several components to the Small Business Express Program, which include the Revolving Loan Fund, Job Creation Incentive Program, and Matching Grant Program. This program offers access to capital – loans, and on rare occasion, grants. The program aims to create jobs, develop skills, and encourage private investment.


To learn more about the program and to view FAQs, please click here.


Downtown Façade Improvement Program

This program provides forgivable, no-interest loans up to $48,000 per façade. The program aims to preserve, improve, and maintain the appearance and physical condition of building exteriors in the downtown district while promoting economic prosperity and preserving the downtown’s historic character.

Downtown Sign & Awning Program

This program is aimed at property owners that only require updated storefront signage or awnings in the downtown district. This is a forgivable loan for $1,900

Urban and Industrial Site Reinvestment Tax Credits

This tax credit is administered by the State of CT’s Department of Economic and Community Development. The credit is over a ten-year-period for eligible projects and can be claimed by a taxpayer who has made an investment of:

  • a minimum of $5M in eligible urban/industrial projects
  • a minimum of $2M in a preservation (and subsequent redevelopment into mixed use housing) of historic space project
  • a minimum of $50M in a DECD-approved municipality

There are also several other ways to claim the tax credit. Click here to view more information on the tax credit.

If you wish to make an investment and start the application process for this tax credit, you must request an Application for Business Assistance from CT DECD.

WDC and the City of Waterbury can work with you to streamline the application process.


Jobs CT Tax Rebate Program

Performance-based, earn-as you grow incentive targeted to specific industries that would create a minimum number of jobs (25) paying above-average wages. If located in an opportunity zone, the benefit increases. This program is administered through CT DECD. For more information on this legislation, click here.


Angel Investor Tax Credit Program

In an effort to encourage the investment of capital in startups in Connecticut, the State of Connecticut created this program and the program is administered by Connecticut Innovations. “Angels” receive a tax credit for investing in Qualified Connecticut business. Investments can range from $25,000 to $2M with a maximum credit per “Angel Investor” to not exceed $500,000. For more information on this program, click here.


Bioscience Innovation Fund (CBIF)

This program makes available $200 million in funding over 10 years in the form of grants, equity investments, special projects, and loans that will enable bioscience breakthroughs. This funding is available to start-ups, early-stage businesses, non-profits, as well as colleges and universities. Connecticut Innovations will be the organization that will be accepting applications and administering the investments. Click here to learn more about the program and the application process.


Accumulated R&D Tax Credit Program

If a company has a capital project either planned or underway that will increase employment, expand business, or generate returns on the State economy, as well as more than $500,000 of Connecticut R&D tax credits on their balance sheets with an inability to utilize them in the next two years, they may be able to take advantage of this program. This program enables businesses who meet the above criteria to accumulate unused tax credits. Both the State of CT DECD & the State of CT DRS will review a company’s application for this program. Click here to find out more.

Digital Media & Motion Picture Tax Credit

This tax credit is available to an eligible production company eligible production companies for eligible production expenses or costs. The tax credit can be up to 30% depending on the eligible production expenses or costs incurred in Connecticut. To find out more, click here.