Growing Your Central Falls-Based Business
Business Incentive Programs:
Economic Expansion Incentive Program
Designed to encourage significant capital investments and improvements to the city’s building stock and spur the creation of new jobs within city limits, the Economic Expansion Incentive Program (EEIP) offers aggressive incentives for large-scale investments, the hiring of residents of the City of Central Falls, and providing health insurance benefits. The enabling ordinance is here. Rules and Regulations are available here. Applications are available for property tax and tangible tax stabilization.
Facade Improvement Program
As part of its FY 2016 Budget, Central Falls established a Facade Improvement Program that provides grants to business and property owners on Broad and Dexter Streets to improve their buildings. This important economic development initiative provides an important tool to elevate the image of the city. Rules and Regulations published by the Department of Planning and Economic Development are available here. An application for business and property owners is available here.
Commerce RI Financial Programs
Commerce RI is a state organization that offers various financial programs for businesses in RI.
The Historically Underutilized Business Zones (HUBZone) program, administered by the U.S. Small Business Administration, fosters economic development in distressed areas by encouraging federal agencies to sign contracts with businesses located in HUBZones such as Central Falls. More information can be found here.
Goldman Sachs 10,000 Small Businesses program
The Goldman Sachs 10,000 Small Businesses initiative offers:
Business and Management Education: Small business owners will have access to a free practical business education through which they will develop a business growth plan to help them increase revenues and hire new employees.
Access to Capital: Goldman Sachs is committing lending capital to support the small businesses community in Rhode Island.
Business Support Services: Business advising and networking will be offered to participating small business owners through partnerships with community-based and national business organizations, as well as the people of Goldman Sachs.