Incentives

Economic Development Incentives

City of Bristol

The City of Bristol has a number of economic development incentives to encourage the retention, expansion, relocation, or creation of new businesses within the City. The Economic & Community Development team is excited to work with interested parties to coordinate applications for the programs.

We understand that each business is different, the Economic & Community Development team will work with you one on one to help find incentives for which you may be eligible. We will customize a package to help your business grow and thrive in Bristol and guide you through the process. Contact us today to see if your business is eligible! All programs are based on available funding and are subject to change.

For more information about any of the below incentives along with application requirements for each, contact Justin Malley, Director of Economic & Community Development for the City of Bristol at 860-584-6187.

Business Development Grants

  • Economic Development Grants
    These grants are available to companies that are expanding, locating, or relocating operations within the City. A primary point of evaluation is the investment being made by the company and the amount of new tax revenue generated by the project. These are the largest grant awards, reserved for major renovation projects and for new construction. The grant helps fund “permanent building improvements” and are capped at $150,000.
  • Manufacturing Equipment Grants
    The City offers Manufacturing Equipment Grants to manufacturers investing in equipment $50,000 and above that will result in a business expansion. The grant provides 5% of the cost of equipment, with a minimum grant award of $2,500 and maximum grant award of $100.000. The 5% figure is based on quotations for the equipment but is adjusted if the manufacturer pays less than the quoted price. Manufacturers are limited to one Manufacturing Equipment Grant every 10 years.
  • Downtown Grants
    The City offers development grants for new construction and renovation projects in the downtown area. Food-and-drink projects, mixed-use, retail, office, and multi-family residential projects are encouraged to apply. This grant program is structured as a dollar-for-dollar 50% match up to $60,000 for building-related improvements and fixed assets. For example if a business invests $20,000 to improve a space ECD would match that investment with a $20,000 grant.
  • Small Business Grants
    The City assists small businesses with construction projects designed to improve the look/function of an existing space and other smaller projects. These grants are capped at $5,000 and provide 75% of the cost (up to the $5,000 cap) of projects to improve the appearance and function of small business spaces necessary for businesses to continue to operate and grow in Bristol. The program will fund “fixed asset” or “permanent building improvement” projects. Eligible applicants are small businesses with operations in Bristol, registered to conduct business for not less than 12 months, in good standing with the City of Bristol, and employing not more than 50 employees.
  • StartUP Bristol
    StartUP® Bristol is a local program to encourage new small business owners and entrepreneurs to locate in Bristol. StartUP Bristol is not a standalone grant program, but rather a separate “task force” working in collaboration with the Economic & Community Development (ECD) department and existing grant programs. The StartUP Bristol Task Force works much more closely with startup businesses, assisting with business plans and helping to provide feedback for starting a new business. When businesses are ready, the StartUP group will invite them to apply for existing grant programs under the ECD banner, with the exception of an Economic Development Grant, which has been reserved for seasoned companies.

Tax Abatement Programs

  • Enterprise Zone
    The Enterprise Zone is a five- or seven-year tax abatement program for companies constructing, purchasing, and/or expanding a building within the City/State-designated Enterprise Zone (for more information on zone boundaries contact the Economic and Community Development Office at 860-584-6185).
  • Urban Jobs Program
    The Urban Jobs Program is for manufacturers and, in some cases, distributors. It is a five-year 80% tax abatement program with the same eligibility requirements and benefits as the Enterprise Zone, with the exception that the property in question does not need to be located within the City/State-designated Enterprise Zone.
  • Bioscience Zone
    This tax abatement program is for businesses engaged in bioscience development or production, including the study of genes, cells, tissues, and chemical and physical structures of living organisms.
  • 12-65b Tax Abatement
    This tax abatement has a maximum 10-year schedule and is reserved for special projects that do not qualify for the tax abatement programs above. For example, in most cases these businesses are not manufacturers/distributors, are not located in the Enterprise Zone, or require assistance above and beyond the existing programs.

Additional Incentives

  • Tax Increment Financing (TIF)
    The Enterprise Zone is a five- or seven-year tax abatement program for companies constructing, purchasing, and/or expanding a building within the City/State-designated Enterprise Zone (for more information on zone boundaries contact the Economic and Community Development Office at 860-584-6185).
  • Opportunity Zone
    Census Tract 4061 — encompassing much of downtown Bristol — is a federally recognized
    “Opportunity Zone” offering Federal tax benefits for developers in the area.