Business Incentive Assistance Program (BIAP)
BIAP is designed to encourage commercial growth, create a strong local economy and provide employment opportunities in Rutland City.
About BIAP
BIAP was created as a way of utilizing the City’s enhanced solar tax revenue to support future business investment and job creation. The City holds half of all tax revenue generated from private solar development to fund this incentive program.
What We Provide
The BIAP program offers three different tiers: the $10,000 Forgivable Loan, $5,000 Grant and the HFCU up to $50,000 secured loan.
The non-secured loans of up to $10,000 may be forgiven if predetermined investment commitments are met by the end of the loan term of three years. There are also opportunities for $5,000 grants which may be used to supplement equipment and machinery purchases or real property improvements.
A Revolving Loan Fund program, jointly funded and administered by Heritage Federal Credit Union, is available with secured loans of up to $50,000 available to qualifying businesses. The use of this funding is flexible and interest rates on the loans are below market rate.
For BIAP information and application see:
In an effort to mitigate the impacts to businesses from federally or locally declared disasters, BIAP also offers an Emergency Loan provision. See below for information.
