Business Incentive and Assistance Program
The Business Incentive and Assistance Program, or BIAP for short, program was created as a way of leveraging the City’s recently enhanced solar tax revenue to support future business investment and job creation. The City has determined to hold half of all tax revenue generated from private solar arrays to fund this new incentive program.
The BIAP will consist of the following opportunities:
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.
The BIAP also offers non-secured loans of up to $10,000 which may be forgiven if predetermined investment commitments are met by the end of the loan term. There are also opportunities for $5,000 grants which may be used to supplement equipment and machinery purchases or real property improvements.
In an effort to encourage growth by limiting a new or expanding business’ up-front expenses the BIAP also offers several inventive assistance opportunities. These include funding to cover or offset initial costs of infrastructure upgrades or improvements required by a particular project. Examples of these types of improvements could be site accessibility, water/wastewater connections, and accessing telecommunication services. A qualifying business may also utilize BIAP funds to offset their workforce training costs for approved employee training programs.
Rutland City is also able to offer free or discounted workspace for a start-up business in one of its privately established downtown incubator spaces or to provide short-term assistance of up to 50% of rental costs for appropriate commercial space within the City. The BIAP program can even offer re-location cost reimbursement for a business expanding or re-locating into the City.