The City of Augusta has an array of economic development programming to encourage business investment in Maine’s Capital City.
Tax Increment Financing – for projects creating $500,000 or more in new taxable value. Any amount up to 100% of additional tax value can be sheltered for any period up to 20 years. For construction, improvements and site work; demolition, repair and remodeling; acquisition of machinery and equipment; financing costs; professional services and administrative; relocation and organizational costs; training costs up to 20% of total.
Job Retention Program – The JRP is designed to provide existing companies that are considering relocating outside of the City with financial assistance towards the relocation costs involved in moving the company to another location within the City. Up to $25K deferred loan.
Business Assistance Program – CDBG grant to communities for loan or grant of up to $400K to qualified business to finance fixed assets such as capital equipment, buildings, fixtures or property improvements. Project must benefit a percentage of low and moderate income persons.
Economic Development Infrastructure Grant – CDBG grant to communities for up to $400K for the construction of public infrastructure projects such as roads, water lines, utilities, and public owned facilities (buildings, waste water treatments, rail spurs). Project must benefit a percentage of low and moderate income persons.
Development Fund – up to $200K in gap financing for up to 40% of a business’ development activities, e.g. fixed asset investments or working capital. Flexible rates. Project must benefit a percentage of low and moderate income persons.
For more information on these programs, contact the City’s Deputy Director of Economic and Community Development, or call 207-626-2336.
Federal, State and Regional Business Assistance Resources
Our staff will guide you through the federal, state and regional resources available to support your business growth. Visit these links to learn more about Maine's commitment to business development, and contact us for further help.
- Rural Development in Maine
- Finance Authority of Maine
- Maine Department of Economic and Community Development
- Coastal Enterprises, Inc.
- Kennebec Valley Council of Governments
- Maine International Trade Center
- Maine Technology Institute
- Maine Small Business Development Centers
- Maine Business Works
- DECD Business Resource Guide