More than $7.75 million in
loans through EDIC/Lynn has generated more than $26.5 million
in private capital, which has led to the creation or retention
of more than 1,000 jobs.
EDIC/Lynn has an extensive array of loan
programs available to both the start-up entrepreneur and
an existing business looking to expand and increase its
employment levels. From $5,000 to $3 million, we can make
these loan programs available to you.
We also have a good working relationship
with local banks and the knowledge and ability to utilize
a variety of resources to get your project financed.
It's all about collaborations, affiliations,
partnerships, participation and, most importantly, the creation
of good-paying jobs in the City of Lynn.
To learn more about each of our loan programs, please
click here.
To download our loan application package, please
click here.
Tax
Incentives:
Through more than $500 million in investments,
more than 700 jobs have been created, as well as more than
$1 million in additional property taxes generated.
The City of Lynn is a participant in the
Commonwealth's Economic Development Incentive Program (EDIP),
designed to provide both relief from local property taxes
and encourage new investment by providing a 5 percent state
tax credit for new construction and expansions.
The process, although fairly streamlined,
is somewhat time sensitive, so before initiating any activity
check with EDIC/Lynn with regard to eligibility.
There are also federal tax credits available
for those looking to rehabilitate and renovate older commercial
structures. Again, a simple inquiry before beginning the
project benefits all parties.
To learn more about tax incentive programs, please
click here.
Streamlined
Permitting
In 2004, the Mayor's office created the
Inspectional Services Department, combing Health, Electrical
and Building in one central location. EDIC/Lynn was pleased
to provide financial assistance to facilitate this consolidation.
Recognizing that delays in permitting are
costly to all concerned, the City strives to make this process
as expedient as possible.
To learn more about the streamlined permitting
process, please
click here.
Site
Searches
If you are looking to locate your business
in the City, EDIC/Lynn can connect you with an extensive
network of brokers, management companies and owners of industrial
and commercial properties who have relied on the agency for
many years.
EDIC/Lynn staff has block-by-block knowledge
of property in the City. If it's available, we will help
you find it and provide you with a good idea of what it will
cost.
To learn more about site searches, please
click here.
Technical
Assistance
More than 1,200 clients served, creating
more than 100 new jobs through technical assistance and training.
AT EDIC/Lynn there are a variety of resources
offering hands-on counseling and information to assist you
in opening your business.
Service Corps of Retired Executives (SCORE)
counselors with a wide range of experience are available
through the Lynn Area Chamber of Commerce to meet with prospective
business owners and help with the development of a business
plan.
The SCORE office within the Chamber includes
a library that contains all the information you need to develop
your plan.
For more information or to contact SCORE, please
click here.
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