Business Development

Incentives

Bangor provides business development incentives through two primary sources: 

·         Community Development Block Grant Loan Programs

·         Municipal Tax Increment Financing (TIF) 

We also work with business prospects to identify and package programs that may use the State of Maine’s aggressive business incentive programs as well as local initiatives to make projects financially viable.

 Examples:

·         Bangor has loaned CDBG funds and provided tax increment financing as a credit enhancement to encourage mixed use redevelopment in our downtown.

·         A combination of tax increment financing, packaged with loans from a local private development corporation, helped GE Power Systems accomplish a major expansion of its manufacturing plant.  The combination of local and State of Maine incentive programs made Bangor a great place for GE's expansion.

STATE OF MAINE programs and incentives available to Maine businesses include:

·         Employment Tax Increment Financing (ETIF).

·         Business Property Tax Reimbursement Program.

·         Jobs and Investment Tax Credit.

·         Research and Development Tax Credit.  Sales Tax Exemptions.      

·         Municipal Tax Increment Financing (TIF).

For more information on State incentives, click here.

The City works closely with Eastern Maine Development Corporation  (EMDC) (http://www.emdc.org/), a non-profit organization dedicated to helping businesses and communities in Eastern Maine develop and grow.  From micro start-ups to expanding small businesses, they can help with marketing, manufacturing, government contracting, finance, and international trade.