Portland Economic Development Department - Portland, ME

City of Portland Economic Development: Fostering Growth

Driving Local Prosperity

The Portland Economic Development Department, housed within City Hall, is the engine dedicated to growing the local economy and creating opportunities for businesses and residents alike. Unlike the licensing division which regulates, this department promotes and assists. Its mission is to make Portland a vibrant place to work, invest, and innovate. The team works strategically to retain existing businesses, attract new industries, and revitalize underutilized areas of the city. From supporting the historic working waterfront to fostering the burgeoning tech sector, the department acts as a partner to the private sector, navigating the intersection of government policy and market needs.

Financial Assistance and Incentives

One of the primary roles of this department is connecting businesses with capital and financial tools. Key programs include:

• Business Loans: Administering various loan programs for small businesses that may not qualify for traditional bank financing. This includes gap financing and micro-loans.
• Grants: Managing federal and state grant programs, such as Community Development Block Grants (CDBG), to support job creation and commercial property improvements.
• Tax Increment Financing (TIF): Utilizing TIF districts to fund infrastructure improvements and incentivize large-scale development projects that expand the city's tax base.
• Brownfields Assessment: Assisting developers in assessing and cleaning up contaminated sites to prepare them for productive reuse.

Business Assistance Services

The department acts as a concierge for businesses looking to call Portland home. Support services include:

• Site Selection: Helping companies find the perfect location, whether it's retail space in the Old Port, industrial land in Riverside, or office space downtown.
• Permitting Assistance: Guiding developers and business owners through the city's planning and permitting processes to streamline approvals.
• Data and Research: Providing demographic data, market analysis, and economic indicators to help businesses make informed decisions.
• Waterfront Development: specific focus on maintaining the viability of the marine economy, ensuring that wharves and piers remain working assets.

Strategic Planning

Beyond individual business support, the Economic Development Department shapes the long-term vision of the city. They collaborate with the Portland Development Corporation (PDC) to execute strategic plans. They are instrumental in initiatives like the Creative Economy strategy and the integration of sustainable business practices. For any entrepreneur, investor, or corporate leader looking to understand the economic landscape of Portland, this office is the first stop for resources and partnership.