BUSINESS PLANNING & TECHNOLOGY DEVELOPMENT
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LifeTech Boston is an initiative dedicated to fostering the growth of Boston's life sciences industries. Championed by Mayor Thomas M. Menino, the initiative's approach is designed to attract, retain, support, and strengthen Boston companies engaged in biotechnology, pharmaceuticals, medical devices, and other related industries.
LifeTech Boston assists companies with site location while adding tangible value in the areas of financing assistance, permitting and zoning, workforce development, and transportation. Staff members are engaged in establishing new sources of financial capital, examining zoning opportunities, prepermitting particular sites, developing and funding workforce training programs, and helping to shape transportation planning where it has implications for life sciences industries.
Incentives for life sciences companies in Boston include the following.
Low-interest loans. The LifeTech Finance Program makes available a dedicated pool of $1 million in low-interest loans for life sciences companies via two different funds. The Innovation Fund provides funds for a wide range of early-stage business-creation activities. The LifeTech Build-Out Fund provides similar low-interest financing to later-stage companies for their real estate needs.
Tax incentives. Boston's federal empowerment zone allows companies to access substantial tax credits and opportunities to accelerate depreciation on equipment. For companies that are not yet profitable but are anticipating expensive build-out or development costs, the empowerment zone offers access to low-interest tax-exempt bond funding. Employee tax incentives can provide up to $3500 per employee back to a company annually.
Real estate tax relief. Tax increment financing program opportunities may be available to companies that show significant job growth potential.
Low cost real estate. City-owned real estate in the Marine Industrial Park is available at prices as low at $7 per square foot. Medical device manufacturing uses are highly encouraged and supported in the park.
