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Business Assistance
There are several innovative programs at the state, county, and local levels to invest in the success of your business and help you grow.
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New Castle County Programs
Bond Financing
New Castle County Government offers tax-exempt bond financing for projects relating to infrastructure, energy, community development and other economic development purposes.
Redevelopment Ordinance
New Castle County?s Redevelopment Ordinance encourages smart growth and revitalization of older communities by offering incentives and accelerated permitting for entities that redevelop brownfields and existing vacant properties.
Route 9 and 13 Corridors Economic Development Plan
New Castle County, along with area stakeholders, are undertaking an economic development plan for the Rt. 9 and 13 commercial and industrial corridors located just south of Wilmington, as well as the City of New Castle. The plan capitalizes on the area's infrastructure and assets, and assists small and medium sized business, as well as exporters.
Qualified Energy Conservation Bonds
New Castle County is offering Qualified Energy Conservation Bonds (QECB), which are designed to provide low-interest financing for green energy and energy efficiency projects for qualifying businesses. Projects must be located in qualifying districts, and over 90% of the county is eligible. The U.S. Department of Energy (DOE) provided New Castle County with a $1.62 million QECB issuance allocation. View the details of this program at: http://www1.eere.energy.gov/wip/solutioncenter/financialproducts/qecb.html.
Contact Karl Kalbacher, Director of Economic Development for more information at 302-395-5959 or KKalbacher@nccde.org.
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Delaware Economic Development Office (DEDO) Programs
The Delaware Economic Development Office (DEDO) works to attract investors and businesses to the State, promote the expansion of existing industry, assist small and minority-owned businesses, promote and develop tourism and create new and improved employment opportunities for all citizens of the State. This includes serving as a liaison to the business community and government agencies, and planning and funding economic development initiatives. DEDO's support to business includes:
Small Business Limited Investment for Financial Traction (LIFT)
Small businesses need capital to build and grow. The LIFT Program is designed to allow participating small businesses to defer interest payments on their line of credit for a two-year period.
State Small Business Credit Initiative (SSBCI)
Under the Small Business Jobs Act, Delaware can access $13.1 million in funds for new small-business lending in Delaware to lower the borrowing rate and credit risk.
Delaware Access Program
The Delaware Access Program is private-public match program that provides access to bank financing for qualifying Delaware businesses that may have difficulty obtaining conventional financing.
The Virtual Emerging Technologies Incubator
The Virtual Emerging Technologies Incubator provides services to start-up technology firms - including general legal advice, accounting, marketing, financial, and patent and trademark services - via the Internet, webcasts, interactive sessions, self-paced learning modules and more.
The Experimental Program to Stimulate Competitive Research (EPSCoR)
EPSCoR is a National Science Foundation program that provides states with a two-to-one match of funds invested to stimulate research. Delaware's $4.5 million investment has leveraged an additional $9 million to support research and technology transfer at Delaware's colleges and universities.
Clean Energy Research Center
The Clean Energy Research Center provides grant funds and support for the fuel cell industry.
Small Business Innovation Research (SBIR) Grant
The SBIR Matching Grant program provides grants funds to businesses located in the State that have obtained a federal SBIR Grant for early stage innovative projects.
New Jobs Infrastructure Program
The New Jobs Infrastructure Fund provides flexible funding for public infrastructure projects that are critical and immediate for large businesses locating or expanding in Delaware. There are $55 million in this fund, which can be used for projects relating to transportation, sewer, water, energy, land stabilization and other infrastructure. Applications are reviewed on a rolling basis and require a public sector co-sponsor. New Castle County Government seeks to co-sponsor projects within the county. |
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Local Municipality Programs
City of Newark Facade Improvement Program:
The City of Newark, using Federal Community Development Block Grant monies, provides a 0% interest loan program for fa?ade improvements. Newark property owners and businesses may qualify for loans up to $2,000 for each project. Eligible activities include painting, siding, signs, landscaping, doors, window treatments, awnings, canopies and lighting. Contact the Planning and Development Department at 302-366-7030 or visit their website for more information.
Wilmington Tax Exemption for New or Renovated Commercial or Manufacturing Projects:
New or renovated commercial or manufacturing projects located within the corporate limits of the City of Wilmington are eligible to receive a partial tax exemption on the increase in the New Castle County portion of property tax attributable to the new construction. The cost of new construction and/or the cost of site acquisition and construction must exceed fifty thousand dollars ($50,000.00). The tax exemption is applicable to all new or renovated commercial or manufacturing projects first assessed on the property tax records after August 22, 1978. Residential structures are exempt. |
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New Castle County's Low Cost of Living and Doing Business
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Category (% Weight) |
Wilmington, Delaware |
Philadelphia, Pennsylvania |
Baltimore, Maryland |
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Composite (100%) |
100 |
118.3 |
111.9 |
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Grocery (13.31%) |
100 |
116.9 |
103 |
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Housing (29.27%) |
100 |
133.7 |
150.9 |
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Utilities (10.22%) |
101.2 |
119.4 |
100 |
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Transportation (9.86%) |
100 |
107.3 |
104 |
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Health (4.23%) |
113.1 |
109.7 |
100 |
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Miscellaneous (33.11%) |
109.4 |
120.8 |
100 |
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Comparison +/- |
- |
18.3% |
11.9% |
Source: ACCRA, 2011. For more comparisons, visit here.
New Castle County Real Estate Rates
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Property Type |
Quoted Lease Rate |
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Office, Class A |
$24.72 / SF |
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Office, Class B |
$20.84 / SF |
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Office, Class C |
$22.04 / SF |
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Industrial, Flex |
$7.02 / SF |
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Industrial, Warehouse |
$4.23 / SF |
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Industrial, Total |
$4.48 / SF |
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Retail, Shopping Center |
$16.01 / SF |
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Retail, Overall |
16.03 / SF |
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(Source: Emory Hill, 2011) |
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Demographics and Population Projections
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Population |
538,479 |
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Households |
195,137 |
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Median Household Income |
$62,051 |
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Land Area |
426 Square Miles |
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Persons Per Square Mile |
1,263 |
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Population, Percentage White (non-Hispanic) |
61.6% |
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Population, Percentage Black |
23.7% |
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Population, Percent Asian |
4.3% |
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Population, Percent Hispanic or Latino |
8.7% |
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Population, Percent Other Races |
1.4% |
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High School Graduates |
87.9% |
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Bachelors Degree or Higher |
32.1% |
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Median Housing Value |
$245,800 |
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Private Nonfarm Employment |
277,797 |
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Retail Sales |
$8.6 Billion |
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Year |
2000 |
2005 |
2010 |
2015 |
2020 |
2025 |
2030 |
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Delaware |
786,408 |
839,924 |
895,173 |
940,449 |
981,922 |
1,019,497 |
1,054,631 |
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New Castle County |
501,855 |
520,929 |
538,170 |
554,405 |
567,764 |
578,739 |
589,267 |
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-City of Newark |
29,367 |
30,334 |
30,486 |
30,604 |
30,715 |
30,830 |
30,947 |
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-City of Wilmington |
72,728 |
72,265 |
73,022 |
72,777 |
72,549 |
72,300 |
72,058 |
Source: Delaware Population Consortium, 2010 Projections |
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Business
Welcome to New Castle County, Delaware, the place where corporations call home! With more than 60% of the Fortune 500  companies incorporated in the State, we have earned the reputation of being the most predictable business regulatory environment in the nation. Our Court of Chancery is nationally recognized for its competence in business law. As a result, many leading edge businesses in the pharmaceutical, biotechnology, and financial services fields have chosen to locate here.
New Castle County is the corporate home to industry giants such as the DuPont Company, W.L. Gore and Associates, and Astra-Zeneca, which are all based in New Castle County. Additionally, Bank of America, ING Bank, Bank One, Chase Manhattan Bank, and Amazon have significant operations located here. These companies take advantage of the many attractive assets that make our area an ideal location for conducting business while enjoying a great quality of life.
We offer a progressive tax structure and an ideal location for conducting business. New Castle County's property tax rate is one-third to one-half lower than the rates in the Philadelphia and Baltimore markets. There is no Delaware state sales tax, and the top corporate tax rate is only 8.7%. Our location ( less than a two-hour drive from both New York City and Washington, D.C. ) offers unparalleled access to our nation's centers of finance and government. And with a population of more than half a million people, we offer a high quality of life, reasonable costs, and an excellent environment for business.
New Castle County has it all - location, opportunity, diversity, and connectivity. Come see for yourself why New Castle County is a place where business is valued and companies succeed!
New Castle County - The Business Destination
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Wilmington & New Castle County, Delaware Lease Rates |
| Rent per sq. ft. per year |
Low |
High |
Vacancy |
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Downtown Office |
| New Construction (AAA) |
$24.00 |
$28.00 |
50.00% |
| Class A (Prime) |
$26.00 |
$26.50 |
15.00% |
| Class B (Secondary) |
$15.00 |
$19.00 |
30.00% |
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Suburban Office |
| New Construction (AAA) |
$18.00 |
$24.50 |
N/A |
| Class A (Prime) |
$22.00 |
$27.50 |
8.00% |
| Class B (Secondary) |
$15.50 |
$21.75 |
14.00% |
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Industrial |
| Bulk Warehouse |
$3.50 |
$5.50 |
11.00% |
| Manufacturing |
N/A |
N/A |
N/A |
| High Tech / R&D |
$6.50 |
$12.25 |
4.00% |
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Retail |
| Downtown |
$8.00 |
$18.00 |
8.00% |
| Neighborhood Service Centers |
$16.00 |
$20.00 |
6.00% |
| Community Power Center |
$15.00 |
$26.50 |
3.50% |
| Regional Malls |
$45.00 |
$55.00 |
N/A |
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Source: Emory Hill, 2007 | |
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New Castle County offers business
leaders a special environment that
emphasizes relationships with
government officials and access to
decision makers. We assist growing
businesses to find the resources they
need to thrive and identify site
development locations. |
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DEVELOPMENT LAND |
LOW
(Price Per Acre) |
HIGH
(Price Per Acre) |
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Office in CBD (Per Buildable Sq. Ft.) |
$15.00 |
$23.00 |
| In Office Park |
$225,000.00 |
$750,000.00 |
| In Industrial Park |
$150,000.00 |
$450,000.00 |
| Office/Industrial - Non-Park |
$150,000.00 |
$375,000.00 |
| Retail/Commercial |
$200,000.00 |
$750,000.00 |
| Residential |
$35,000.00 |
$225,000.00 |
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Source: Emory Hill, 2007 | | |
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