Wakefield’s Financial Fuel for Businesses

Wakefield’s unique advantage is its robust, ongoing commitment to providing businesses with a full spectrum of local, state, and federal financial and resource support. From local tax incentives to grants supporting the creative arts, cultural projects, and community-driven events, the Town of Wakefield is proud of its coordination and collaboration with government entities to advance economic development within our community.

Read on to discover the many programs that can provide financial fuel for your new or existing business. We’ll even review a recent program that gave our charming downtown a facelift!

American Rescue Planning Act (ARPA)

Through funds from the American Rescue Plan Act (ARPA), signed into law in March 2021, Wakefield has created several grant programs to support our business community. In coordination with the town’s Economic Development Council and the Community and Economic Development Department, Wakefield is proud to offer targeted grant programs. The Economic Development Council was allocated $1 million in local ARPA funds to design and implement programs that support economic development in Wakefield.

Creative Arts and Special Events Grant

Arts, culture, and community events play a vital role in supporting the local economy. As such, the Creative Arts and Special Events (CASE) Grant Program is a key initiative, powered by a $100,000 allocation from the EDC’s American Rescue Plan Act (ARPA) funds, to enhance Wakefield’s cultural and community vibrancy. This reimbursable grant provides financial support for Wakefield-based organizations, businesses, nonprofits, and individuals to undertake creative arts, cultural projects, and special events. Applicants can secure tiered funding ranging from $5,000 up to $15,000, with the final amount determined by the scope and anticipated impact of their proposed project.

The grant program supports both creative art projects and community events that benefit the greater Wakefield community. Examples of supported activities include installing temporary public art, creating shared spaces, organizing food festivals, open-mic nights, block parties, art shows, and community concerts.

Digital Marketing Grant

​​The Digital Marketing Grant program provided Wakefield’s small, independently owned brick-and-mortar retailers, restaurants, and personal services businesses with grants of up to $3,000 for digital marketing services.

Although the grant funding is now closed, the recorded webinar series is still available.

Webinars include:

• Digital Marketing 101
• Website and Search Engine Optimization (SEO): Modern Techniques and Best Practices for Websites and SEO
• Transform Your Business with Marketing Automation and AI-Driven Tools
• Creating a Digital Marketing Plan

Video Marketing Grant

Building on the success of the Digital Marketing Grant, Wakefield has introduced a Video Marketing Grant Program to help local businesses elevate their visibility through high-quality video content, Funded through the Town’s American Rescue Plan Act (ARPA) allocation and administered by the Economic Development Council, this program provides businesses with access to professional video production services to better showcase their products, services, and brand story. In today’s digital landscape, video is one of the most effective tools for engaging customers, and this program is designed to ensure Wakefield businesses remain competitive and visible across online platforms.

The program offers flexible options for participation, including a streamlined partnership with Wakefield Community Access Television (WCAT) for professionally produced videos, as well as a reimbursable grant option for businesses that prefer to work with a local vendor of their choice. By reducing the financial barrier to creating high-quality marketing content, the Video Marketing Grant empowers businesses to strengthen their digital presence, attract new customers, and contribute to a more vibrant and connected local economy.

Façade and Sign Program

The Town of Wakefield Façade and Sign Program provided commercial property owners and businesses with financial support and technical assistance for the renovation of commercial building facades, signage, and lighting. This program was a key part of the Town’s economic development strategy, aimed at strengthening neighborhood business districts and the downtown center by enhancing the streetscape and attracting new tenants.

Take a stroll in Wakefield and notice the many businesses that took advantage of the grant to update their existing lighting, signage and storefront aesthetics.

Property Assessed Clean Energy (PACE) program

PACE (Property Assessed Clean Energy) is a program to help commercial and industrial property owners in Massachusetts finance energy improvements in a unique way. To finance upgrades like better insulation, solar panels, or water-saving equipment. Instead of taking out a traditional loan, the cost of the improvements is added as a special charge to the property’s tax bill.

This program is great for businesses because they don’t have to pay a big upfront cost, and if the property is sold, the repayment obligation transfers to the new owner, as it’s tied to the building itself. This enables long-term investments that reduce utility bills and make the building more efficient.

PACE can be used to finance energy efficiency and renewable energy improvements such as boilers and furnaces, chillers, motors and drivers, lighting, solar panels, insulation, air sealing, geothermal, solar hot water, energy management systems, energy recovery, and redistribution systems.

Interested in PACE or want more information about eligibility and registration? Connect with Erin Kokinda, Wakefield’s Community and Economic Development Director, at 781-246-6397.

Local Tax Incentives

The Town of Wakefield utilizes Tax Increment Finance (TIF) agreements as a key strategy to attract new businesses. A TIF is a negotiated agreement between a business and the local municipality that offers tax relief on the incremental increase in the property’s value resulting from their investment. The Town specifically considers TIFs for businesses and properties that will attract new ventures to Wakefield and stimulate local job growth.

From leveraging federal funds through ARPA to offer creative arts grants and support for digital marketing and façade improvements, to implementing local tax relief via Tax Increment Finance (TIF) agreements, Wakefield has demonstrated an unwavering commitment to its business community. This comprehensive suite of financial tools is the town’s way of injecting crucial “financial fuel” into its economy, ensuring entrepreneurs and established businesses alike have the resources and incentives necessary to launch, grow, and secure a prosperous future in the community. To explore future grants and currently active programs, our Business Resources page for more information and resources.