Who We Are
The Babylon Economic Inclusion Program (EIP) is an initiative of the Babylon Industrial Development Agency (IDA). The Babylon IDA does exactly what our name sounds like – our mission is to promote business development within the geographic boundaries of the Town of Babylon.
The Babylon EIP – Empire State MWBE Connection
Babylon is one of the most diverse towns on Long Island; the Babylon EIP has been set up to take advantage of this diversity. The Empire State Minority- Women- Owned Business Enterprise (MWBE) Program is a NY State program that “expands opportunities for minority and women entrepreneurs to access government contracts and grow their businesses.” The purpose of the Babylon EIP is to facilitate the connection between local entrepreneurs and the many resources available through the MWBE program. This may include funding, business advice, tax guidance and more.
The EIP programs are focused on three main areas:
- Financial Assistance (e.g., loans, grants, crowdfunding and more)
- Training and technical assistance
- MWBE/Veteran Certification
- Setting up a new business
- Promoting Women-owned businesses
The Storefront Development Program is a landlord/EIP initiative to fill vacant storefronts through a combination of lease renegotiation, capital improvements, signage and more.
It’s a win-win-win for storeowners, landlords and the neighborhood.
Our Minority Millennial survey was the first ever to target Long Island’s minority millennials.
The data has been extremely valuable in formulating programs of economic inclusion for this growing demographic.
We also bring the everyday resources of the Babylon IDA to the table:
Incentives That Go Directly To The Bottom Line
Our financial incentive packages are designed to help lower your operating costs. We offer a variety of financial assistance, including:
- Real Estate Tax Abatements for qualified companies and projects.
- Sales and Use Tax Abatements for exemption on state and county sales tax on materials and equipment included in a project.
- Mortgage Recording Tax Abatement if a mortgage is used to finance the project.
Further financial assistance is available for the purchase, rehabilitation, or expansion of existing facilities, for new construction, and for machinery and equipment. Low interest financing available through the Babylon IDA include:
- Tax-exempt bonds: projects can be financed through low-cost tax-exempt bonds.
- Taxable bonds: projects and some costs who do not meet the qualification for tax-exempt bonds can be financed through low interest taxable bonds.
Delays in getting required approvals can add thousands to the cost of an expansion, move or development project. At the Babylon IDA, we’ve cut the red tape and fast-tracked the approval process. We even work with town and county agencies to give you “up-front” feedback on your proposed plans. That helps cut approval time even further. That saves time. And in business, time saved is money saved.