Anthony Price is a tall, handsome young man who can’t walk a block in downtown Waterbury without a business owner wanting to shake his hand, ask a question or offer him an update on how business has been.
As director of business development for the public-private Waterbury Development Corp., he knows the ins and outs of all of their companies in part because he helped give the low interest loans that got many of them started.
Like economic development officials in other Connecticut cities, Price is charged with the tough task of convincing new companies to fill gaps left by departing manufacturers, while retaining the companies the city already has.
But unlike his counterparts in Hartford or New Haven, Price isn’t selling the state’s capital or the seat of prestigious Yale University. He is selling Waterbury, known for political scandals, corruption and a fallen crown as the brass-working center of the world.
So the first thing to go in the WDC’s new $70,000 marketing campaign was the name ‘Brass City,’ replaced by a leaping, rainbow-colored ‘W’ and the slogan “The Center of it All!”
Price knows he can’t make the old moniker go away completely, and he may not even want to, but he does think that one of the first steps in diversifying Waterbury’s economy is setting aside the single-track nickname.
“We don’t want to be seen as a one-dimensional city,” he said.
Money Talks
For interested companies, WDC is ready to spend. It put out $2.3 million in loans last year, and has about $3.3 million on hand, including $500,000 in investment from Citizens Bank for loans of under $35,000.
The organization offers remarkably low rates, sometimes in the 2 to 3 percent range, to companies it believes can succeed and grow jobs. Loans can even be forgiven in the case of a borrower showing tremendous job growth, and can come in tandem with tax breaks.
The offerings have helped Waterbury attract a handful of new restaurants in recent years. Italian food can be had at Maria’s Restaurant, on Grand Avenue, thanks to a $50,000 loan. There is steak and seafood at City Hall Café, which got a $185,000 loan and opened in the fall. And Signatures restaurant, whose development comes courtesy of $100,000 from WDC, will open any day.
But what would bring Price greater, higher quality job growth is technology companies.
So when software and venture capital associations hold networking events, drawing entrepreneurs and wealthy investors, Price is among the crowd, explaining his city to people and talking about the loans he can offer.
“I think you have a better chance selling yourself when you can see people face to face,” he says.
Which may be true, but that doesn’t make it easy. Waterbury has been down this road before. Although the era of Gov. John Rowland brought the rehab of the Palace Theater and a renovated, relocated University of Connecticut campus, the city has been largely unable to grow a technology presence.
In 2005, the state found the idea of a technology incubator there unadvisable. WDC instead focused on funding loans in a 42-block area, dubbed an Information Technology Zone, and made more than $1 million in loans there last year. Unfortunately, the loan recipients were mostly non-IT related, including a phone card dealer, a non-profit theater and two restaurants. The Board of Alderman –- confused at how tax breaks for technology equipment could go toward new cash registers –- suspended the technology zone tax breaks. The program is under review.
That doesn’t mean there hasn’t been success. Founded in Waterbury, SyPixx Networks built itself into a leader in IP-delivered video surveillance. Unfortunately, it was purchased by Cisco Systems last spring and moved out of town. Price uses the sales price tag — $51 million -– as a selling point.
Getting Word Out
Convinced that Waterbury has something to offer firms in the new economy, the WDC has opted to ratchet up its marketing effort with the newly designed logo, three new print advertisements and a T-shirt contest begun April 1, in which people are encouraged to buy $1 Waterbury shirts, wear them on out-of-town trips, and provide photos to the WDC Web site. It plans to spend $70,000 or so this year on marketing efforts, after spending less than $10,000 last year.
Price is pleased that the campaign focuses on Waterbury’s ability to deliver affordable real estate, easy access to New York and Massachusetts, and small-town feel in a city.
