Lancaster Prioritizes City's Small Business Growth with CRIZ Assistance
The Lancaster City Revitalization and Improvement Zone (CRIZ) Authority has provided seven business grants and loans as part of its new $5 million Small Business Financial Assistance Fund. This program was established to support small business growth and prosperity in the CRIZ district within the City of Lancaster.
“The Lancaster CRIZ Authority has provided the opportunity for small businesses either located in the CRIZ district or who want to locate there to access financial assistance through the CRIZ Program,” said Marshall W. Snively, Acting Executive Director, CRIZ Authority and President, Lancaster City Alliance. “Historically, CRIZ money has been distributed to large-scale development projects, but the Authority would like to provide more equitable financial assistance and extend the support to small businesses which are the lifeblood of the city’s economy,” said Snively.
With technical assistance provided by EDC Finance the grant and loan program were developed to support renovations and the purchase of real estate, new fixtures, furniture, and equipment for small businesses. Matching grants of up to $25,000 and low-interest loans of up to $100,000 are available. Recent grant and loan allocations by the Lancaster CRIZ Authority include the following:
- Babylon Kebab Grill, Place Marie Mall at 52 N. Queen St. (Suite 7A)
- Drift Spa Lancaster, located in the Lancaster Marriott at Penn Square, 25 S. Queen St.
- Sun & Moon Realty LLC, 38 W. Orange St. and 44 N. Queen St.
- Champ Realty LLC, 54 W. King St. for Champ Hall Enterprises, Inc.
- Ville and Rue LLC, 8 West King Street
- Bella Boo LLC, 32 North Queen Street
- Rendezvous Bistro LLC, 243 West King Street
The CRIZ Program is an economic development program that taps into certain state and local tax dollars generated by businesses in the CRIZ to fund redevelopment and small business growth within the designated zone. The CRIZ Program serves as an essential tool to help accelerate economic growth in Lancaster City in key areas that align with the City’s Building On Strength Plan.