Four Lancaster city businesses received grants and loans totaling $331,000 from the Lancaster City Revitalization and Improvement Zone (CRIZ) Authority.
CRIZ awarded the grants and loans as part of its new $5 million Small Business Financial Assistance Fund which was established to support small business growth and prosperity in the CRIZ district.
“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,” Snively said.
In partnership with the EDC Finance Corporation, the grant and loan program was 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.
The grant and loans were awarded to:
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.
“Because many small businesses are minority and woman-owned, this provides key support to these underrepresented populations and helps position Lancaster City as a great and fair place to do business,” said Jeremy Young, director of Community and Economic Development for Lancaster City Alliance.