Prince Street Centre is located within the boundaries of a KIZ (or Keystone Innovation Zone). Keystone Innovation Zones are designated zones that may be established in communities that host institutions of higher education – colleges, universities, and associate degree technical schools. These zones are designed to foster innovation and create entrepreneurial opportunities. They do this by gathering and aligning the combined resources of educational institutions, private businesses, business support organizations, commercial lending institutions, venture capital networks (including angel investors), and foundations (KIZ partners) In other words, where a partnership of these organizations is formed, a KIZ is possible. The Commonwealth of Pennsylvania launched the Keystone Innovation Zone (KIZ) initiative as part of Governor Rendell’s stimulus package.
Lancaster KIZ
In 2004, the James Street Improvement District, JSID, was formally awarded a KIZ and designated the Lancaster KIZ Coordinator. In 2008, JSID partnered with The Lancaster Chamber of Commerce to manage the program, giving it broad county-wide influence with a local, city focus.
The Lancaster KIZ program is committed to streamlining business creation and expansion by making the process easier and more accessible for entrepreneurs. Your company may qualify to benefit from the services the Lancaster KIZ program and its partner organizations provide. To be eligible for the State tax credit a company must be located within the KIZ geographic boundary for not less than two years.
Lancaster KIZ Benefits:
- Coordinating access to funding sources
- Creating networking opportunities
- Administering up to $100K/year in transferable state tax credits
- Providing access to KIZ sponsored training and seminars
- Administering paid internships
- Facilitating technical, business and project management assistance
- Providing assistance to develop partnerships between colleges/universities and private businesses
Lancaster KIZ Goals:
- Provide access to funding sources, technical assistance, and training to start-up, emerging, and established innovative businesses for each stage of their operations.
- Identify and facilitate access to state, regional, and local resources supporting innovation and entrepreneurial development.
- Support the attraction of innovative businesses and entrepreneurs into Lancaster County.
- Educate local community leaders and the broad community about existing and potential innovation/entrepreneurial activity.
