The Commercial Rent Subsidy Program (CRSP), offered by the Downtown Windsor BIA
Monday, January 16, 2017
A vibrant city is truly the sum of its parts, and one local initiative has been helping to boost the economy, while adding new business and life to the downtown core.
The Commercial Rent Subsidy Program (CRSP), offered by the DWBIA, helps to fund up to eight businesses annually, contributing a portion of their rent expense in order to fill previously unoccupied buildings with new tenants.
The goal of the program is to stimulate and enhance economic development and introduce new diversified services within the downtown sector. A portion of rent for eligible businesses, up to a maximum of $7,500 for one calendar year, is covered by the program.
Upon approval for funding, the DWBIA will subsidize up to 50% of the eligible applicant's rent each month for the one year subsidy period up to a maximum of $625 per month.
Eligibility includes any new business representing the following commercial sectors within the DWBIA's boundaries: Bakery; Grocer/Specialty Foods/Deli/Butcher; Hardware and Home Improvement; Wine Store (Regional); Pet Supplies/Pet Boutiques; Art/Music Supplies/Stationery; Shoes/Handbags/Accessories; Cosmetics/Body Care/Fragrance/Beauty Supply; Apparel (Men/Women/Children); Independent Movie Theatre; Home Décor; Vintage/Antique Stores (Clothing/Accessories/Décor); Toys/Educational (Children); Boutique Gym; Bicycle Shop; and Bookstore.
An additional façade improvement grant program is also open to eligible business owners looking to spruce up and reinvest in their storefronts. The program provides up to a maximum of $5,000 in funding.
As the economic and cultural hub of the region, Windsor's downtown offers prime investment opportunities for business owners to leverage, right in the heart of the city.
To date, numerous businesses have been funded including, Hello Beautiful, Little India, Bungalow Home Décor, Lotus Lash, Pushers Collective and Sunrise Bakery.
Further info, including leasing opportunities and financial incentives, can be found at: www.downtownwindsorretail.ca