The mission of the program is to provide capital for business, community and economic development purposes with the goal of creating jobs and encouraging private investment.
- Economic Development Grants are made to stimulate significant economic development activity on the basis of capital investment and job creation.
- Building Improvement Grants are for structural and/or façade improvements to a taxable commercial, industrial or mixed-use structure 10 years or older. Mixed-use must have a commercial component and the grant will only be applicable to the commercial portion of the building.
The Hampton Economic Development Authority (EDA) administers this program. The Hampton Economic Development Department provides support.
Who May Apply
Hampton business owners and/or commercial property owners that meet the program’s eligibility guidelines.
Policy for Considering Assistance Requests
All grant requests shall be reviewed on a case-by-case basis. Only owners/tenants of commercial and industrial businesses and/or operators of for-profit commercial and industrial property are eligible to receive a grant.
Prior to submission all applicants should meet with Hampton Economic Development staff.
- Completed application
- Financial statements and income tax returns for the previous two years.
- Most recent interim financial statements of the applicant and where applicable, of its parent company, certified by officers of the respective companies.
- Most recent interim financial statements for self-employed, Limited Liability Company and Subchapter S applicants.
- Most recent interim financial statements of the guarantor, when applicable.
- Two year projects pro-forma balance sheets and cash flow statements. Cash flow analysis should be reflected on a monthly basis for a minimum of two years, or six months beyond the break-even point, and should reflect the applicant’s ability to repay debt service out of earnings.
Type of grant assistance offered
The maximum economic development grant award shall be at the discretion of the Economic Development Authority and shall be weighted on the economic impact to the City of Hampton.
Building improvement grant awards are a match of up to 30 percent of the improvements for a maximum of $10,000. Projects where 50 percent of the work is performed by Hampton-based businesses may be eligible for an additional award of up to $5,000. The total single award under this program will not exceed a maximum of $15,000. Projects must meet a minimum threshold of $3,000.
- Financial costs associated with acquisition, construction, expansion or the rehabilitation of a commercial or industrial facility. Projects involving construction shall be in compliance with all state and local codes and regulations.
- Machinery and other equipment and associated installation costs.
- Working with capital to finance inventory, government contracts, premiums on performance bonds or funds to obtain performance bonds for contractors obtaining contracts performed in the city of Hampton, accounts receivable, mobilization, wages, season business fluctuations and the like.
- Any loan or portion thereof to be used to finance premiums on or funds to obtain performance bonds shall be subject to such conditions as the EDA, at its sole discretion, shall determine.
- Every project will be evaluated for the value of its improvement, extent/scope of work proposed, and its potential economic impact. The review will consider the following aspects:
- Increase in marketability of the real property
- Increase in tax revenue
- Decrease in vacancy rate
- Level of private investment by property owner
- Consistency with an adopted City or EDA plan