Hampton Business Assistance Program
Hampton Grant Fund
The mission of the program is to provide capital for business, community and economic development purposes with the goal of creating jobs, investment and preserving capital through prudent lending and portfolio management practices.
- Economic Development Grants are made to stimulate significant economic development activity on the basis of capital investment and job creation.
- Façade Improvement Grants are for façade improvements to a taxable commercial, industrial or mixed-use structure 10 years or older. Mixed-use structures 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 businesses owners and commercial property owners that meet the program’s eligibility guidelines.
- 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.
- All façade improvement grant submissions must be submitted and accepted by the EDA prior to the commencement of work. Acceptance of an application does not constitute approval.
- 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 Sub-chapter 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 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.
- FaÇade Improvement Grant
Façade Improvement Grant awards are a match of up to 30% of the improvements for a maximum of $10,000. Projects must meet a minimum threshold of $3,000. Within the Hampton Arts and Cultural District qualified businesses are eligible for reduced program thresholds.
Façade Improvement Grant Program Eligible Uses
- Exterior/interior remodeling to include cleaning and painting, brick and masonry repairs or replacement, lighting, door replacement, landscaping and fencing, parking lot renovations, sidewalk repairs or replacement, sign renovation or replacement and window repairs or replacements.
- For qualified arts & cultural businesses the project threshold is reduced to $1,000. In addition, arts and cultural businesses can receive an increased award of 2% not to exceed $10,000 per award.