Hampton Business Assistance Program

Hampton Revolving Loan & 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.

Loan Goals

  • To assist in providing sources of capital for the attraction, retention and expansion of new and existing businesses that may or may not have access to conventional financing;
  • To assist in creating jobs and investment, increasing business ownership, supporting community and/or economic development initiatives, and economic self-sufficiency within the City of Hampton;
  • To stimulate the redevelopment of under-utilized and/or deteriorated commercial and industrial properties in Hampton;
  • To provide "gap" financing in situations where a conventional lending institution is unable to fill the total capital needs because of lending limits, collateral requirements or other risks; and
  • To provide business loan guarantees and/or interest rate buy downs to aid commerce and/or the creation of new jobs and investment in the city.

Grant Goals

  • 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.

Administering Body

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.
  • Loan Application
    • Applications are considered based on the ability to secure sufficent cash flow and/or collateral to guarantee the loan repayment. Personal and/or business assets, real estate, vehicles, securities, Enterprise Zone job grants, the assignment of government contracts, and cash value of life insurance are examples of collateral that may be accepted.
  • Grant Application
    • 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.
  • Façade Improvement Grant Application
    • All façade improvement grant submissions must be approved by the EDA prior to the commencement of work. Commencing project work prior to approval will render the project ineligible under the grant guidelines.


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 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

  • Loans

The minimum loan amount is $3,000 and generally will not exceed $250,000. The program can be used for loan guarantees up to 50% of the loan or $50,000, whichever is less.

  • Grants

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 where 50% 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. Within the Hampton Arts and Cultural District qualified businesses may receive reduced financial and program thresholds.

Loan Program Eligible Uses

  • Costs associated with acquisition, construction, expansion or the rehabilitation of a commercial or industrial facility
  • Machinery and other equipment and associated installation costs
  • Working capital to finance inventory, government contracts, performance bonds for contractors obtaining city contracts, accounts receivable, mobilization, wages, seasonal business fluctuations and the like
  • Exterior/interior remodeling
  • Performance Bonds for small minority owned businesses located in the City of Hampton which have a construction contract with the city
  • Loan guarantees up to fifty percent (50%) of the loan or $50,000, whichever is less

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 $15,000 per award.

For complete details regarding program requirements and eligibility please refer to the Hampton Revolving Loan and Grant Fund Guidelines.