Grant, Loan, & Incentive Programs

Grants, loans, and incentives assist eligible recipients in developing economic development plans and studies designed to build capacity and guide the economic prosperity and resiliency with the City of Hampton.
  1. Downtown Hampton and Phoebus Retail Incentive

    The Downtown Hampton and Phoebus Retail Incentive Grant Program is designed to provide financial assistance to retail property owners and retail business owners located within the Downtown Hampton and Phoebus Master Plan areas. The purpose of this program is to increase the retail presence and sales in Downtown Hampton and Phoebus by providing incentives designed to attract and retain quality retail businesses.

  2. Federal HUB Zone

    The City of Hampton has a newly-expanded Federal HUB (Historically Underutilized Business) Zone which encompasses areas throughout Hampton including Phoebus, downtown, Copeland Industrial Park and sections of the Coliseum Central area. The Small Business Administration office manages this program and areas are designated based on poverty and unemployment criteria.

  3. Foreign Trade Zone

    The City of Hampton is in close proximity to Foreign Trade Zone (FTZ) #20 and is the general purpose zone for the region. Companies that import raw materials and then export much of the finished product can greatly benefit from the FTZ designation.

  4. Hampton Arts & Cultural District

    The designation, which covers much of downtown and Phoebus, was created to encourage arts-based businesses and cultural institutions to locate or expand in the district.

  5. Hampton Business Assistance Program

    The grant component is designed to stimulate capital investment and job creation paying quality wage rates; stimulate the redevelopment of under-utilized and deteriorated commercial and industrial properties in Hampton; activities that are linked to the expansion, retention and attraction of businesses in Hampton.

  6. Manufacturing & Innovation Assistance Grant

    Designed to aid small Hampton manufacturers that manufacture, prototype, design and/or develop commodities by encouraging them to seek improvements in production, productivity & competitiveness.

  7. Port Authority Incentives

    The Port of Virginia offers a variety of tax incentive programs including the Port Volume Increase Tax Credit, Barge and Rail usage Tax Credit and the International Trade Facility Tax Credit.

  8. Rehabilitation Tax Credit

    Commercial and Industrial structures that are 25 years or older are eligible for a 6-year exemption of the increased assessed value of the property after a substantial rehabilitation. The exemption commences on the first taxable year following completion at a rate of 100% of the increased assessed value for the first 3-years and 50% remaining 3-years. For a property to be considered substantially rehabilitated the value of the structure has to be increased by at least 60% without increasing the total square footage by more than 25%.

  9. Virginia Enterprise Zone Program

    The City of Hampton has two state-designated Enterprise Zones, the Hampton Roads Center and the Hampton Urban. Two State incentives are available to existing and new businesses to aid the expansion and relocation of facilities.

  10. Hampton Enterprise Zone Program

    The program is designed to stimulate economic growth and neighborhood revitalization by encouraging businesses to expand, relocate, or start new operations within Hampton’s designated Enterprise Zone boundaries.

  11. Local Loan Programs

    Loan programs include the Hampton Business Assistance Program /Revolving Loan and Grant Fund, Hampton Industrial Revenue Bonds and the Peninsula Revolving Loan Fund.