Participation in this program is limited to business owners or owners of nonresidential property located in either of the City’s two Enterprise Zones. Loan proceeds can be used for acquisition, construction, expansion, or rehabilitation of a commercial or industrial facility, and for working capital.
Tax-exempt Industrial Revenue Bonds (IRBs) are issued through the Hampton Industrial Development Authority and the Virginia Small Business Financing Authority to finance new or expanding manufacturing facilities. In addition, taxable Industrial Development Bonds (IDBs) provide a cost-effective way for businesses to sell their bonds in the public bond market, particularly for smaller projects with limited access to this market. For more information, please call the Department of Development at (757) 727-6237.
Peninsula Revolving Loan Fund
Businesses located on the Virginia Peninsula are eligible to receive loans of a minimum of $20,000 and up to $150,000 to finance new fixed asset investments, land or building acquisition, land preparation, new construction or rehabilitation, working capital, inventory, infrastructure, and relocation costs. Loan to project costs cannot exceed 75% and generally no more than 40% of the loan proceeds can be used for working capital. Interest rates are based on a maximum of 4% below the interest rate on U.S. Treasury Notes at the date of closing, and no less than 5%.