Local Loan Programs
Hampton Business Assistance Program
Hampton Revolving Loan
The program is designed to provide capital for business, community and economic development purposes with the goal of creating jobs and encouraging private investment. The minimum loan amount is $3,000 and the maximum amount is $250,000. Loan proceeds must be used for one or more of the following:
- Costs associated with acquisition, construction, expansion or the rehabilitation of a commercial or industrial facility.
- Acquisition of machinery and other equipment, and the associated installation costs.
- Working capital to finance, inventory, government contracts, performance bonds for contractors obtaining city contracts, accounts receivable, mobilization, wages, seasonal business fluctuation and the like.
- Performance Bonds for small minority owned business located in the City of Hampton which has a construction contract with the city.
- Loan guarantees up to fifty percent (50%) of the loan or $50,000, whichever is less.
Hampton Enterprise Zone Loan Program
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.
Hampton Industrial Revenue Bonds
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%.