Areas Served: City of Hampton
Participation in the Small and Minority Business Loan Program is limited to small or minority owned businesses located in the City of Hampton, Virginia.
For the purposes of this program a small business is defined as one with fewer than 250 employees; or has less than $10 million in annual gross revenues for each of its last three fiscal years.
A minority business is one in which one or more minority individuals controls at least 51% of the voting stock or ownership, as well as manage the daily business operations.
Loans are made for up to five years with a minimum of $5,000 and a maximum not to exceed $250,000. Scheduled amortization cannot exceed ten years.
Loan rates are generally based on the New York prime rate at the time of approval.
Contact InformationHampton Economic Development
Address: One Franklin Street, Suite 600
City: Hampton
State: Virginia
Website:
http://www.hampton.gov/ed/business/local_loan_programs.html
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