Proposed Updates to the Economic Development Authority Grant Programs

The Economic Development Authority (EDA) of Hampton, Virginia, is proposing significant updates to its grant programs to improve accessibility, enhance outcomes, and streamline administration. These changes are driven by a Grant Program Task Force aiming to align with the City's Strategic Priorities and Master Plans. Key proposed changes include:

• Facade Improvement Grant (FIG): Increased maximum grant to $15,000 (or $20,000 for projects adhering to specific design standards), eligibility for landscaping/paving, and a grandfathering period for projects completed after July 1, 2024. Application requirements are being simplified by removing business plans, financial statements, and tax returns.
• Retail Assistance Grant: Expanded eligibility to include service-based retail businesses, increased maximum award to $30,000, and a grandfathering period. The application process will be simplified, replacing grant agreements with Terms & Conditions.
• Manufacturing & Innovation Assistance Grant: The matching fund ratio will change from 2:1 to 1:1, while the $10,000 cap remains.
• NASA Technology Commercialization Grant: A limit of one award per applicant within a three-year timeframe will be implemented.
• Economic Development Grant: A minimum capital investment requirement of $1 Million will be added, and the requirement for project consistency with the City's Master Plan will be removed.

Comprehensive enhancements include granting the Chief Officer authority to approve grants up to $5,000, establishing annual maximums for FIG and Retail Assistance grants, replacing grant agreements with standardized Terms & Conditions, developing an electronic application portal, and integrating grant management systems. The EDA has awarded $509,026 through these programs since FY2020, with $1.67 million currently available.

These proposed changes aim to make it easier for Hampton businesses to access grant funding for improvements, potentially leading to enhanced storefronts, expanded retail options (including service-based businesses), and support for manufacturing and technology commercialization. The simplification of application processes could reduce barriers for small businesses.

high