Amount:

 $ 450,000.00 

Type of Program:

Loan


Description:

The Start-up and Office Tenant Attraction (SOTA) Program (the Program) is intended to provide low-interest Loans or Forgivable Loans that will facilitate the undertaking of eligible leasehold improvements to office space by property owners or authorized tenants in order to support the creation of new office space and improve the marketability and attractiveness of existing office space.

Comments on Funding:

Funding will take the form of low-interest Loans or Forgivable Loans.
There is no maximum to the number of loans which may be provided per deeded property except that the total combined principal of all loans provided at a property shall not exceed $450,000.


When It Ends:

Ongoing

Deadline:

Rolling deadline

Eligibility:

Applicants must:

  • be property owners or tenants within the Ancaster, Barton Village, Binbrook, Concession Street, Downtown Hamilton, Dundas, Locke Street, Ottawa Street, Stoney Creek, Waterdown and Westdale Commercial District CIPAs, the Mount Hope/Airport Gateway CIPA and the Barton Street and Kenilworth Avenue North Strategic Commercial Corridor CIPAs as collectively defined through the RHCD CIPA By-law.
  • meet the goals of the Revitalizing Hamilton’s Commercial Districts Community Improvement Plan (RHCD CIP)

Applications Steps:

Applicants must submit:

1

the completed application form to the Economic Development Division prior to the commencement of works that are the subject of a Program application.

2

pay the $580 administration fee.

Approval of an application under this Program is at the absolute discretion of City Council and subject to the availability of funds.

Documentation Needed:

Applicants must submit:

  1. 1
    Completed Application Form;
  2. 2
    Cheque for Application Fee - payable to City of Hamilton;
  3. 3
    Articles of Incorporation (If applicable);
  4. 4
    Articles of Amendment (if applicable);
  5. 5
    List of Officers/Directors (if applicable);
  6. 6
    List of Shareholders and Percentage Equity (if applicable);
  7. 7
    Shareholder registry (If applicable);
  8. 8
    Partnership Documents (if applicable);
  9. 9
    List of Partners and Percentage equity (If applicable);
  10. 10
    Explanation of Planning/Building Status i.e. Site Plan, building permit number if issued, drawings; 1
  11. 11
    Architectural or design plan (If available, or sketch showing proposed improvements);
  12. 12
    Photos demonstrating state of property prior to construction/renovation taking place. Hard copies of photos are to be date stamped.
  13. 13
    Construction budget dated within 6 months of date of application;
  1. 14
    Contracts in Place;
  2. 15
    Details of all Financing (Principal amount, term of the loan, repayment terms, securities required etc.);
  3. 16
    Accountant Prepared Financial Statements (most recent 2 years and current year- to-date);
  4. 17
    Business Plan or Financial Forecast;
  5. 18
    Construction Pro-forma;
  6. 19
    Cash flow for the period of construction and the term of the City's loan indicating anticipated dates for 50%, 75%, 100% complete.
  7. 20
    Net Worth Statement (identify existing guarantees pledged for other financial commitments and the value of the pledge(s)). If owned by an individual, the net worth statement of the individual is required. If owned by a corporation, the net worth statements of primary shareholder(s) required. If owned by a Partnership, net worth statements of each partner is required.
  8. 21
    Copy of Lease between the Applicant and Business Incubator (if applicable);
  9. 22
    If applicant is other than Owner, Letter of Authorization from the Owner must be included.

If applicant is other than Owner of the Property/Building, a Letter of Authorization from the Owner of the Property/Building must be attached to this application

Other Things to Note:

For further details please contact City of Hamilton's Planning and Economic Development Department at (905) 546- 2424 Ext. 2755.

About the author 

Maurice

Maurice (Moe) Muise learned the ins-and-outs of government while an employee of the Government of Canada in Ottawa for 10 years. His current focus is helping small businesses in Ontario to identify and maximize government grants to grow their business.
Click here to learn more about Moe's background and how he can help your business.

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