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.
Applicants must submit:
the completed application form to the Economic Development Division prior to the commencement of works that are the subject of a Program application.
Approval of an application under this Program is at the absolute discretion of City Council and subject to the availability of funds.
Applicants must submit:
- Completed Application Form;
- Cheque for Application Fee – payable to City of Hamilton;
- Articles of Incorporation (If applicable);
- Articles of Amendment (if applicable);
- List of Officers/Directors (if applicable);
- List of Shareholders and Percentage Equity (if applicable);
- Shareholder registry (If applicable);
- Partnership Documents (if applicable);
- List of Partners and Percentage equity (If applicable);
- Explanation of Planning/Building Status i.e. Site Plan, building permit number if issued, drawings;
- Architectural or design plan (If available, or sketch showing proposed improvements);
- Photos demonstrating state of property prior to construction/renovation taking place. Hard copies of photos are to be date stamped.
- Construction budget dated within 6 months of date of application;
- Contracts in Place;
- Details of all Financing (Principal amount, term of the loan, repayment terms, securities required etc.);
- Accountant Prepared Financial Statements (most recent 2 years and current year- to-date);
- Business Plan or Financial Forecast;
- Construction Pro-forma;
- Cash flow for the period of construction and the term of the City’s loan indicating anticipated dates for 50%, 75%, 100% complete.
- 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.
- Copy of Lease between the Applicant and Business Incubator (if applicable);
- 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.