The Smart Start Business Acceleration Grant Program is designed to provide financial support to established small businesses to advance and accelerate the growth and expansion of Portsmouth’s entrepreneurial and small business community.
Donor Name: Portsmouth Economic Development Authority
State: Virginia
City: Portsmouth
Type of Grant: Grant | Matching Grants | Reimbursement
Deadline: 04/30/2025
Size of the Grant: $1000 to $10,000
Grant Duration: Less than 1 Year
Details:
The Smart Start Business Acceleration Grant is a matching, reimbursement program that requires the applicant to make the initial investment for the full cost of activities; 80% of the eligible costs will be paid as a reimbursement, up to the maximum grant award.
Funding Information
- Grants will be awarded as reimbursement based upon certifiable business expenses
- The maximum grant amount available for any approved application is $5,000.
Grant period
Grant purchases must be completed within 90 days of award.
Eligible Activities
- Professional and third-party services to assist in expanding a business including legal, financial, accounting, marketing, social media, e-commerce, etc.
- Small scale production/manufacturing equipment, machinery, tools, etc.
- Technology and digital infrastructure (hardware, software, digital platforms, etc.)
- Business furniture and fixtures
- Certifications.
Eligibility Criteria
- New and recently established for-profit small businesses and non-profit organizations with operations based in the City of Portsmouth
- Available to businesses that have been in operation for 3-7 years (as evidenced by a City of Portsmouth business license)
- Available to businesses with 10 full-time equivalent (FTE) or fewer positions
- Businesses utilizing a co-working space mailbox must prove Portsmouth residency with a 12-month residential lease or proof of home ownership
- Co-working space tenants are required to have a minimum of a 12-month lease. Copy of lease is required
- Proof of Portsmouth residency is required for home-based businesses
- Entities of local, state, or federal government, religious organizations, and residential-use businesses are prohibited from applying
- Businesses current with City of Portsmouth taxes and fees.
For more information, visit EDA.
