Smart Start Business Acceleration Grant is sponsored by Portsmouth Economic Development Authority (EDA). This grant provides financial support to established small businesses in Portsmouth, Virginia, to advance and accelerate the growth and expansion of the city's entrepreneurial and small business community.

Smart Start Business Acceleration Grant | Portsmouth Economic Development Smart Start Business Acceleration Grant Portsmouth Economic Development (PED) Homepage Smart Start Business Acceleration Grant 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 New eligibility requirements begin FY2026!

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 3-10 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 Maximum Grant Award: $5,000 Matching requirement: All applications require a 5:1 (20%) financial match 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.

Grant purchases must be completed within 90 days of award Purchases made and/or paid for prior to an issuance of a grant agreement will not be reimbursed. Grants will be awarded as reimbursement based upon certifiable business expenses (e.g. paid receipts/invoices) Recipients of the Smart Start Business Development Grant may only receive funding one time under the program.

No more than two grant applications may be submitted per business principal within a five-year period. Grant Submission Schedule Applications for the 2026 Fiscal year are accepted according to the submission schedule below. Applications received after the cutoff date will be considered by the Portsmouth EDA in the following round.

Round 1: Open July 1 - 31, 2025 Round 2: Open October 1 - 31, 2025 Round 3: Open January 1 - 31, 2026 Round 4: Open April 1-30, 2026 Application & Approval Process The Smart Start Business Acceleration Grant application is a three-step process. The completed Smart Start Business Acceleration Grant application is to be submitted to Portsmouth Economic Development for review and is not considered submitted if incomplete.

Completed applications (those containing all required documentation) will be reviewed to determine completion status and adherence with program guidelines.

Approval or denial of an application lies within the discretion of the Portsmouth Economic Development Authority's (EDA) Board of Commissioners, considering factors such as the degree to which the business activities contemplated by the application further the goals of the program, the degree of the need for the funding, the level of funding requested, the amount of program funds remaining for the fiscal year, and any other factors the Board of Commissioners may deem relevant.

When an application is approved, the applicant will enter into a Grant Agreement with the Portsmouth EDA, agreeing to accept the approved grant funds. If the grantee needs to make any changes to the use of grant funds as proposed in the application, the grantee must notify Portsmouth Economic Development in writing in advance of the changes.

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 out as a reimbursement, up to the maximum grant award. The Smart Start Business Acceleration Grant is funded entirely by the Portsmouth Economic Development Authority (EDA).

Eligible activities are only those under Section V of these Guidelines and must directly and primarily benefit the business for which the Grant award is received. The maximum grant amount available for any approved application is $5,000. Recipients of the Smart Start Business Acceleration Grant may only receive funding one time under the program.

Funding is available until the funding pool has been exhausted each fiscal year as appropriated. All recipients are required to enter into a Grant Agreement with the Portsmouth EDA. Recipients have 30 days to begin eligible business activities and 90 days to complete them.

Extensions for an additional 90 days may be granted on a case-by-case basis. Funding is available until the funding pool has been exhausted each fiscal year as appropriated. All recipients are required to enter into a Grant Agreement with the Portsmouth EDA.

Recipients have 30 days to begin eligible business activities and 90 days to complete them.

Extensions for an additional 90 days may be granted on a case-by-case basis Small scale production/manufacturing equipment, machinery, tools, etc. Technology and digital infrastructure (hardware, software, digital platforms, etc.) Business furniture and fixtures Wages, benefits, payroll expenses Operating costs (utilities, insurance, etc.) Residential-use furniture Decorative items (wall art, decor, etc.) Required Documentation For Application All documentation must be submitted by the close of the grant application round.

Completed Portsmouth Vendor Registration Form Rev 1-30-2024 Copy of City of Portsmouth business license Copy of "Articles of Organization" from the Virginia SCC Complete business plan that includes an explanation of use of grant funding using the Santa Clara MOBI Business Plan Template Two quotes per product/service you will purchase with grant funding Grant Submission Schedule Application & Approval Process Required Documentation For Application 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 New eligibility requirements begin FY2026!

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 3-10 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 Maximum Grant Award: $5,000 Matching requirement: All applications require a 5:1 (20%) financial match 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.

Grant purchases must be completed within 90 days of award Purchases made and/or paid for prior to an issuance of a grant agreement will not be reimbursed. Grants will be awarded as reimbursement based upon certifiable business expenses (e.g. paid receipts/invoices) Recipients of the Smart Start Business Development Grant may only receive funding one time under the program.

No more than two grant applications may be submitted per business principal within a five-year period. Grant Submission Schedule Applications for the 2026 Fiscal year are accepted according to the submission schedule below. Applications received after the cutoff date will be considered by the Portsmouth EDA in the following round.

Round 1: Open July 1 - 31, 2025 Round 2: Open October 1 - 31, 2025 Round 3: Open January 1 - 31, 2026 Round 4: Open April 1-30, 2026 Application & Approval Process The Smart Start Business Acceleration Grant application is a three-step process. The completed Smart Start Business Acceleration Grant application is to be submitted to Portsmouth Economic Development for review and is not considered submitted if incomplete.

Completed applications (those containing all required documentation) will be reviewed to determine completion status and adherence with program guidelines.

Approval or denial of an application lies within the discretion of the Portsmouth Economic Development Authority's (EDA) Board of Commissioners, considering factors such as the degree to which the business activities contemplated by the application further the goals of the program, the degree of the need for the funding, the level of funding requested, the amount of program funds remaining for the fiscal year, and any other factors the Board of Commissioners may deem relevant.

When an application is approved, the applicant will enter into a Grant Agreement with the Portsmouth EDA, agreeing to accept the approved grant funds. If the grantee needs to make any changes to the use of grant funds as proposed in the application, the grantee must notify Portsmouth Economic Development in writing in advance of the changes.

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 out as a reimbursement, up to the maximum grant award. The Smart Start Business Acceleration Grant is funded entirely by the Portsmouth Economic Development Authority (EDA).

Eligible activities are only those under Section V of these Guidelines and must directly and primarily benefit the business for which the Grant award is received. The maximum grant amount available for any approved application is $5,000. Recipients of the Smart Start Business Acceleration Grant may only receive funding one time under the program.

Funding is available until the funding pool has been exhausted each fiscal year as appropriated. All recipients are required to enter into a Grant Agreement with the Portsmouth EDA. Recipients have 30 days to begin eligible business activities and 90 days to complete them.

Extensions for an additional 90 days may be granted on a case-by-case basis. Funding is available until the funding pool has been exhausted each fiscal year as appropriated. All recipients are required to enter into a Grant Agreement with the Portsmouth EDA.

Recipients have 30 days to begin eligible business activities and 90 days to complete them.

Extensions for an additional 90 days may be granted on a case-by-case basis Small scale production/manufacturing equipment, machinery, tools, etc. Technology and digital infrastructure (hardware, software, digital platforms, etc.) Business furniture and fixtures Wages, benefits, payroll expenses Operating costs (utilities, insurance, etc.) Residential-use furniture Decorative items (wall art, decor, etc.) Required Documentation For Application All documentation must be submitted by the close of the grant application round.

Completed Portsmouth Vendor Registration Form Rev 1-30-2024 Copy of City of Portsmouth business license Copy of "Articles of Organization" from the Virginia SCC Complete business plan that includes an explanation of use of grant funding using the Santa Clara MOBI Business Plan Template Two quotes per product/service you will purchase with grant funding Consent for storing submitted data * Yes, I give permission to store and process my data Physical Address of Business * Date of Business Incorporation * Are you SWAM certified?

* Yes Are You a Small Business (10 or less employees)? * Yes Is Your Business Woman Owned? * Yes Is your Business Veteran Owned?

* Yes Is your Business Minority owned? * Yes Number of Full-Time Employees * Number of Part-Time Employees * The Grant Applicant Contact Information listed below will be used for all correspondence from Portsmouth Economic Development staff relating to this grant application.

Point of Contact for Application Name of Grant Applicant Representative * The Grant Applicant Contact Information listed below will be used for all correspondence from Portsmouth Economic Development staff relating to this grant application. Funding Requested Statement of Need & Business Activity Description * Please provide a brief summary of the planned business activities and a timeline of completion utilizing grant funds.

Funding Amount Requested * All required documentation, including a complete and thorough business plan and quotes, must be submitted no later than by the close of the grant application round for the application to be considered complete and submitted. Any applications received that DO NOT HAVE ALL REQUIRED DOCUMENTATION SUBMITTED BY THE CLOSE OF THE APPLICATION ROUND WILL BE DENIED.

Completed Form W-9 * Choose File Choose File Completed Portsmouth Vendor Registration Form * Choose Files Choose Files Copy of City of Portsmouth Business License * Choose File Choose File Copy of "Articles of Incorporation" from Virginia SCC * Choose File Choose File Copy of Co-Working Space 12 Month Lease Required by businesses utilizing a co-working space.

Choose File Choose File Proof of Portsmouth Residency (12-month residential lease or proof of home ownership) Required by businesses utilizing a co-working space and/or home-based businesses. Choose File Choose File Business Plan that includes an explanation of the use of grant funding * Choose File Choose File Financial Statements & Projections * Choose File Choose File First set of quotes for proposed purchases.

Choose Files Choose Files Second set of quotes for proposed purchases. Choose Files Choose Files By signing below, I attest that I have reviewed the details of the Smart Start Business Acceleration Grant Program Guidelines as stated above and agree to the submission of this request to the Portsmouth Economic Development Authority (EDA).

I understand and agree that all grant agreements and awards are at the sole discretion of the Portsmouth EDA Board of Commissioners and because all information furnished in connection with this application for the Smart Start Business Acceleration Grant program involves the use of public funds and as such, may be made public pursuant to the statutes of the United States of America, the Commonwealth of Virginia, and the City of Portsmouth.

I understand that the application is not finalized until the issuance of a grant award letter by the Portsmouth EDA authorizing the commencement of grant-funded activities. I understand that eligible grant-funded business activities must begin no later than 30 days from the date of the issuance of a grant award letter by the Portsmouth EDA, and the deadline for completion is 90 days from the date of the issuance of a grant award letter.

Applicants may request 90 day extensions. Requests for extension must be outlined in a letter directed to the Portsmouth EDA staff, the Portsmouth Economic Development Office, and will be granted on a case-by-case basis. Any subsequent extensions must be at Portsmouth EDA’s sole discretion and will require a vote of the Portsmouth EDA Board of Commissioners.

All business owners, partners, etc. must sign this application form. If the business is owned by a legal entity, organization, or corporation, the applicant must supply corporate legal documents authorizing signer. If signing on behalf of an entity, please state the entity name and your position after the signature.

For questions on completing this application, please contact the Portsmouth Economic Development staff Signature (Printed Applicant Name) * Figuring out your next steps is not always easy. You might have some questions and we want you to know that we're here for you!