Smart Start Business Development Grant Program 2025

The Smart Start Business Development Grant Program is designed to provide financial support for new and recently established startups and small businesses to assist with expanding entrepreneurial opportunity, business resiliency, and organizational capacity building. Donor Name: Portsmouth Economic Development Authority State: Virginia City: Portsmouth Grant Opens: 10/01/2024 Deadline:  10/31/2024 Details: The Smart Start Business Development Grant is funded entirely by the Portsmouth Economic Development Authority (EDA). Funding Information The maximum grant amount available for any approved application is $2,000. Eligible Activities Professional and third-party services to assist in starting 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 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 0-3 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 Grant Parameters Grant funds must be expended within 90 days of award. 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. Completion of the Santa Clara University’s My Own Business Plan Institute (MOBI) online course or provide documentation of completion of an approved equivalent certification course. For more information, visit EDA.