EDA Smart Start Business Acceleration Grant Program in Virginia

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 Grant Opens: 10/01/2024 Deadline:10/31/2024 Size of the Grant: $1000 to $10,000 Grant Duration: Grant Duration Not Mentioned Details: The Smart Start Business Acceleration Grant is funded entirely by the Portsmouth Economic Development Authority (EDA). Funding Information The maximum grant amount available for any approved application is $5,000. 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 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 Grant Parameters 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. For more information, visit EDA.