Smart Start Business Development Grant

The Smart Start Business Development Grant, managed by Portsmouth Economic Development (PED), is designed to support new and recently launched small businesses and nonprofit organizations operating within the City of Portsmouth, Virginia. The program aims to expand entrepreneurial opportunities, bolster business resilience, and strengthen organizational capacity among local startups. It is administered by the Portsmouth Economic Development Authority (EDA) and is exclusively funded through its resources. This grant offers financial assistance of up to $2,000 per awardee, with recipients required to spend the funds within 90 days of receiving them. Applicants must first complete a training requirement, which includes either Santa Clara University's "My Own Business Institute (MOBI)" Quick Start Entrepreneur course or an equivalent approved certification course. This training must be completed prior to application submission. A maximum of one grant award is allowed per business, and no more than two applications are permitted per business principal within a five-year period. Eligible applicants include both for-profit and nonprofit small businesses that have operated in Portsmouth for zero to three years, have no more than 10 full-time equivalent employees, and are in good standing with local taxes and fees. Businesses utilizing co-working spaces must provide a 12-month lease agreement, and those operating from home must present a 12-month residential lease or proof of home ownership. Certain entities, including governmental bodies, religious organizations, and residential-use businesses, are not eligible. The application process involves four key steps: course completion, submission of the completed application along with all required documents, review by the Portsmouth EDA, and if approved, execution of a Grant Agreement. Required documentation includes a Portsmouth business license, articles of incorporation from the Virginia State Corporation Commission, financial statements and projections, a business plan detailing use of funds, and two vendor quotes for each intended purchase. Applications missing any required documentation by the deadline will be rejected. The program operates on a quarterly basis with four application rounds in Fiscal Year 2025: July 1–31, 2024; October 1–31, 2024; January 1–31, 2025; and April 1–30, 2025. Grants are awarded until available funds for the fiscal year are exhausted. Approved uses of grant funds include professional services (legal, marketing, etc.), equipment, digital infrastructure, and business furniture, while ineligible uses include payroll, rent, operating costs, inventory, and decorative items. For more information or assistance, applicants are encouraged to contact Portsmouth Economic Development at (757) 393-8804. Office hours are Monday through Friday, 8 AM to 5 PM. The office is located at 200 High Street, Suite 200, Portsmouth, VA 23704.