Smart Start Business Development Grant

The Smart Start Business Development Grant is a localized funding initiative managed by the Portsmouth Economic Development Authority (EDA) in the City of Portsmouth, Virginia. This program is specifically tailored to support new and recently established startups, including both for-profit small businesses and non-profit organizations, with a focus on promoting business resilience, organizational development, and entrepreneurial growth. Administered on a quarterly cycle, this grant is part of the city's broader efforts to enhance local economic opportunities and provide critical early-stage funding to eligible enterprises operating within city limits. The primary objective of the Smart Start Grant is to provide targeted financial support to businesses within their first three years of operation, particularly those with no more than ten full-time equivalent employees. The program aims to enhance the infrastructure and capabilities of early-stage businesses by funding key development areas. Grant funding, up to a maximum of $2,000 per award, is strictly one-time per business, with each principal limited to two applications within a five-year period. Importantly, funds must be used within 90 days of award issuance, with possible extensions considered on a case-by-case basis. Eligible uses of the grant include a range of business-supportive expenses such as the purchase of equipment and tools for small-scale production, digital infrastructure like hardware and software, business furniture and fixtures, and professional services including legal, accounting, marketing, or e-commerce consulting. However, there are strict prohibitions against using the funds for operating costs, wages, rent, real estate improvements, or inventory. This ensures that awarded funds are directed toward long-term business development rather than short-term overhead. Applicants are required to complete the Santa Clara University’s My Own Business Institute (MOBI) online certification course or an approved equivalent as a prerequisite to submitting an application. The application itself demands a thorough package, including a completed W-9 form, a valid Portsmouth business license, incorporation documentation from the Virginia State Corporation Commission, a detailed business plan outlining the use of funds, financial statements and projections, and two quotes per product or service to be purchased. Additional documentation is needed for co-working or home-based businesses, including proof of residency or a co-working lease. Applications are reviewed quarterly according to a fixed schedule, with four annual submission windows: July 1–31, October 1–31, January 1–31, and April 1–30. Only complete applications submitted by the stated deadline for each round are eligible for review. Approval is determined by the Portsmouth EDA Board of Commissioners based on the applicant’s adherence to guidelines, funding need, alignment with program goals, and remaining annual program funding. Following approval, recipients must enter into a grant agreement with the EDA, begin activities within 30 days, and complete all activities within 90 days unless granted an extension. For questions regarding the program or application process, applicants are encouraged to contact the Portsmouth Economic Development Office by phone at (757) 393-8804 or visit the office at 200 High Street, Suite 200, Portsmouth, VA 23704, during business hours (Monday–Friday, 8 AM–5 PM). The Smart Start Business Development Grant reflects the city’s commitment to nurturing grassroots entrepreneurship, increasing local business capacity, and ensuring sustainable growth in Portsmouth's economic landscape.