Smart Start Business Development Grant

The Smart Start Business Development Grant is administered by Portsmouth Economic Development (PED) through the Portsmouth Economic Development Authority (EDA). This local grant program is designed specifically for small business development within the City of Portsmouth, Virginia. The program operates on a fiscal-year cycle and supports new and early-stage businesses in the city through modest financial awards intended to promote entrepreneurship, resiliency, and organizational growth. The grant reflects PED’s mission to foster economic vitality at the local level and support community-based enterprises during their formative years. The purpose of the Smart Start Business Development Grant is to provide up to $2,000 in financial assistance to for-profit small businesses and nonprofit organizations that are newly established or have been operating for no more than three years. The funds must be used within 90 days of award and are intended for specific business development expenses such as professional services, small-scale equipment, technology infrastructure, certifications, and business furniture or fixtures. The grant excludes operating expenses such as wages, payroll, rent, utilities, real estate improvements, or inventory. To be eligible, applicants must hold a valid business license from the City of Portsmouth and have no more than 10 full-time equivalent employees. The business must be located in Portsmouth, and additional residency verification is required for applicants using co-working or home-based setups. Co-working tenants must show a 12-month lease, while home-based businesses must provide proof of a residential lease or homeownership. Ineligible entities include governmental agencies, religious organizations, residential-use businesses, and any business not current on city taxes and fees. A core requirement of the program is the completion of a training course prior to applying. All applicants must complete the “Quick Start Entrepreneur” online course through Santa Clara University’s My Own Business Institute (MOBI), or an approved equivalent certification. After completing the training, applicants must submit a thorough application including required documentation: a City of Portsmouth business license, articles of incorporation, W-9, business plan detailing fund usage, financial projections, and two quotes per proposed product or service. Applications lacking any of these elements by the closing date will be denied. The Smart Start program is structured into four quarterly rounds: July 1–31, 2025 (Round 1); October 1–31, 2025 (Round 2); January 1–31, 2026 (Round 3); and April 1–30, 2026 (Round 4). Applications are reviewed for completeness and compliance with program guidelines before being forwarded to the EDA Board of Commissioners for a final funding decision. The Board evaluates submissions based on alignment with program goals, demonstrated need, and availability of remaining funds. If approved, recipients must enter into a grant agreement and commence eligible activities within 30 days, completing all approved spending within 90 days unless granted an extension. For assistance with the application or clarification of guidelines, applicants may contact Portsmouth Economic Development staff at 757-393-8804. Office hours are Monday through Friday, 8 AM to 5 PM, and the office is located at 200 High Street, Suite 200, Portsmouth, VA 23704. The grant provides an important opportunity for local entrepreneurs to gain critical early-stage support while building capacity and economic sustainability within the city.

Complete required certification prior to submission; ensure full documentation submitted by deadline.