Smart Start Business Acceleration Grant Program

The Smart Start Business Acceleration Grant is administered by the Portsmouth Economic Development Authority (EDA), a local agency dedicated to fostering economic growth and supporting small businesses in Portsmouth, Virginia. This grant program, active for Fiscal Year 2026, is part of the broader efforts by Portsmouth Economic Development to accelerate business growth and enhance the entrepreneurial landscape of the city. It specifically targets newer, small-scale businesses and eligible nonprofits to provide funding that supports expansion efforts, capacity building, and infrastructure upgrades. The grant is designed as a matching, reimbursement program, requiring the applicant to make the full upfront investment before being reimbursed for 80% of eligible costs, up to a maximum of $5,000. It specifically supports business development through third-party professional services, production equipment, technology upgrades, furniture and fixtures, and professional certifications. However, expenses such as payroll, rent, utilities, real estate improvements, inventory, and decorative items are explicitly excluded from reimbursement. Only reimbursable costs incurred after entering into a formal Grant Agreement with the Portsmouth EDA are eligible. To be eligible for this funding, applicants must be small for-profit businesses or nonprofit organizations operating within Portsmouth, Virginia, with a valid business license and between three and seven years of active operations. They must have no more than 10 full-time equivalent employees and be in good standing with all local taxes and fees. Applicants operating out of co-working spaces must present a 12-month lease agreement, while home-based businesses must provide proof of Portsmouth residency. Government entities, religious organizations, and residential-use businesses are not eligible to apply. The application process involves three steps. First, applicants complete and submit the Smart Start Business Acceleration Grant application with all required documentation to the Portsmouth Economic Development team. Second, the staff reviews the submission for completeness and alignment with the program’s objectives. Finally, if approved, the applicant enters into a formal Grant Agreement, after which eligible business activities must begin within 30 days and be completed within 90 days. Extensions of up to 90 days may be granted on a case-by-case basis. Each business principal may only submit two applications over five years, and each business can receive funding only once through this program. Applications must include several required documents, including a completed W-9 form, a copy of the City of Portsmouth business license, articles of incorporation, proof of lease or home ownership (if applicable), a business plan detailing use of funds, financial statements with projections, and at least two quotes for proposed purchases. Applications that are incomplete or missing documentation by the deadline of July 31, 2025 (for Round 1) will be denied. The program operates on a quarterly basis, with application windows open in July 2025, October 2025, January 2026, and April 2026. Funding is contingent on availability within the fiscal year, and awards are subject to the discretion of the Portsmouth EDA Board of Commissioners. For inquiries or assistance, applicants may contact Portsmouth Economic Development at (757) 393-8804 or visit their offices at 200 High Street #200, Portsmouth, VA 23704 during business hours, Monday through Friday, 8 AM to 5 PM.

Applications will be denied if submitted without all required documentation by the stated deadline.