The Portsmouth Economic Development is inviting applicants for its Smart Start Business Acceleration Grant Program 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
State: Virginia
City: Portsmouth
Type of Grant: Grant
Deadline: 10/31/2022
Size of the Grant: $5,000
Details:
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.
Funding Information
The maximum grant amount available for any approved application is $5,000.
Eligibility Criteria
- Eligible applicants: 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
- Available to businesses that are current with City of Portsmouth taxes and fees
- Entities of local, state, or federal government, religious organizations, and residential-use businesses are prohibited from applying.
Additional Guidelines
- Grant funds must be expended within 90 days of award
- Grants will be awarded as reimbursement based upon certifiable business expenses (e.g. paid receipts/invoices)
- Applicants are required to submit a Business Development and/or Marketing Plan, and a Statement of Need detailing how the grant funds will be used to advance and accelerate the growth of the business
- Recipients of the Smart Start Business Acceleration Grant may only receive funding one time under the program
Eligible Activities
- Professional and third-party services to assist in establishing 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 permanent fixtures.
For more information, visit PED.