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.
Donor Name: : Portsmouth Economic Development Authority
State: Virginia
City: Portsmouth
Type of Grant: Grant
Deadline: 01/31/2023
Size of the Grant: $5,000
Details:
The Portsmouth Economic Development Authority (EDA) supports the City’s growing entrepreneurship and small business community through the Business Investment Grant program.
Grant programs are tailored to help new businesses, growing businesses, and established organizations making additional investments in the City of Portsmouth.
Funding Information
- The Smart Start Business Acceleration Grant is funded entirely by the Portsmouth Economic Development Authority (EDA). Eligible activities are only those within these Guidelines and must directly and primarily benefit the business for which the Grant award is received. The maximum grant amount available for any approved application is $5,000.
- Recipients of the Smart Start Business Acceleration Grant may only receive funding one time under the program.
- Funding is available until the funding pool has been exhausted each fiscal year as appropriated. All recipients are required to enter into a Grant Agreement with the Portsmouth EDA. Recipients have 30 days to begin eligible business activities and 90 days to complete them. Extensions for an additional 90 days may be granted on a case-by-case basis.
Eligible Activities
- Professional and third-party services to assist in expanding 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 fixtures
Eligibility Criteria
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 equivalents (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
- Recipients of the Smart Start Business Acceleration Grant may only receive funding one time under the program
For more information, visit EDA.
