The Smart Start Business Acceleration Grant is an initiative of the Portsmouth Economic Development Authority (EDA) designed to financially support the growth and expansion of established small businesses within the City of Portsmouth, Virginia. The program is intended to strengthen the city’s entrepreneurial landscape by accelerating business development and reinforcing the local economy. For Fiscal Year 2025, the program offers four application cycles, with rounds open during the months of July, October, January, and April.

The grant offers up to $5,000 in funding to qualifying businesses. These funds must be used within 90 days of award, with businesses required to begin funded activities within 30 days. Extensions for an additional 90 days may be considered on a case-by-case basis. This one-time award per business is meant to directly and primarily benefit the business receiving the grant. Additionally, no more than two applications can be submitted by a single business principal over a five-year period.

To qualify, applicants must be small businesses located in the City of Portsmouth. Although the guidelines do not specify a precise definition of an "established" business, applicants must provide documentation such as a City of Portsmouth business license, articles of incorporation from the Virginia State Corporation Commission, financial projections, and a complete business plan detailing the proposed use of funds. Businesses operating from co-working or residential spaces must also submit proof of a 12-month lease or proof of homeownership.

Grant funds may be used for services and purchases that directly support business growth, such as legal or marketing services, technology upgrades, equipment, digital infrastructure, and certifications. Ineligible uses include wages, rent, utilities, debt service, inventory, and non-functional items like décor. All applications must include two sets of vendor quotes for proposed purchases.

The application process consists of three steps: submitting a completed application with all required documentation, review by Portsmouth Economic Development staff, and, if approved, entering into a formal Grant Agreement with the EDA. Applications are reviewed based on alignment with program objectives, the necessity of funding, the scope of activities proposed, remaining funds for the fiscal year, and other discretionary criteria as determined by the EDA Board of Commissioners.

The deadline for Round 1 of FY25 is July 31, 2024. Incomplete applications or those missing required documentation by the deadline will be denied. For assistance, applicants may contact Portsmouth Economic Development at 757-393-8804. Office hours are Monday through Friday from 8 AM to 5 PM, and the office is located at 200 High Street, Suite 200, Portsmouth, VA 23704.