The Smart Start Business Development Grant, offered by the Portsmouth Economic Development Authority (EDA), supports the growth of new and emerging businesses in Portsmouth, Virginia. This grant program is designed to foster economic development by providing financial assistance to businesses that have been in operation for three years or less. With a maximum grant award of $2,000, the program aims to encourage entrepreneurship and help small businesses strengthen their operations and capacity within the local community.

Eligibility for the program is limited to for-profit small businesses and non-profit organizations based in Portsmouth. To qualify, businesses must employ 10 or fewer full-time equivalent (FTE) positions and provide proof of operations in Portsmouth, such as a City of Portsmouth business license. Home-based businesses and businesses utilizing co-working spaces must meet specific residency and leasing requirements. Entities such as government bodies, religious organizations, and businesses for residential use are not eligible to apply. Additionally, all applicants must be current on city taxes and fees.

Grant funds may be used for eligible activities that directly benefit the recipient business, including professional services like legal, financial, and marketing support, as well as equipment purchases, technology infrastructure, and e-commerce tools. However, there are restrictions on how the funds can be used. For example, personal expenses, debt repayment, and activities unrelated to the business are ineligible for funding. All recipients must enter into a formal Grant Agreement with the Portsmouth EDA and adhere to its terms.

The application and approval process requires businesses to submit a detailed application, including a completed business plan and proof of completing an entrepreneurship course, such as Santa Clara University's My Own Business Institute (MOBI) course or an equivalent certification. Applicants must also provide documentation such as a W-9 form, business license, and lease agreements if applicable. Once awarded, businesses have 30 days to begin funded activities and 90 days to complete them, with the possibility of a 90-day extension on a case-by-case basis.

The program operates on a rolling schedule, with four application rounds each fiscal year. For FY2025, application periods include July 1–31, October 1–31, January 1–31, and April 1–30. Applications submitted after a deadline are deferred to the next round. Funding is limited to the annual appropriation, and grants are awarded until the funding pool is exhausted.

Businesses can only receive the Smart Start Grant once, and no more than two applications may be submitted per business principal within a five-year period. This ensures equitable distribution of resources and maximizes the program's impact on Portsmouth’s entrepreneurial landscape. Interested applicants should prepare all required documentation and adhere to submission deadlines to be considered for this opportunity.