The Smart Start Business Acceleration Grant Program, managed by Portsmouth Economic Development (PED), is designed to support established small businesses in Portsmouth by providing financial resources to help accelerate growth and expansion. This initiative aims to strengthen the entrepreneurial ecosystem in the city by promoting the development and sustainability of local businesses that contribute to the economic vitality of Portsmouth.

Eligibility for the program requires applicants to be for-profit small businesses operating within Portsmouth city limits. Applicants must hold a current City of Portsmouth business license and be up to date on all city taxes and fees. Home-based businesses and those using co-working spaces must provide additional documentation, such as proof of residency or a 12-month lease agreement. The program mandates that businesses begin funded activities within 30 days of receiving the grant and complete them within 90 days, although a one-time 90-day extension may be granted under certain circumstances.

The grant offers a maximum award of $2,000 per business, with funds intended to support activities that directly contribute to growth and business acceleration. Eligible uses of the funds include marketing initiatives, technology upgrades, equipment purchases, professional services, and other business development expenses. The grant cannot be used for personal expenses, debt repayment, or unrelated activities. Each grant recipient is required to sign an agreement outlining the terms and conditions of the funding.

Applications for the 2025 funding cycle must be submitted by July 31, 2024, along with all required documentation. A complete application includes the legal business name, incorporation details, ownership type (e.g., minority, woman, veteran-owned), employee count, and a statement of need describing how the funds will be used. Applicants must also provide a business plan, financial projections, a completed W-9 form, quotes for proposed expenditures, and other supporting documents. Incomplete applications or those submitted after the deadline will not be considered.

The grant applications are reviewed by the Portsmouth Economic Development Authority (EDA) Board of Commissioners, who evaluate proposals based on their alignment with program objectives, clarity, feasibility, and potential business impact. The availability of funds and the quality of the application will also influence the Board's decision. Approved applicants will receive a formal award letter authorizing them to begin their grant-funded activities.

Businesses interested in applying are encouraged to ensure their application is comprehensive and aligns with the program’s goals. For questions or further assistance, applicants can contact Portsmouth Economic Development staff at (757) 393-8804 or visit their office at 200 High Street, Suite 200, Portsmouth, VA 23704, during business hours. This program represents an opportunity for businesses to access critical resources to drive their growth and success in Portsmouth.