About The Grant
The Smart Start Business Acceleration Grant Program, funded by the Portsmouth Economic Development Authority, is designed to support the growth and expansion of small businesses in Portsmouth, Virginia. This grant aims to provide financial assistance to help established small businesses advance their operations through various eligible activities. The program focuses on aiding businesses with professional services, technology upgrades, and equipment purchases.
Grants range from $1,000 to $10,000, with a maximum award of $5,000 per approved application. Eligible activities include legal, financial, marketing, and e-commerce services, as well as the purchase of production equipment, technology, and business fixtures. The grant operates as a matching reimbursement program, covering up to 80% of eligible costs, and is available to businesses that have been in operation for three to seven years with ten or fewer full-time employees.
Important Details
- Application Deadline: 07/31/2024
- Link to Application: EDA Smart Start Business Acceleration Grant
- Donor Name: Portsmouth Economic Development Authority
- State: Virginia
- Grant Duration: Grant Duration Not Mentioned
- Grant Amount: $1,000 to $10,000 (Maximum $5,000 per application)
- Qualification Criteria:
- New and recently established for-profit small businesses and non-profit organizations in Portsmouth
- Businesses in operation for 3-7 years with a City of Portsmouth business license
- Businesses with 10 or fewer full-time equivalent positions
- Co-working space tenants must have a minimum 12-month lease
- Proof of Portsmouth residency for home-based businesses
- Entities of government, religious organizations, and residential-use businesses are prohibited
- Businesses must be current with City of Portsmouth taxes and fees
Taking Action
Taking advantage of the Smart Start Business Acceleration Grant Program can provide your business with the financial support needed to grow and succeed. Don’t miss the opportunity to apply by the deadline of July 31, 2024. Share this grant opportunity with your network to ensure that other small businesses in Portsmouth can benefit from this program as well.
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