Smart Start Business Acceleration Grant Program (UK)

Objectives

• 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.

Funding Information

• Maximum Grant Award: $5,000
• Matching requirement: All applications require a 5:1 (20%) financial match
• Grant Parameters:
  • The Smart Start Business Acceleration Grant is a matching, reimbursement program that requires the applicant to make the initial investment for the full cost of activities; 80% of the eligible costs will be paid as a reimbursement, up to the maximum grant award.
  • Grant purchases must be completed within 90 days of award
  • Purchases made and/or paid for prior to an issuance of a grant agreement will not be reimbursed.
  • Grants will be awarded as reimbursement based upon certifiable business expenses (e.g. paid receipts/invoices)
  • Recipients of the Smart Start Business Development Grant may only receive funding one time under the program. No more than two grant applications may be submitted per business principal within a five-year period.

Eligible Activities

• Professional and third-party services to assist in establishing 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

Ineligible Activities

• Wages, benefits, payroll expenses
• Rent, debt service
• Operating costs (utilities, insurance, etc.)
• Real estate improvements
• Supplies and inventory
• Residential-use furniture
• Decorative items (wall art, decor, etc.)

Eligibility Criteria

• Eligible applicants:
  • New and recently 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 equivalent (FTE) or fewer positions
  • Businesses utilizing a co-working space mailbox must prove Portsmouth residency with a 12-month residential lease or proof of home ownership.
  • Co-working space tenants are required to have a minimum of a 12-month lease. Copy of lease is required.
  • Proof of Portsmouth residency is required for home-based businesses.
  • Entities of local, state, or federal government, religious organizations, and residential-use businesses are prohibited from applying.
  • Businesses current with City of Portsmouth taxes and fees

Application Requirements

• Completed IRS Form W-9
• Copy of City of Portsmouth business license
• Copy of “Articles of Organization” from the Virginia SCC
• Complete business plan that includes an explanation of use of grant funding using the Santa Clara MOBI Business Plan Template
• Two quotes per product/service you will purchase with grant funding
• Financial Statements

For more information, visit Portsmouth Economic Development.