By Tim Ryan
Hey, Portsmouth innovators and business hustlers! If you’re dreaming big in the heart of this historic port city—whether launching a fresh startup on High Street or scaling your operation along the Elizabeth River—we’ve got the spark you need. As your allies at Innovate Hampton Roads, we’re thrilled to spotlight the Portsmouth Economic Development Authority‘s (EDA) Business Investment Grants, now open for FY 2026 Round 1 from July 1 to 31, 2025. These aren’t just funds; they’re a lifeline tailored for Portsmouth’s entrepreneurs, designed to supercharge your ideas and weave them into the broader tapestry of Hampton Roads’ unstoppable innovation wave. Let’s dive in and see how this opportunity can transform your local venture while amplifying our region’s entrepreneurial story.
Portsmouth has always been a beacon of resilience and reinvention. From its roots as a shipbuilding powerhouse—home to the Norfolk Naval Shipyard and a key player in maritime logistics—the city has evolved into a dynamic hub for diverse businesses. Over the past decade, we’ve seen remarkable progress: The revitalization of Olde Towne with trendy cafes and tech-savvy shops, the growth of the Portsmouth Innovation Center supporting startups, and initiatives like the city’s partnership with Old Dominion University to blend academic research with real-world entrepreneurship. These efforts have created over 2,000 new jobs in recent years, turning Portsmouth into a launchpad for innovation. And now, the EDA grants build on this momentum, directly targeting local businesses to foster growth right here in the 23704.
At the core are two powerhouse grants open this round: The Smart Start Business Development Grant, perfect for new or recently established Portsmouth startups and small businesses needing that initial boost—think covering setup costs or marketing to attract local customers. Then there’s the Smart Start Business Acceleration Grant for established outfits ready to expand, like adding inventory or upgrading facilities to serve more of our community. (Note: The Real Property Investment Grant is paused for FY26 after massive demand, but watch for future reopenings.) With awards up to $25,000, these grants are game-changers for eligible Portsmouth players: New startups, relocating businesses committing to our city, expanding operations, and even commercial property owners investing locally. Eligibility is straightforward—focus on creating jobs and economic impact in Portsmouth—and applications close July 31 at 5:00 p.m. Jump in via the QR code in the flyer or head here for the portal, guidelines, and a handy fact sheet.
What makes this even more exciting? It’s deeply connected to Hampton Roads’ vibrant entrepreneurial ecosystem. We’re talking collaborations with the Hampton Roads Small Business Development Center for workshops on business planning, the Minority Supplier Development Council for MBE support, and many more for small business empowerment. These partnerships echo the region’s successes—like the Hampton Roads Workforce Council filling hundreds of jobs, or the re-launched 757 TechNite awards celebrating trailblazers from Norfolk to Virginia Beach. Portsmouth’s grants aren’t in a silo; they’re part of our shared narrative of turning challenges into opportunities. Past rounds have seen local businesses flourish: A tech firm expanding its team, creating 50 jobs; a retail startup revitalizing a downtown space, boosting foot traffic and community vibrancy. This ties into Hampton Roads’ broader surge, where innovation in biotech, cybersecurity, and sustainable energy is generating billions in economic output and positioning us as Virginia’s coastal powerhouse.
For Portsmouth entrepreneurs, this is your moment to shine locally while plugging into a regional network that’s redefining what’s possible. Imagine your business not just surviving but thriving, contributing to the 500,000+ jobs across Hampton Roads and inspiring the next wave of innovators. Don’t miss out—attend an EDA info session or workshop to polish your application. Reach Portsmouth EDA at 757-393-8804 or bailey@portsmouthva.gov for more. At Innovate Hampton Roads, we’re here to connect you with events, mentors, and resources at innovate757.org. Let’s make Portsmouth the epicenter of Hampton Roads’ innovation revolution—apply today and let’s build the future together!
