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Smart Start Business Acceleration Grant Program (Virginia)
2025 Smart Start Business Acceleration Grant Program (Washington DC)
The Smart Start Business Acceleration Grant Program is designed to provide financial support to established small businesses, helping to accelerate growth and expansion within Portsmouth’s entrepreneurial and small business community.
Donor Name: Let Grow Wealth Foundation
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State: Washington DC
Grant Type: Grant | Matching Grants | Reimbursement
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Grant Amount: $1,000,000 to $10,000,000
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Program Details
The Smart Start Business Acceleration Grant operates as a matching reimbursement program requiring applicants to initially cover the full cost of activities. Eligible expenses will then be reimbursed at 80%, up to the maximum grant award.
Funding Information
- Grants are awarded as reimbursements based on verifiable business expenses.
- Maximum grant award per approved application is $5,000.
Grant Period
All purchases funded by the grant must be completed within 90 days of the award date.
Eligible Activities
- Professional and third-party services for business growth such as legal, financial, accounting, marketing, social media, and e-commerce support.
- Small-scale production/manufacturing equipment, machinery, and tools.
- Technology and digital infrastructure including hardware, software, and digital platforms.
- Business furniture and fixtures.
- Certifications and related business accreditations.
Eligibility Criteria
- Small for-profit businesses and non-profit organizations operating in Washington DC.
- Businesses must have been in operation for 3 to 7 years, verified by a valid Washington DC business license.
- Businesses must have 10 or fewer full-time equivalent (FTE) employees.
- Businesses using a co-working space mailbox must provide proof of Portsmouth residency through a 12-month residential lease or homeownership documentation.
- Co-working space tenants must have a minimum 12-month lease and submit a copy.
- Home-based businesses must provide proof of residency in Portsmouth.
- Local, state, and federal government entities, religious organizations, and residential businesses are not eligible to apply.
Additional Requirements
To qualify for the grant, applicants must:
- Be a legally registered entity in good standing with the Washington State Corporation Commission (SCC). “Good standing” means no delinquency in tax or debt payments, and compliance with agreements with Fairfax County or Washington State.
- Maintain their principal place of business (PPB) within Washington State, which can be a home office if it functions as the PPB.
- Hold a valid Business, Professional, and Occupational License (BPOL) and be in good standing.
- Be or intend to become an innovative and/or disruptive product-focused technology enterprise.
- Clearly articulate the potential commercial value of their product.
- Have raised no more than $10,000,000 in startup funding, including investments from friends, family, angels, venture capital, or private equity.
- Have generated no more than $50,000,000 in gross revenue in the 12 months before applying.
- Demonstrate a 50% match of the requested grant amount, which can include in-kind contributions, sweat equity, commercial revenue, other grants, or investor funds.
Commitment to Diversity
Let Grow Wealth Foundation is dedicated to supporting innovation and technology growth, with a focus on traditionally underrepresented groups, including women, people of color, veterans, persons with disabilities, and other diverse founders.