City Council approves $66K support for Blue Market and celebrates small business success

The Portsmouth Economic Development Authority (EDA) convened on December 17, 2024, to discuss various initiatives aimed at bolstering the local economy and supporting small businesses. The meeting highlighted the outcomes of recent investments and future plans for economic growth in Portsmouth, Virginia.

One of the key discussions centered around the EDA's sponsorship of a recent conference organized by Black Brand. A board member shared insights from their attendance, noting the quality of speakers and workshops, despite lower-than-expected attendance. The conference featured prominent figures such as John Hope Bryant, a well-known advocate for small businesses, and Natalie Caulfield, president of AEO. Both speakers provided valuable insights into business development and the economic landscape, particularly under the current administration.

The board member emphasized the importance of the conference's content, particularly workshops that taught attendees how to effectively present their businesses to potential investors. The speaker expressed optimism about the potential for Portsmouth to become a hub for small businesses, citing the city's resources and supportive ecosystem.

In addition to the conference discussion, the EDA approved a motion to contribute $66,500 to support the operations of the Bloom Market, further demonstrating its commitment to fostering local entrepreneurship. The motion received unanimous support from the board members.

The meeting also included a report on the recent Small Business Appreciation event held at Rivers Casino, which was well-attended and received positive feedback from the business community. The EDA reported significant achievements in 2024, including over $144 million in new capital investments and the creation of more than 430 new jobs.

As the meeting concluded, a board member announced their decision not to seek another term, reflecting on their positive experiences and the progress made during their tenure. The EDA expressed gratitude for their contributions and looked forward to continued growth and success in 2025.

Overall, the meeting underscored the EDA's ongoing efforts to enhance Portsmouth's economic landscape, with a focus on supporting small businesses and attracting new investments. The board remains optimistic about the future, with plans for targeted media campaigns and initiatives to further promote the city as a destination for entrepreneurs.