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Portsmouth EDA reports steady demand for business grants, approves two real‑property awards
Summary
The Portsmouth Economic Development Authority reported ongoing interest in its small‑business grant programs and approved two real‑property investment grants totaling $37,250 in reimbursement requests at its March 18 meeting.
The Portsmouth Economic Development Authority on March 18 reported continued demand for its business investment grant programs and approved two real‑property grants to support building renovations.
The authority’s staff told commissioners that the Smart Start Business Development Grant has awarded $40,000 through the third quarter and that four applications were received in that period. Staff said participation by SWAM-certified firms has been about 95 percent year to date. The EDA also reported 10 applications this fiscal year to the Acceleration Grant program (for businesses in operation three to seven years), with five approvals and roughly $25,000 allocated, though staff said reimbursements are still pending documentation.
The EDA’s most active program remains the Real Estate Investment Grant, which reimburses up to $25,000 for interior and exterior property improvements. Staff said more than $362,000 in real‑estate grant awards have been made year to date and that the authority allocated just over $400,000 to the program for the fiscal year.
Separately, the authority approved two board‑level real estate investment grants that exceeded the staff approval threshold. The board voted, 6‑0, to approve a request from Joro Fleet Services for work at 2025 High Street. Staff reported the project cost is $67,000 and the company requested the program maximum reimbursement of $25,000 for new warehouse garage doors, epoxy flooring and security cameras. The board also approved a request from Ford and Electrical Services for 3204 Tire Neck Road for interior painting, exterior improvements and a new sign; that project’s total cost was listed at $24,500 with a requested reimbursement of $12,250 (50 percent). Both grant approvals were voted unanimously.
Staff said before‑and‑after photos and a year‑end report documenting improvements are typically compiled for the program and offered to present that information to the board.
The authority’s staff asked commissioners to submit any additional budget items to the budget committee quickly; staff expects a draft budget presentation on April 15 and plans to adopt a final budget in May.
