EDA approves two business investment grants to expand salon suites and a barbering/cosmetology school
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Summary
The authority approved two business investment grants: ELAM Organization requested a $25,000 grant to expand salon-suite space at 5911 Portsmouth Boulevard; Styles and Cut School of Barbering and Cosmetology requested a $25,000 grant toward a $270,000 renovation of a former Princess Bridal building. The EDA approved the grants by roll call.
The Portsmouth Economic Development Authority on Aug. 18 approved two business investment grants aimed at expanding local small-business space.
Details of the grants - ELAM Organization (5911 Portsmouth Boulevard): The owner plans to expand existing salon-suite space and requested the maximum grant amount of $25,000. The total project cost was presented as $53,000; ELAM indicated it will self-perform some work and provided contractor quotes. - Styles and Cut School of Barbering and Cosmetology (former Princess Bridal location): The applicant proposed a full renovation to create barbering and cosmetology school space, with a total project budget of about $270,000; the applicant requested a $25,000 grant.
Staff said these awards would draw the current fiscal-year business-investment-grant balance down; staff estimated roughly $43,000 would remain for the October round after these awards. The EDA voted to approve the two grants; the motion passed on a roll call recorded in the meeting transcript (approved by a vote of 5 to 0).
Why it matters Staff said the grants support small-business growth and building reuse in commercial corridors. Commissioners noted that many FY '24 and FY '25 grant recipients remain active and staff will follow up on business-license renewals for prior recipients.
Ending Staff said they will provide documentation and contractor quotes in the electronic file on request and will report back on remaining funds for the next grant round.
