Portsmouth launches Emerging Developers Group to support minority construction firms

Portsmouth City Council is taking significant steps to enhance opportunities for minority developers and businesses in the community. During the Public Work Session on January 13, 2025, council members discussed the launch of the Emerging Developers Group, a unique initiative aimed at equipping minority developers with the necessary skills and resources to succeed in the construction industry.

The program, supported by the Economic Development Authority (EDA) and the Local Initiatives Support Corporation (LISC), will begin with a cohort of 40 applicants who will undergo comprehensive training in areas such as financing, contract acquisition, and project management. This initiative is particularly crucial as the city has identified a gap in the availability of minority construction contractors, presenting both a challenge and an opportunity for growth.

Council members emphasized the importance of not only creating policies but also actively preparing individuals to take advantage of these opportunities. The EDA has committed $50,000 to this effort, with a goal of raising $500,000 to support the program. Applications are currently being accepted, and the first cohort is expected to start in March.

In addition to the Emerging Developers Group, the council highlighted the success of the EDA's small business startup grant program, which has predominantly benefited minority and women-owned businesses. This ongoing support reflects the city’s commitment to fostering an inclusive economic environment.

As Portsmouth moves forward with these initiatives, the council remains focused on creating equitable opportunities for all community members, ensuring that local businesses can thrive and contribute to the city's growth.