The New Orleans Business Alliance (NOLABA) will receive $800,000 through September 2024 under a Project Grant from the Department of Commerce Economic Development Administration's BUILD TO SCALE federal grant program. NOLABA will establish the OurNOLA Fund, a $10 million equity-based investment fund to democratize investment access for millennials, Black, Indigenous, and people of color. The Fund will appeal nationally to non-accredited investors to invest minimum amounts of $500 each, creating the first pipeline of thousands of such investors. It will then deploy the capital to a minimum of six high-potential, scalable companies in New Orleans that do not meet requirements for traditional early-stage angel or pre-VC funding. This aims to bolster company outcomes while targeting underserved entrepreneurs. The grant will support NOLABA's legal structuring of the Fund and marketing campaign to launch this innovative approach to fueling economic and business growth in New Orleans.
Mod # | Description | Reason For Modification | Federal Obligation (Click to sort descending) | Date (Click to sort ascending) |
|---|---|---|---|---|
| Not listed | $400.0k | 9/21/21 |