Data Staff Report
On Monday Today, Mayor LaToya Cantrell, NewCorp, Inc., and the New Orleans Business Alliance joined business and philanthropic partners to announce a new $5 million Mobilization Fund that will provide critical access to capital for entrepreneurs of color and women to participate in public infrastructure projects, create more jobs and grow our local economy.
NewCorp, Inc., (NewCorp) a local Community Development Financial Institution, will manage the Fund. NewCorp has a long record of accomplishments supporting entrepreneurs through increasing available credit, investment capital and financial services. Specifically, through the Fund, NewCorp will review applications, provide technical assistance, grant credit lines, and ensure loan repayment. The City of New Orleans acts as a conduit for many applicants to the Fund, often identified through the City’s BuildNOLA small business technical assistance program.
“The BuildNOLA Mobilization Fund is a big win for the people of New Orleans, and for businesses owned by entrepreneurs of color and women — who will get needed access to capital that enables them to perform on public contracts,” said Mayor LaToya Cantrell. “This is what it looks like when we stand together with our business community to move this City forward. We’re creating jobs, we’re investing in our people, and we’re making it possible for small businesses to get their fair share.”
“Access to capital and opportunity is a major barrier to economic competitiveness amongst small contractor businesses in general and in particular to businesses owned by people of color. The Mobilization Fund not only seeks to remove this barrier, but more importantly to provide the efficacy of alternative strategies and sources of capital to serve under-served communities and businesses that are forced to operate outside of the mainstream capital market place. If we, the primes, the financier, and the small disadvantaged businesses get this right, it will change the trajectory of small contractors and enhance the earnings and expertise of the primes,” said Vaughn Fauria, President and CEO, NewCorp, Inc.
As the city’s official economic development agency, the New Orleans Business Alliance is charged by Mayor Cantrell with growing the small business ecosystem in New Orleans. Since 2018, the Business Alliance worked with philanthropic leaders to secure the funding for this important initiative.
Businesses interested in the BuildNOLA Mobilization Fund should contact Peter Brooks at NewCorp, Inc. by calling (504) 208-1700 or emailing firstname.lastname@example.org.