NEW ORLEANS:Supporting Local Disadvantaged Businesses

BuildNOLA Mobilization Fund

Supporting Local Disadvantaged Businesses

The pilot BuildNOLA Mobilization Fund blends public, private, and philanthropic dollars to provide capital to local disadvantaged businesses. Created by the Network for Economic Opportunity, a partnership of government agencies and nonprofit organizations supported by the Living Cities Integration Initiative, the initial $1.5 million capital raised will help a local lender, NewCorp, expand its lending and identify barriers faced by these businesses. This will help position these business to win some of the more than $2 billion in post-Katrina funding between now and 2022. Given that New Orleans is a pioneer in green stormwater infrastructure, these new businesses will also gain valuable market experience that may be translatable to other areas that lack this experience. The Netherlands government has used some of the expertise gained in flood control and green solutions to generate revenue from consulting to other governments. New Orleans and its mobilized small businesses may be able to do the same.

Mayor Mitch Landrieu of New Orleans speaks at the kickoff event for the BuildNOLA Mobilization Fund.