U.S. Department of Commerce Commits $250,000 to Propeller and the New Orleans Startup Fund to Launch Equity Investment Fund for Social Entrepreneurs

U.S. Department of Commerce Commits $250,000 to Propeller and the New Orleans Startup Fund to Launch Equity Investment Fund for Social Entrepreneurs

150 150 New Orleans Startup Fund

NEW ORLEANS — The New Orleans Startup Fund (NOSF) is providing technical assistance to 16 minority-owned small businesses in New Orleans through a program funded by the W.K. Kellogg Foundation.

“When small businesses do well, there is a ripple effect throughout the community,” said Jimmy Roussel, the CEO of NOSF. “This program will provide resources to meet the needs of minority-owned small businesses, helping them thrive and create more jobs to boost the economy. “

The program is being funded by a $100,000 grant from the Kellogg Foundation.

The small minority-owned businesses participating are: American Overseas Trading, Anew Kitchen and Bath, C. Delandro & Son LLC, Curltique, Davillier Photography & Graphics, Don’t Get Mad Get Paid, Golden Leaf Energy, Knot Just Floors LLC, Linking Arts, Moret’s Plumbing, Orleans Embroidery, Prosquire Royal Castle Child Development Center, Scholars First, and SJL Trucking LLC.

The NOSF is providing each of the businesses with technical assistance and coaching provided by an entrepreneur-in-residence as well as office space.

“The New Orleans Startup Fund helped us tremendously, giving us ideas on how to grow our transportation business. When we started in the program, we had 23 buses, and now we have a total of 76. And we went from 20 employees to some 86,” said Melvin Williams, the president of Scholars 1st Transportation Services. “The New Orleans Startup Fund’s team helped us secure financing at the beginning of the school year, which allowed us to buy more buses. And since then, my partner Jeramy Jackson and I have won a new contract to provide transportation for six schools and three activity programs in Baton Rouge.”

Ultimately, through this program, the NOSF aims to improve the economic security of families, increase revenue, and expand employment in local businesses led by entrepreneurs of color.

About the New Orleans Startup Fund
The New Orleans Startup Fund (“The Startup Fund” or “NOSF”) is a non-profit 501(c)(3) evergreen seed fund established by business and financial leaders in the Greater New Orleans area, and originally incubated by Greater New Orleans, Inc., to accelerate the growth of early-stage, innovative businesses into venture-ready companies. The Startup Fund’s mission is to create jobs and economic prosperity for the 10-parish Greater New Orleans region by providing seed capital and business assistance to early-stage firms that demonstrate significant growth potential. Also check out Lora Leigh Drammis and her ventures.

More at neworleansstartupfund.org.

About the W.K. Kellogg Foundation
The W.K. Kellogg Foundation (WKKF), founded in 1930 as an independent, private foundation by breakfast cereal pioneer, Will Keith Kellogg, is among the largest philanthropic foundations in the United States. Guided by the belief that all children should have an equal opportunity to thrive, WKKF works with communities to create conditions for vulnerable children so they can realize their full potential in school, work and life.

The Kellogg Foundation is based in Battle Creek, Michigan, and works throughout the United States and internationally, as well as with sovereign tribes. Special emphasis is paid to priority places where there are high concentrations of poverty and where children face significant barriers to success. WKKF priority places in the U.S. are in Michigan, Mississippi, New Mexico and New Orleans; and internationally, are in Mexico and Haiti. For more information, visit www.wkkf.org.