JPMorgan Chase & Co. has made investments totaling $500,000 into four New Orleans organizations in the health sciences and biomedical industries. The recipients are the New Orleans BioInnovation Center (NOBIC), the New Orleans Business Alliance (NOLABA), Good Work Network, and The Idea Village.
The largest grant went to NOBIC, non-profit technology business incubator created to foster entrepreneurship within the New Orleans bioscience community. The official economic development agency in New Orleans, NOLABA, was awarded $150,000. Good Work Network, which provides business development services to minority- and women-owned businesses, received $100,000, and the entrepreneurial support organization The Idea Village received $50,000.
The grants, which are part of the larger, national Small Business Forward initiative, have potential to renew after a cycle of five years to continue to fund the growth of the related industries.
“Investing in dynamic bio-cluster businesses takes JPMorgan Chase’s involvement in the city’s entrepreneurial community to a new level,” said Lizette Terral, President of JPMorgan Chase in New Orleans. “These grants help connect local entrepreneurs with critical resources so they can grow, create jobs and strengthen our economy. These innovative businesses represent a bright future for our city and are a great source of pride and inspiration.”
The biomedical corridor, also known as the BioDistrict New Orleans, encompasses 1,500 acres of downtown New Orleans and Mid-City.
“We have experienced the eye-opening impact that focused support and investment have in creating a new economy based on knowledge, technology and innovation,” said New Orleans Mayor Mitch Landrieu.