The New Orleans Startup Fund (NOSF) is an evergreen venture fund that provides seed capital and technical assistance to early-stage firms that demonstrate significant growth potential.
Through a recent $100,000 grant from the W.K. Kellogg Foundation, NOSF will be providing 16 minority-owned small businesses in the area with technical assistance and coaching provided by an entrepreneur-in-residence in addition to office space.
The small minority-owned businesses participating include: 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.
“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. ”
NOSF is hoping the program will improve the economic security of families, increase revenue, and expand employment in local businesses led by entrepreneurs of color.
“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.”