The New Orleans BioFund, which was created in order to support small businesses in the region, has recently made another investment in New Orleans area companies. This brings the total amount to over $2 million invested in 12 companies to help small businesses grow, create jobs, and contribute to the economic revitalization of the city.
Developed to offer start-up capital to emerging companies who are often considered too young or risky for traditional funding sources, the BioFund’s two latest loan recipients include Jack and Jake’s, a 27,000 square-foot food market in development that will emphasize fresh food and locally grown or produced products, and Your Nutrition Delivered, which offers fresh, healthy meal options to residents and companies through home delivery services and refrigerated vending machines throughout the city.
Jack & Jake’s is being developed on Oretha C. Haley Boulevard in Central City in partnership with Alembic Community Development. “The goals of Jack & Jake’s and Alembic Community Development have been to support the revitalization of Central City while offering underserved residents access to fresh, affordable food options from regional producers,” said Jonathan Leit, director of Alembic’s New Orleans office. “The BioFund loan will provide critical financing to help build-out the Jack & Jake’s Public Market, which will open this fall and will employ approximately 65 full- and part-time team members.”
Your Nutrition Delivered CEO Erik Frank said, “With support from the BioFund, we’re installing 6 new fresh coolers in buildings and hospitals in New Orleans. This will give more than 1,000 employees new healthy food options at their workplace, positively impacting the wellness of New Orleanians through healthy, affordable and convenient meals.”