Propeller, a hub for social innovation in New Orleans, announced a brand new fund for local entrepreneurs. The Social Venture Fund is a $1 million loan fund for those tackling social and environmental inequities in the city and is now accepting applications.
The Fund was developed in partnership with Foundation for Louisiana and will focus on entrepreneurs in the areas of food, water, health, and education, especially entrepreneurs of color in the South Broad commercial corridor.
“This Fund will address a long-ignored funding gap faced by New Orleans’ small businesses, especially those owned by women and entrepreneurs of color, by offering loans with terms and mentorship that encourage the growth and continued success of our borrowers.” Flozell Daniels, CEO and president of Foundation for Louisiana.
Propeller shared the Fund is a vehicle to scale and prepare these entrepreneurs for follow-on funding and access to the formal banking system. The organization will be providing below-market rate loans ranging from $20,000 to $100,000 to the entrepreneurs.
Living Cities in the lead investor in the Social Venture Fund. The investment is part of Living Cities’ $37 million impact investment debt fund called the Blended Catalyst Fund. The Reinvestment Fund, the blue moon fund, the Ella West Freeman Foundation, and the Patrick F. Taylor Foundation are also investors.
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