New $400,000 federal grant for New Orleans high-tech startups from struggling neighborhoods
The grant from the U.S. Economic Development Administration under its “Build to Scale” program will be the initial seed capital for an investment fund that will target new businesses in the aerospace, agricultural technology, water management technology, bioscience, advanced manufacturing and health technology.
The New Orleans Business Alliance, a city economic development agency, will oversee the fund and look for a local Community Development Financial Institution to administer it. NOLABA spokesperson Valerie Huntley said the agency will be looking to add substantially to the fund from local public and private sources.
