The funding came from the U.S. Treasury Department’s State Small Business Credit Initiative to invest in high-growth startups.
“Entrepreneurship is a pillar of economic development,” said Michael Hecht, president and CEO of Greater New Orleans Inc., in a Dec. 6 news release from the organization. “This unprecedented infusion of investment capital into greater New Orleans will help catalyze inclusive entrepreneurship, driving company formation in high-growth, high-wage sectors of the region.”
The funds will prioritize socially and economically disadvantaged groups, including women, people of color, military veterans, people with disabilities, and rural residents.
