The U.S. Small Business Administration is giving $50,000 each to three business accelerator programs in New Orleans: PowerMoves.NOLA, Propeller: A Force for Social Innovation and The Idea Village.
PowerMoves works to increase the number of venture-backed, minority-founded companies locally and nationally. Propeller supports social innovation in New Orleans by incubating ventures that have the potential to solve the city’s most pressing problems. The Idea Village promotes entrepreneurial talent and activities in New Orleans.
The organizations were among 80 winners vying for funds in the second annual Growth Accelerator Fund Competition, with recipients representing 39 states, the District of Columbia and Puerto Rico.
Accelerators serve entrepreneurs nationally in a broad set of industries and sectors — from manufacturing and tech startups to farming and biotech — with many focused on creating a diverse small business community.
The accelerators receiving funds commit to quarterly reporting for one year on such things as jobs created, funds raised, startups launched and corporate sponsors obtained. The information will help the SBA build upon its database of accelerators and their impact, and to develop long-term relationships with the startups in entrepreneurial communities.
“SBA is continuing to make advances in supporting unique organizations that help the start-up community grow, become commercially viable, and have a real and sustained economic impact,” said SBA Administrator Maria Contreras-Sweet.