Startup Noir NOLA Positions New Orleans as a National Leader in Supporting Black Innovation
Although 40% of small businesses in New Orleans are owned by Black, Indigenous, and People of Color (BIPOC), these businesses are currently generating only 2% of the city’s total revenue which means there are still significant hurdles faced by BIPOC businesses. In addition, Black founders face greater difficulty accessing loans and funding, limiting their growth and competitiveness.
That’s why GNO, Inc. launched Startup Noir NOLA (SNN) in November, an initiative designed to tackle the challenges faced by Black entrepreneurs in New Orleans and create pathways to generational wealth. Startup Noir NOLA aims to boost the economic landscape in New Orleans by building an ecosystem that connects Black entrepreneurs with essential resources and capital.
There is already a considerable amount of positivity in New Orleans when it comes to BIPOC-owned business. According to Startup Noir NOLA, a foundation of a rich entrepreneurial ecosystem already exists in New Orleans and is rapidly growing to build wealth and cultivate the reality of prosperity for Black founders in Greater New Orleans.
Examples of BIPOC business success abound, including the recent naming of Todd McDonald, Liberty Bank and Trust Company President, to the Forbes BLK 50 List for 2024, a list of the country’s fifty richest and most impactful Black entrepreneurs and executives. Liberty Bank and Trust Company initiatives include assisting in the implementation and support of community-based endeavors to improve quality of life, expanding access to secondary and higher education, and increasing the availability of affordable housing.
With a strong community and density of Black residents, a powerful cluster of Historically Black Colleges and Universities, an internationally recognized creative culture built by Black culture bearers, and a startup support system that can scale, the Greater New Orleans region is a prime destination for Black founders to establish and scale their startup businesses.
The Startup Noir NOLA initiative seeks to foster a more equitable economy and position New Orleans as a national leader in supporting Black innovation. By addressing disparities impacting BIPOC businesses in New Orleans, Startup Noir NOLA is paving the way for a stronger and more inclusive business community.
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