N.O. Startup Fund Publishes Video on Bankruptcy as a Survival Strategy

NEW ORLEANS – The New Orleans Startup Fund, through its PowerMoves.NOLA initiative, has published a video about how bankruptcy can be beneficial to the long-term success of minority-owned businesses.

“The pandemic has created a dire situation for many businesses, and bankruptcy is a tool that they may want to consider to either stay operational until the economy bounces back or to wind down in a way that positions entrepreneurs for future success,” said Jimmy Roussel, the CEO of the New Orleans Startup Fund. “A lot of people think of bankruptcy as an end, but in reality, it can be a business-saving strategy. Large, major corporations have successfully used bankruptcy to restructure debt and get a fresh start – and we want to help provide the same opportunity to our city’s entrepreneurs of color.”

In the video, Blake Stanfill of PowerMoves NOLA and Kwamena Aidoo, the CFO of New Orleans-based holding company Square Button, discuss how bankruptcy can benefit different types of businesses facing varying circumstances. 

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Prior to joining Square Button, Aidoo was a director and founding member at Cannon Capital, a middle-market private equity firm headquartered in the Boston area. His experience in finance also includes roles at American Capital, the Clinton Group, and UBS Investment Bank. A New Orleans native, Aidoo earned his BA from Columbia University and MBA from the Wharton School at the University of Pennsylvania.

The Startup Fund invites minority business owners to submit questions for the experts at anna@neworleansstartupfund.org. 

To view the video, visit neworleansstartupfund.org/powermovesnola

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PowerMoves.NOLA’s minority-owned businesses programs are made possible with funding provided by the W.K. Kellogg Foundation, the RosaMary Foundation, and other generous sponsors.

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