NEW ORLEANS (press release) — As part of ongoing reviews of New Orleans’ economic development landscape and long-term funding resources, the New Orleans Business Alliance (NOLABA) Board of Directors has announced the organization’s initiatives will begin transitioning to trusted local partners next year, voting to dissolve the organization effective in early 2025 during today’s board meeting.
“This decision, while difficult for NOLABA’s board, staff and partners, represents a positive step forward in ensuring economic development funds are utilized as efficiently and effectively as possible,” said NOLABA Board Chair Gilbert Montano.
Formed in 2010 as a public-private partnership between the City of New Orleans, philanthropy and the local business community, NOLABA has united a diverse community of stakeholders to catalyze job growth, create wealth and build an equitable and sustainable economic future for New Orleans.
Some of those accomplishments include:
- Generated $37M+ value for economic development, using city support as leverage to triple total funding available for programming benefiting New Orleans businesses and workers
- Secured a historic $5M investment into blue-green infrastructure, small business opportunities and career pathways through the JPMorgan AdvancingCities initiative
- Created the Gig Economy Relief Fund at the onset of the COVID-19 pandemic, raising over $1M in funding for local gig workers facing unemployment
- Launched the InvestNOLA initiative to fill critical funding gaps and directly address the needs of entrepreneurs of color with high-growth potential, generating $43M in procurement contracts to diverse suppliers and $4M in capital investments through CDFI partnerships
- Developed and produced the New Orleans Health Innovators Challenge (NOLAHI) and other unique programming to attract investments and encourage growth of the bio sector, capitalizing on recent historic investments in our healthcare delivery and research infrastructure
- Launched the Resilient Corridors Initiative to support neighborhood businesses in seven targeted corridors identified as part of NOLABA’s Strategic Neighborhood Development efforts (New Orleans East, Lower 9th Ward, Hollygrove, Gert Town, Gentilly, Treme, and Algiers)
- Directly supported 100+ business retention & expansion projects citywide, including Propel Park, DXC and Big Easy Bucha
“NOLABA is immensely grateful to the many partners who have helped further equitable economic development in our city over the last nearly 15 years, and we look forward to a bright and prosperous future under their leadership,” said NOLABA President & CEO Louis David. “This strategic unification of economic development resources will yield countless benefits for generations of New Orleanians to come.”
NOLABA is currently working with multiple economic development partner organizations, including the City of New Orleans, Thrive, Louisiana Economic Development, Downtown Development District, The Beach at UNO, New Orleans Chamber of Commerce, GNO, Inc., BioDistrict New Orleans and Greater New Orleans Foundation, to transition its initiatives in early 2025 and identify career opportunities for staff. More information regarding the transition of its workstreams will be available on its website in the coming weeks.
For additional details, please visit nolaba.org.
