NEW ORLEANS (press release) – Propeller is launching Impact Fund II, dedicated to fostering growth and sustainability in Louisiana’s food Consumer Packaged Goods (CPG) sector. With a focus on supporting BIPOC and socially/economically disadvantaged entrepreneurs, this seed equity fund aims to empower local businesses in the Greater New Orleans area by providing crucial financial support, mentorship, and resources. Funding for Propeller Impact Fund II comes from Louisiana Economic Development through the U.S. Treasury Small States Business Credit Initiative and The Kresge Foundation.
“We are excited to launch the Propeller Impact Fund II to support the vibrant and diverse food CPG ecosystem in Louisiana,” said Patrick Hernandez, director of capital access at Propeller. “In 2023, Black founders in the US received only 0.48% of all venture dollars. We know this lack of parity extends to all groups this fund intends to serve and is catastrophic for those entrepreneurs and the economy. Through targeted investments and comprehensive support, we aim to drive positive change, empower entrepreneurs, and create lasting impacts in our community.”
“Propeller plays an important role in advancing the social and economic mobility of New Orleanians, especially BIPOC entrepreneurs and founders,” said Kevin Gray, program officer on the American cities team at the Kresge Foundation.
Propeller Impact Fund II seeks to invest in Louisiana food or beverage consumer packaged goods businesses with measurable social or environmental impact. Businesses wishing to apply should first complete an interest form on Propeller’s website to ensure proper fit with the program.
To access the interest form, register for an info session, and learn more about the Propeller Impact Fund II, visit www.gopropeller.org/funding.
Propeller is a 501c3 nonprofit that grows and supports entrepreneurs to tackle social and environmental disparities.
