NEW ORLEANS (press release) – The New Orleans Industrial Development Board (IDB) is pleased to announce the selection of NewCorp, Inc. to serve as administrator of the Philipson/Randolph Fund, a special grant fund established by the IDB in 2022 to aid Disadvantaged Business Enterprises (DBEs). NewCorp, Inc., a local nonprofit that, according to their website, specializes in providing capital, counseling, technical assistance and training to small-to-moderate, minority and women-owned businesses, will be responsible for identifying, vetting and ultimately selecting the DBEs that will receive a total of $150,000 in grant awards.
In November of last year, the IDB announced the establishment of the Philipson/Randolph Fund, honoring two former members, Alan Philipson and Allison Randolph. The fund was created specifically to aid DBE construction companies and/or DBEs that offer construction related services. Subsequently, the Board issued a Request for Proposals (RFP) targeting local non-profits to serve as the administrator of the fund. NewCorp, Inc. and a number of other local organizations responded to the RFP, but it was NewCorp’s already long history of working with local DBE’s that tipped the scales in their favor. “We selected NewCorp because of their established record of working with DBE companies,” said IDB Board Chair, Darrel Saizan. Saizan also commented on NewCorp’s ability to provide business loan financing and how these two programs might work together. “At the end of the day, we hope they can help us foster the creation of more DBE companies,” Saizan said. In their role, NewCorp will help identify and ultimately select multiple DBEs in the construction arena to receive cash awards. Qualified startup businesses will receive $5000 grants while businesses that are three years or older will receive cash awards of $10,000. A total fund of $150,000 in awards will be administered under NewCorp’s guidance. “This collaborative partnership between NewCorp and the IDB is an inspiring blend of purpose that will deliver on the promise to change the game for our contracting community,” said NewCorp CEO, Vaughn Fauria. “I am proud to continue the legacy of both Philipson and Randolph through this game changing collaboration.”
Formed in 1995, NewCorp, Inc. is a Community Development Financial Institution (CDFI) that provides capital, counseling, technical assistance and training to small-to-moderate, minority and women-owned businesses that have difficulty accessing funds from traditional sources. In addition to NewCorp’s function as a CDFI, it currently administers the 7th Ward Revitalization Project (7WRP). Since its founding, NewCorp has provided more than $20 million in financing to small businesses and helped generate more than 5,000 jobs.
The Industrial Development Board of the City of New Orleans is a self-supporting, nonprofit public corporation created by the City Council to promote economic development within New Orleans. Similar boards exist in many parishes and municipalities under the authority of enabling laws originally passed by the Louisiana Legislature in 1962. The IDB’s primary mission is to assist in the creation of new projects, the creation and retention of jobs, and the revitalization of existing sites through tools like Payments in Lieu of Taxes (PILOTs) and tax-exempt bonds. Since its creation in 1973, the IDB has provided bonds and PILOT incentives for more than 120 projects representing almost $1.7 billion of capital investment, including $1.24 billion of project investments since Katrina. Applications may be obtained online at Apply Now — NewCorp, Inc. (newcorpinc.com).
