WASHINGTON (press release) — U.S. Secretary of Commerce Gina M. Raimondo announced the Department’s Economic Development Administration (EDA) is awarding a $500,000 grant to Idea Village in New Orleans to expand its entrepreneurial support programs. This grant is funded by the American Rescue Plan.
This grant will grow and scale Idea Village’s idea-stage accelerator program, IDEAinstitute, to serve additional entrepreneurs and expand the program’s reach to underserved communities. The EDA investment will be matched with $125,000 in local funds.
“The American Rescue Plan provides tailored support to communities and regions as they recover and build a better America from the pandemic,” said Assistant Secretary of Commerce for Economic Development Alejandra Y. Castillo. “This project will provide entrepreneurs with the resources they need to turn an idea into a scalable venture, helping them grow new businesses and create new jobs, which will lead to a diverse regional economy.”
“We know small companies can solve problems and change the world. The Idea Village is focused on the principle of supporting regional startups and big thinkers,” said Governor John Bel Edwards. “We are excited that Secretary of Commerce Gina M. Raimondo has recognized the Idea Village as a leader in developing place-based entrepreneurial ecosystems and made this award.”
“We need to ensure that our impressive economic recovery from COVID-19 lifts all boats and leaves no one behind,” said Congressman Troy Carter. “This investment from the American Rescue Plan will allow Idea Village—an on-the-ground nonprofit—to uplift more underserved entrepreneurs in New Orleans than ever before, growing our small business ecosystem and training the business owners of tomorrow.”
This project is funded under EDA’s American Rescue Plan Economic Adjustment Assistance program, which makes $500 million in Economic Adjustment Assistance grants available to American communities.
