(Washington, D.C.) – U.S. Senator David Vitter (R-La.), Chairman of the Senate Committee on Small Business and Entrepreneurship (SBC), today announced that the U.S. Economic Development Administration (EDA) will be awarding $998,624 in grants to three separate Louisiana entities to address the issue of access to capital for Louisiana entrepreneurs.
“Louisiana is quickly becoming a national hub for innovation and technology development, and one of the most effective ways to build on that momentum is to explore various avenues for entrepreneurs to gain access to capital, which is one of the biggest obstacles that job creators face,” said Vitter. “These grants will go a long way toward supporting Louisiana entrepreneurs as they continue to innovate in the technology and agriculture industries.”
The Louisiana State University (LSU) in Baton Rouge will be receiving a grant of $498,624 through EDA’s i6 Challenge program to aid in bringing industrial technology users and innovators to the Baton Rouge area.
The Social Entrepreneurs of New Orleans, Inc. will be receiving a grant of $250,000 through EDA’s Seed Fund Support program to address equity capital obstacles in the greater New Orleans metropolitan area via Propeller and the New Orleans Startup Fund.
The Research Park Corporation in Baton Rouge will be receiving a grant of $250,000 through EDA’s Seed Fund Support program to provide training for businesses on how to gain and retain angel investors and also increase the number of entrepreneurs and investors engaging the NO/LA Angel Network and Innovation Catalyst.
Chairman Vitter has been working to ensure that the voices and concerns of small business owners across the country are heard in Washington. To date, he has passed 32 bills out of the Committee, 22 more than his predecessors in recent years. Additionally, the Small Business Committee has held 25 hearings, 18 field hearings, and two roundtable discussions, and has received testimony from over 175 witnesses.