Pay It Forward Fund™
Since September 2005, The Idea Village has secured $2.2 million in private capital for entrepreneurial ventures that are critical to the recovery and growth of New Orleans. The focus of these grants has evolved from business relief in strategic industries and corridors to business growth in cutting edge, high potential industries, such as the green, talent retention and urban development industries.
Each grant is connected to a strategic plan with a goal of accelerating the early stage growth of high impact ventures. The initiatives are tailored to a specific industry or cluster of entrepreneurs. The capital is not a loan, but a grant with the expectation that the entrepreneur will “Pay It Forward” by repaying the grant to the fund or providing services to other entrepreneurs in the community.
To date, $1,081,000 has been allocated to 145 local entrepreneurial ventures. An additional $1 million has been pledged to six ventures and over $100,000 remains in the Pay It Forward Fund for strategic distribution in 2009-2010. Over $100,000 has been “Paid Forward” in capital and services by entrepreneurs who have received grants from The Idea Village.
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