Capital is often difficult to obtain for small businesses and startups, which are high-risk ventures. The innovative BioFund program supports small businesses that may not qualify for traditional financing options. These investments help bridge a critical funding gap, thus allowing companies to better position themselves for growth and success.
The New Orleans BioFund operates in all industries, but places a special emphasis on biotechnology as a part of its mission. Furthermore, the fund is currently transitioning to a micro-venture capital model. This will provide startup investment options such as equity, convertible debt, and loan financing options.
The BioFund was kick started with funding from the U.S. Department of Housing and Urban Development and the Office of Community Development Disaster Recovery Unit to provide capital to startup companies looking to achieve growth, thereby increasing their potential for contribution to the economic development of Louisiana.