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SBA Picks New Orleans for Small-Business Program
March 13, 2008
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The program will focus on “small, poised-for-growth inner-city companies with potential for job creation,” SBA said.
New Orleans CityBusiness
SBA Picks N.O. for Small-Business Program
Posted: 3/12/08
WASHINGTON - The U.S. Small Business Administration selected New Orleans as one of 11 cities to participate in the Emerging 200 initiative, a program aimed at accelerating the growth of 200 inner-city small businesses.
The other cities: Boston; Philadelphia; Baltimore; Memphis, Tenn.; Atlanta; Chicago; Milwaukee; Albuquerque, N.M.; Des Moines, Iowa; and Oakland, Calif.
The program will focus on “small, poised-for-growth inner-city companies with potential for job creation,” SBA said.
Research shows that small firms with fewer than 20 employees created 80 percent of the net new jobs in the economy from 1990 to 2003 and that small businesses in inner cities added nearly three times the number of new jobs than larger companies between 1995 and 2002, SBA said.
“This innovative initiative is designed to accelerate the growth of companies that are poised for sustained expansion,”said SBA Administrator Steve Preston. “With the selection of these eleven cities, the Emerging 200 initiative will begin to prepare 200 high-potential companies for their next phase of growth. It will attract and tap the power of these local entrepreneurs to transform their communities, grow wealth and increase the tax base in a real and lasting way.”
The Emerging 200 initiative will be officially unveiled in the pilot cities late this month and in early April.
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