New Orleans

In April 2006, Seedco Financial opened an office at Xavier University of Louisiana to assist businesses in New Orleans and the surrounding parishes in the recovery from the devastation of Hurricanes Katrina and Rita. With 10 local partners, we provide outreach and technical assistance to complement our financial assistance. Over the past two years, we have refined our strategy to target businesses in two key sectors: restaurants/food services and arts and cultural organizations, both of which were devastated by the hurricanes and are crucial to the economy and culture of New Orleans and Louisiana.

Restaurants and Food Services
Once a thriving part of the local economy, this sector is now struggling. Loss of employees and tourism and damage from the floods remain their most serious challenges.

Arts/Culture
Seedco Financial is developing a strategic plan to bolster this sector that focuses on helping arts organizations and cultural institutions develop revenue generating programs and deal with severe shortages of space and escalating rents.

Impacts

Since July 2006, Seedco Financial has assisted 125 small, mostly minority owned-restaurants to create recovery plans that include loans or grants totaling $3.66 million and technical assistance.
In addition, Seedco Financial is working with the broader restaurant community to develop strategies to recruit and retain workers and secure affordable housing for them.
An electronic planning tool that Seedco Financial has developed is helping restaurants make efficient business decisions, such as determining the best hours to remain open to maximize profits.
Seedco Financial provided grants and loans totaling nearly $1.32 million to 50 businesses that create or promote New Orleans arts and culture, including a Mardi Gras Indian organization, local artists, art galleries, tourism businesses, and performing and visual arts nonprofit organizations.