Industrial Development Board Establishes Fund to Assist DBEs

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NEW ORLEANS — The Industrial Development Board of the City of New Orleans has established the Philipson/Randolph Fund to assist eligible local Disadvantaged Business Enterprises. The fund will award grants at two levels to eligible participants.

The IDB is also issuing a request for proposals to local nonprofits interested in helping administer the program. The fund is geared to startups and established businesses with a construction focus. Both skilled construction trade businesses and professional service providers will be eligible. DBEs that play a role in Affordable Housing are also encouraged to participate. Grant levels include $5,000 awards to startup businesses and $10,000 to more established firms.

The $150,000 Philipson/Randolph fund was established to honor two former IDB officers, Alan Philipson and Allison Randolph. Philipson served as board chair from 2013 to 2021 and Randolph as vice-chair from 2010 to 2015. 

“It’s difficult to overstate the value of their efforts,” said IDB Board Chair Darrel Saizan. “They were focused on trying to level the playing field so that disadvantaged businesses could increase their overall capacity and compete for contracts that were once out of their reach. That’s why the award is named in their honor.”

“I am excited that the IDB, through the Philipson/Randolph Fund, will be assisting in the creation and furtherance of DBE development in our city,” said Edith Gee Jones, chair of the Philipson/Randolph Fund. “By growing and strengthening the local DBE pool, the fund can help developers achieve the 35% DBE participation rate required in all IDB PILOT Projects

The Industrial Development Board of the City of New Orleans is a self-supporting nonprofit public corporation created by the City Council to promote economic development within New Orleans. 

Categories: Nonprofit, Today’s Business News