A New Orleans economic development group plans to shut down

After 14 years, the nonprofit New Orleans Business Alliance (NOLABA) will shut down in early 2025 and begin transitioning its initiatives to city agencies and fellow economic development partners and organizations. Board members voted on the dissolution on Tuesday, and NOLABA has published a letter announcing the closure on its website.

“This decision, while difficult for NOLABA’s board, staff and partners, represents a positive step toward streamlining economic development, providing greater effectiveness, and ensuring economic development funds are utilized as efficiently as possible with the goal of maximizing the impacts for New Orleans residents and businesses,” wrote NOLABA President & CEO Louis David, co-signed by Board Chair Gilbert Montaño, CAO for the Mayor’s Office.

The NOLABA was founded in 2010 as a public-private partnership between the City of New Orleans and the business community. It was created under former Mayor Mitch Landrieu and was the only independent nonprofit partner and accredited economic development organization working exclusively for New Orleans.

Over its 14 years, NOLABA worked with several agencies and partners, including the City of New Orleans Economic Development Office, Thrive, Louisiana Economic Development, Downtown Development District, The Beach at UNO, New Orleans Chamber of Commerce, GNO, Inc., BioDistrict New Orleans, and Greater New Orleans Foundation. David said more information regarding the transition of its workstreams will be available in the coming weeks.

“As part of our ongoing review of NOLABA operations, long-term sustainability, and current economic development efforts and resources in New Orleans, the NOLABA Board of Directors has voted to begin transitioning the organization’s initiatives to trusted local partners,” wrote David and Montaño. “We are immensely grateful to the countless partners who have helped further equitable economic development in the city of New Orleans over the last decade and look forward to a bright and prosperous future under their leadership.”

Among the organization’s accomplishments, the NOLABA generated close to $40 million in economic development projects and supported more than 100 business retention and expansion projects, including Propel Park, DXC, and Big Easy Bucha. The organization also secured a $5 million investment into blue-green infrastructure, small business opportunities, and career pathways through the JPMorgan AdvancingCities initiative, and created the Gig Economy Relief Fund, raising over $1 million for local gig workers facing unemployment during COVID-19.

The NOLABA also launched the InvestNOLA initiative to fill funding gaps and address the needs of entrepreneurs of color with high-growth potential, generating $43 million in procurement contracts to diverse suppliers and $4 million in capital investments for entrepreneurs of color through CDFI partnerships.