Rural Entrepreneurship Initiative

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FAQs Rural Entrepreneurship Initiative

Aims to accelerate the growth of second-stage businesses in rural areas of Louisiana through peer-learning and developmental assistance. Peer-to-peer learning and developmental assistance

LED’s Rural Entrepreneurship Initiative, delivered in partnership with the Edward Lowe Foundation, aims to accelerate the growth of second-stage businesses in rural areas of Louisiana. With the unique challenges rural entrepreneurs face, program participants will be able to identify what scaling means for both their companies and their communities. They will then move on to develop and refine their business strategy and will be connected to the right tools and expertise to execute the strategy.

The program includes a virtual kickoff retreat workshop to help develop and refine an overall growth strategy, identify strengths and weaknesses and establish commitment goals. The program provides a unique peer-learning opportunity and allows participants to discuss pressing issues in a confidential environment. Participants gain business intelligence related to specific internal or external growth challenges delivered via a team of highly skilled specialists. Eligibility

In order to be considered for participation in the Rural Entrepreneurship Initiative, a business should meet the criteria described below: Company Location, The company must have its principal place of business in a Louisiana city with less than 50,000 in population. Annual Revenue, The company should have annual revenue between $600,000 and $50,000,000. Employees, The company should employ at least five but not more than 100 employees. External Markets- The company should deliver products or services to customers outside their local market or demonstrate the capacity and desire to do so. Lawful Function, The company must be organized for profit to perform a lawful, commercially useful function. Growth- Additional consideration will be given to companies that can demonstrate past and potential growth. Participant Profile, Participants must be a CEO, business owner or key decision maker in the company.

Applicants are not guaranteed acceptance due to high demand and limited capacity. The Process

Applications will be accepted between May 1 and May 31 for participatory consideration in the Rural Entrepreneurship Initiative. 1

Complete and submit the application between May 1 and May 31. 2

LED reviews application pool for vetting and selection. 3

Companies will be notified of their status and next steps. 4

LED connects confirmed participants with the Edward Lowe Foundation for preparatory items in advance of the program launch. 5

LED works with participants individually to prepare for their Strategic Research engagement. 1

Complete and submit the application between May 1 and May 31. 2

LED reviews application pool for vetting and selection. 3

Companies will be notified of their status and next steps. 4

LED connects confirmed participants with the Edward Lowe Foundation for preparatory items in advance of the program launch. 5

LED works with participants individually to prepare for their Strategic Research engagement. Eligibility Scenarios My business is currently receiving LED incentives. Am I still eligible to participate in the Rural Entrepreneurship Initiative program?

Yes. Your participation in other LED incentives does not preclude you from receiving assistance through Rural Entrepreneurship Initiative program. I just sold my business to an out-of-state company but continue to operate it from a Louisiana location. Can we still participate in the program?

No. Subsidiary companies are considered to be a part of the parent company. Since the parent company is not Louisiana-based, it would not be eligible for this program. My company is looking to expand its business throughout Louisiana, but we do not have the capacity to grow beyond the state's borders at this time. Can the Rural Entrepreneurship Initiative help…

Topic areas: Social Innovation and Community Development, Workforce Development, Public Policy and Governance.

Funding amount

This other provides Varies in funding.

Deadline

Applications are accepted on a rolling basis; there is no single fixed deadline.

Who can apply

This opportunity is open to the following applicant types:

• Not specified by the program.

Eligibility

The program did not publish a separate eligibility statement. See the official opportunity page for the full eligibility criteria.

Agency

Rural Entrepreneurship Initiative is administered by Louisiana Economic Development (LED), listed via Louisiana Economic Development.