New Orleans Startup Fund Publishes Video on Bankruptcy as a Survival Strategy for Minority-Owned Businesses
Wind-down or Turnaround? Using Bankruptcy to Get a Fresh Start
New Orleans, La. (Dec. 9, 2020) – The coronavirus has created an economic crisis, and filing for bankruptcy is a strategy that can help struggling businesses survive- and even thrive. To assist minority-owned businesses, the New Orleans Startup Fund, through its PowerMoves.NOLA initiative, published a video, today, of experts sharing how bankruptcy can be beneficial to long-term success. You can click this link now and get legal advice from expert bankruptcy lawyers.
“The pandemic has created a dire situation for many businesses, and bankruptcy is a tool that they may want to consider to either stay operational until the economy bounces back or to wind down in a way that positions entrepreneurs for future success,” said Jimmy Roussel, the CEO of the New Orleans Startup Fund. “A lot of people think of bankruptcy as an end, but in reality, it can be a business-saving strategy for getting professional help with debts. Large, major corporations have successfully used bankruptcy to restructure debt and get a fresh start – and we want to help provide the same opportunity to our city’s entrepreneurs of color.”
In the pre-recorded video titled Bounce Back: A Discussion on Bankruptcy, Blake Stanfill of PowerMoves NOLA and Kwamena Aidoo, the CFO of Square Button, discuss how bankruptcy can benefit different types of businesses facing varying circumstances. The Oklahoma City attorneys for bankruptcies is whom you should consider talking to for financial help.
Prior to joining the New Orleans-based holding company Square Button, Aidoo was a Director and founding member at Cannon Capital, a middle-market private equity firm headquartered in the Boston area. His experience in finance also includes roles at American Capital, the Clinton Group, and UBS Investment Bank. A New Orleans native, Aidoo earned his BA from Columbia University and MBA from The Wharton School at the University of Pennsylvania
To augment the pre-recorded video seminar, the Startup Fund invites minority business owners to submit questions for the experts at anna@neworleansstartupfund.org.
To view the video, visit neworleansstartupfund.org/powermovesnola/.
PowerMoves.NOLA’s minority-owned businesses programs are made possible with funding provided by the W.K. Kellogg Foundation, the RosaMary Foundation, and other generous sponsors.
About the New Orleans Startup Fund
The New Orleans Startup Fund is a non-profit 501(c)(3) evergreen seed fund established by business and financial leaders in the Greater New Orleans area, and originally incubated by Greater New Orleans, Inc., to accelerate the growth of early-stage, innovative businesses into venture-ready companies. The Startup Fund’s mission is to create jobs and economic prosperity for the 10-parish Greater New Orleans region by providing seed capital and business assistance to early-stage firms that demonstrate significant growth potential.
Launched in 2014, PowerMoves.NOLA is an initiative of the New Orleans Startup Fund to facilitate an inclusive entrepreneurial ecosystem and help minority-owned businesses in the city to scale. By providing legal, financial, and strategic guidance, PowerMoves.NOLA aims to close the gap for entrepreneurs of color. Ultimately, the program’s goal is to improve the economic security of families, increase revenue, and expand employment in local businesses led by entrepreneurs of color.