The LPFA helped establish this concept in Louisiana, fostering incubators in Baton Rouge, Shreveport, Carencro and New Orleans. These provide new business ventures with the space, facilities, shared services and expertise necessary to survive the tenuous start-up period. While 80 percent of small businesses fail in the first five years, 80 percent of incubator-started businesses are still operating after five years. In Louisiana, 325 businesses have graduated from incubators and over 243 are still in business, generating over 5,000 jobs and over $100 million in payroll. Louisiana’s eleven incubators house 300 businesses with 800 employees in the facilities.
Over 1,000 new businesses that do not reside in incubators have also been assisted:
LPFA grant funds helped finance the “Riverfront 2000” project startup and planning studies in New Orleans that blossomed into such accomplishments as the Aquarium of the Americas and projects at the Audubon Zoo, including the new Species Survival Center and the creation of over 3,600 jobs.
Since the LPFA-assisted startup of this unique program, 1,200 stores statewide have rebated sales taxes to foreign shoppers. The incentive doubled spending by foreign visitors to our state (from $18 million in 1989 to $38.6 million in 1995), generating $6 in other taxes for every $1 rebated. Since 1989 the economic impact is calculated at $278 million and the creation of 5,800 jobs.
LPFA funding initialized the formation of this alliance that forges eight New Orleans-area parishes into one cooperative economic development unit.
The LPFA helped endow this program in East Baton Rouge Parish that makes grants to teachers for materials and projects that directly impact the students in the classroom. Through this Fund, over 768 academic projects involving over 60,000 students and more than 1,500 teachers have been assisted. The results of this assistance are apparent through improved grades, increased morale, and decreasing absenteeism.
The Partnership has assisted hundreds of technology-driven companies located in or seeking to locate in Louisiana, providing extensive strategic business planning assistance to more than 25 of these companies. These companies have attracted more than $14 million in private investment.