Nine small businesses from across the state have been selected to participate in the third annual Rural Entrepreneurship Initiative, an LED program that helps local companies overcome challenges unique to rural communities.
Program participants are considered second-stage businesses, which typically have 10 to 99 employees and are poised for further growth, often spurred by expansion to out-of-state markets. The initiative, conducted in partnership with the Edward Lowe Foundation, is designed to address issues that are common to all small businesses but often magnified in rural areas, such as targeting new opportunities, sustaining growth, expanding a team and marketing digitally.
“One of our top priorities at LED continues to be supporting, developing and enhancing business resources for rural communities,” LED Secretary Don Pierson said. “Our partnership with the Edward Lowe Foundation is one of the many ways we leverage state-of-the-art tools and assets rural entrepreneurs need to be successful. Rural small businesses are key to expanding and diversifying the state’s economy and this initiative provides a spark for rural economic growth.”
The businesses selected to participate in the 2023 Rural Entrepreneurship Initiative are:
The program opens with a three-day retreat (May 16-18), followed by professionally facilitated virtual roundtables each month. Participants also have the opportunity to work with LED’s System for Integrated Growth, which provides one-on-one access to expert specialists who generate customized information aligned with specific company needs. The initiative closes with a final meeting featuring presentations from participants about business goals and plans.
“LED’s Rural Initiative, through peer to peer learning among innovative small businesses, will shine a light on challenges that exist and foster the development of solutions to those challenges,” LED Small Business and Community Services Director Patrick Witty said. “We are proud of this class of business leaders and look forward to the continued impact they will have in their communities and the state’s economy.”
Upon completion of the program, participating companies join the LED Growth Network, a statewide alumni group that consists of more than 630 companies generating nearly $4 billion in annual sales and employing more than 21,700 full-time equivalent employees.
“I would like to recognize LED’s ongoing commitment to second-stage companies in rural Louisiana,” Edward Lowe Foundation Chairman and President Dan Wyant said. “In many communities, second stage companies are under-recognized and under-supported – not in Louisiana. LED continues to be the model for accelerating growth of these important rural businesses.”
LED and the Edward Lowe Foundation hope to expand the initiative to more companies and communities in future years. For more information about becoming part of the LED Rural Entrepreneurship Initiative, contact Small Business Services Program Manager Johnna Johnson at 225.342.4492 or Johnna.Johnson@la.gov.