Small businesses or startups in North Louisiana will soon benefit from a $30,000 grant that will help pay for prototypes businesses can build to test their products and increase their chances for long-term success.
The grant from Regions Bank will be allocated to BRF’s Entrepreneurial Accelerator Program (EAP). The funding is expected to support at least three prototypes for small businesses or startups in North Louisiana.
Prototypes are an important resource for startup companies, allowing entrepreneurs to test their product prior to manufacturing and address any issues before launching. Entrepreneurs can use a prototype to gather feedback from potential users and investors on its functionality. More importantly, a prototype helps entrepreneurs demonstrate their product’s use and value to potential investors.
“A prototype is a cost that a lot of small businesses and startups can’t afford,” said EAP Executive Director Dave Smith. “It’s a tool that can help entrepreneurs attract investors. We’re pleased to partner with LA New Product Development Team (LA NPDT) and Regions Bank to offer them this service.”
The grant from Regions Bank will allow startups chosen by EAP to work with LA NPDT to develop the prototypes. LA NPDT used EAP services to launch in 2018.
“Start-up initiatives and small businesses play a vital role in creating jobs and advancing the economies of our cities and towns,” said Mark Evans, Market Executive for Regions Bank in Shreveport. “Regions Bank has long been committed to supporting the vision of entrepreneurs. Providing that support through projects like the Entrepreneurial Accelerator Program is more important now than ever due to the challenges presented by COVID-19. This is about making an investment today that will yield benefits for North Louisiana small businesses for many years to come.”
This new opportunity is open to startups and small businesses in 21 North Louisiana parishes. The grant is designed to serve companies with low-to-moderate income, as well as women- or minority-owned businesses.
Visit www.eapla.com to apply for services from EAP.
EAP serves as the region’s startup accelerator and small business resource, analyzing the viability of ideas and products, matching entrepreneurs with informed investors and other funding opportunities and nurturing them through the critical steps toward market. EAP provides a suite of services to build sustainable and profitable companies in North Louisiana. EAP, through NorLEAP, has expanded its services across 21 North Louisiana parishes and spearheads North Louisiana university pitch competitions.
About Regions Bank
Regions Financial Corporation (NYSE:RF), with $147 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates more than 1,300 banking offices and 2,000 ATMs. Regions Bank is an Equal Housing Lending and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.