LED launches mentor-protégé program for Louisiana small businesses
Louisiana Economic Development is launching a new program to connect small businesses with mentor companies that can provide technical and developmental assistance.
Announced today, the Mentor-Protégé Recognition Program seeks to assist small and emerging businesses, including those owned by minorities, women and veterans. Mentor companies participating in the program help in building the capacity of protégé businesses to compete for public and private sector opportunities.
Under the program, companies work together for a year, with an option for renewing the partnership for up to two additional years. As part of the application process, protégé companies identify business practices in which they need assistance and mentor companies offer assistance in specific areas. Mentorship activities can include a range of business activities, such as financial management, inventory control, access to capital, risk management and marketing.
“This program helps our mentor companies build a diverse and qualified supply chain of contractors and suppliers, while protégé businesses get assistance to avoid pitfalls that deter business success,” LED Secretary Don Pierson says. “The result is business growth, increased jobs and an expanded economy.”
LED is currently accepting online applications for protégé companies to enter the program.