Is New Orleans a Good Place for a Small Business?

by | Mar 1, 2022 | Business Line of Credit | 0 comments

Most people know at least something about New Orleans. It’s the center of Mardi Gras. It is known for the French Quarter. The New Orleans Saints play there. It is home to outstanding music and fantastic food, and it has a rich history that tells an important story about this country. The list could honestly go on and on, outlining why the Big Easy is such a great place to live or visit. From the culture to the local color to everything New Orleans has to offer, you’d be hard-pressed to find reasons not to start a business in New Orleans. This article will look at five of the main reasons why starting a small business in New Orleans is a terrific idea.

1. There is underlying energy in the city of New Orleans.

Certainly, more practical factors and matters decide whether or not to open a business in New Orleans. But one thing to keep in mind is the energy inherent in the Big Easy. Mardi Gras aside, energy is evident everywhere, every day in Crescent City. During the day, entrepreneurs are busy running their enterprises. At night, many of those same entrepreneurs come together in a dynamic and meaningful way to network, celebrate their successes, and support one another. Perhaps the best way to define the energy of New Orleans is mutually supportive.

2. There are plenty of opportunities for business loans in New Orleans.

As a small business or startup, it can be challenging to procure the cash to keep things flowing. New Orleans offers numerous options for business owners to get the money they need to help grow their businesses. If you choose to work with an alternative or online lender, their process is fast and flexible. Many New Orleans business owners receive funding in as little as two days. There is no waiting around; there are no frustrating hoops to jump through, in many instances. This gives you the leverage you need for expanding your company.

3. There’s a vast pool of talented professionals.

The one thing about the people of New Orleans is that they take great pride in their home city. This means many college graduates from the area tend to stay in the place. This is perfect for business owners as it gives you a vast talent pool from which to recruit. Not to mention, keep in mind that Louisiana has lower operational costs than many other states in the country.

4. New Orleans is a tourist mecca.

Being in a major city that attracts people from all over the country has its benefits. People may go there to visit the famed Bourbon Street. But while in New Orleans, they tend to spend money pretty much everywhere. Depending on what business industry or sector you’re in, this is undoubtedly a benefit to you.

5. It’s a little-known tech hub.

You’d be surprised at the amount of development that is happening daily in the Big Easy. Yes, it may be known for its Fat Tuesday celebrations, but New Orleans is also known for its more serious side, the side that is advancing technology every day. While other cities in the United States and worldwide tend to be more commonly associated with tech development and innovation, New Orleans often gets overlooked.

If you have a small business in New Orleans, you are golden. The city is poised to experience tremendous growth in the next 5 to 10 years, meaning the small businesses headquartered here will undergo something of a boom.

First Union Lending is Here to Help

We offer a wide variety of loan options for businesses in New Orleans. Whether you are looking for a line of credit or a merchant cash advance, or an SBA loan, we have the resources to accommodate your needs. Call today and let’s get started together.