Lafayette is moving forward with a $5.9 million Small Business Success Center at the historic Holy Rosary campus in north Lafayette, a project aimed at helping local entrepreneurs start, finance and grow their businesses.
The 8,600-square-foot facility will be developed near Louisiana Avenue and Carmel Drive and is expected to serve as a central location for small-business assistance, training and access to capital.
According to reporting by The Acadiana Advocate, the project is part of a broader effort to redevelop the longtime Holy Rosary property and bring new economic activity to the area.
What the Center Will Offer
The new facility is expected to include offices for the Lafayette Economic Development Authority’s small-business team, training rooms and private meeting areas for entrepreneurs.
Planned services include help with business planning, financial literacy, one-on-one counseling, financing options and other support designed to help small businesses survive and grow.
The center is also expected to include youth entrepreneurship programs, giving younger residents exposure to business ownership and the basics of running a company.
That is important because true economic development cannot rely only on attracting large corporations from outside Louisiana.
Some of the strongest businesses in Acadiana started with one person, one idea and a willingness to take a risk.
Access to Capital
A major part of the center is expected to be upLFT Capital Access, also known as the Lafayette Community Development Fund.
The organization is pursuing Community Development Financial Institution status, which could provide additional financing options for small businesses that may have difficulty obtaining traditional bank loans.
Access to capital is one of the biggest barriers facing small-business owners.
A good idea does not mean much if an entrepreneur cannot afford equipment, inventory, rent, insurance or startup costs.
If this center can connect serious entrepreneurs with responsible financing while also providing solid business guidance, it could make a real difference.
Historic Holy Rosary Campus
The project is being built on the historic Holy Rosary campus, which dates back to 1913.
Holy Rosary Institute once provided vocational and technical education to Black students from Louisiana and throughout the region before closing in 1993.
The property is listed on the National Register of Historic Places and has been targeted for redevelopment for years.
The new Small Business Success Center is expected to be one of several projects on the site, alongside plans for the Norman C. Francis Public Library, a Head Start facility and other community improvements.
That makes this more than just another construction project.
It is also an effort to bring productive use back to a historic piece of north Lafayette.
Taxpayers Should Expect Results
The center is being funded through LEDA and state money secured over several legislative sessions.
That means taxpayers should judge the project based on results.
Not ribbon cuttings.
Not speeches.
Not press releases.
The real measure should be how many businesses are created, how many survive, how many jobs are produced and how many entrepreneurs eventually become successful without needing continued public assistance.
If the center produces those kinds of results, it will be a worthwhile investment.
If it becomes another government building filled with programs but little measurable economic impact, taxpayers will have every right to question it.
A Chance to Build Something Local
North Lafayette has seen plenty of promises over the years.
What this project offers is an opportunity to build something more permanent — locally owned businesses, local jobs and local wealth.
Economic development should not only be about bringing in outside companies.
It should also be about helping Louisiana residents build companies of their own.
That is where this project has the potential to make its biggest impact.
Sources: The Acadiana Advocate and project information published by Developing Lafayette.
