reglab/statecodes huggingface dataset:
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part V - Secretary of State › Chapter 9 - Special Corporations › Section V-902 - Commercial API Service

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				Department of State has developed and now offers an optional paid Commercial
				API Subscription service which will allow customers, such as banks, service
				companies and agencies doing enforcement activities, to search for business
				entity filings using their back-end systems. This will allow the customer to
				integrate validation of business information into their processes, such as a
				bank creating a business checking account without having to open a browser,
				navigate to the secretary of state website, type in the business name, and
				click search. They could even populate data from the business information that
				the secretary of state has on file into fields in their application. The
				service will also allow customers to validate certificates issued by the Office
				of the Secretary of State to confirm their authenticity. The secretary of state
				currently does not know which customers are using the website. When customers
				sign up for the service, the secretary of state will have the contact
				information to provide better and more reliable service to them, and if there
				are any issues the secretary of state will know which customers to inform. The
				secretary of state has had to block legitimate customers from accessing the
				secretary of state website to try and prevent performance issues caused by
				people trying to harvest data from the site or just wreak havoc. The API would
				ensure legitimate business customers have access to the business
				data.
B. Any person who has a
				department single sign-on account with a verified email address can enroll in
				the optional Commercial API. The enrollment application will be completed
				online on the secretary of state website.
C. The service has a one-year non-refundable
				renewable subscription fee of $500. The subscription renewal form will be found
				on the secretary of state website. Enrollments are non-transferrable.
AUTHORITY NOTE: Promulgated in accordance with
					 R.S.
					 49:222 and
					 R.S.
					 36:742.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part V - Secretary of State › Chapter 11 - Limited Liability Companies › Section V-1102 - Commercial API Service

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				Department of State has developed and now offers an optional paid Commercial
				API subscription service which will allow customers, such as banks, service
				companies and agencies doing enforcement activities, to search for business
				entity filings using their back-end systems. This will allow the customer to
				integrate validation of business information into their processes, such as a
				bank creating a business checking account without having to open a browser,
				navigate to the secretary of state website, type in the business name, and
				click search. They could even populate data from the business information that
				the secretary of state has on file into fields in their application. The
				service will also allow customers to validate certificates issued by the Office
				of the Secretary of State to confirm their authenticity. The secretary of state
				currently does not know which customers are using the website. When customers
				sign up for the service, the secretary of state will have the contact
				information to provide better and more reliable service to them, and if there
				are any issues the secretary of state will know which customers to inform. The
				secretary of state has had to block legitimate customers from accessing the
				secretary of state website to try and prevent performance issues caused by
				people trying to harvest data from the site or just wreak havoc. The API would
				ensure legitimate business customers have access to the business
				data.
B. Any person who has a
				department single sign-on account with a verified email address can enroll in
				the optional Commercial API. The enrollment application will be completed
				online on the secretary of state website.
C. The service has a one-year non-refundable
				renewable subscription fee of $500. The subscription renewal form will be found
				on the secretary of state website. Enrollments are non-transferrable.
AUTHORITY NOTE: Promulgated in accordance with
					 R.S.
					 49:222 and
					 R.S.
					 36:742.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part V - Secretary of State › Chapter 13 - Partnerships › Section V-1300 - Secure Business Filings Service

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				The Department of State has developed and now offers a secure business filings
				(SBF) service designed to discourage fraudulent business filings in Louisiana.
				The service will notify a partnership via email whenever amendments are
				submitted on the partnership through geauxBIZ. The partnership will have the
				opportunity to review the filing and approve or reject further processing by
				the Department of State.
B. Any
				person who has a geauxBIZ account with a verified email address can enroll in
				the optional SBF service. The enrollment application must be authorized by a
				person who is a named officer, director, member, manager, or partner of record
				(the authorizing authority). The identity of the authorizing authority must be
				verified by completing a secure business filing service enrollment application
				authorization which must be verified by a licensed notary public in the state
				where the authorizing authority resides. A copy of the authorization form can
				be found on the departments website. The authorization application is required
				for all SBF applicants, even if the applicant is the approval
				authority.
C. Business entities
				will have an opportunity to review the filing and approve or reject further
				processing by the Department of State. To approve a filing, the partnership
				must provide the PIN assigned to the partnership within five days of receiving
				notification of a pending file. If the partnership rejects a filing or if five
				days passes with no action performed, the filing will not be processed by the
				Department of State.
D. The
				partnership is responsible for PIN usage and security. The Department of State
				will not be responsible for unauthorized usage of the PIN or changes made to
				the partnerships business record as a result of an unauthorized user entering
				the correct PIN. The department reserves the right to cancel the SBF service,
				change the PIN, remove an SBF enrollee, change the SBF service terms and
				conditions, or act to prevent or prosecute fraudulent activity at any
				time.
E. An enrollment does not
				expire; however, it can be cancelled by the enrollee, by another authorized
				applicant, or by the Department of State. Enrollments are non-transferrable. A
				new SBF enrollment application must be completed to reinstate a cancelled
				enrollment or to change the SBF enrollment to a different geauxBIZ user. Once
				the enrollment application is approved by the department, the department will
				provide the partnership with a personal identification number (PIN) that will
				be unique to the partnership. The partnership can give the PIN to any person
				filing amendments on the partnerships behalf.
AUTHORITY NOTE:
				  Promulgated in accordance with
				  R.S.
				  49:222 and
				  R.S.
				  36:742.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part V - Secretary of State › Chapter 13 - Partnerships › Section V-1302 - Commercial API Service

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				Department of State has developed and now offers an optional paid Commercial
				API subscription service which will allow customers, such as banks, service
				companies and agencies doing enforcement activities, to search for business
				entity filings using their back-end systems. This will allow the customer to
				integrate validation of business information into their processes, such as a
				bank creating a business checking account, without having to open a browser,
				navigate to the secretary of state website, type in the business name, and
				click search. They could even populate data from the business information that
				the secretary of state has on file into fields in their application. The
				service will also allow customers to validate certificates issued by the Office
				of the Secretary of State to confirm their authenticity. The secretary of state
				currently does not know which customers are using the website. When customers
				sign up for the service, the secretary of state will have the contact
				information to provide better and more reliable service to them, and if there
				are any issues the secretary of state will know which customers to inform. The
				secretary of state has had to block legitimate customers from accessing the
				secretary of state website to try and prevent performance issues caused by
				people trying to harvest data from the site or just wreak havoc. The API would
				ensure legitimate business customers have access to the business
				data.
B. Any person who has a
				department single sign-on account with a verified email address can enroll in
				the optional Commercial API. The enrollment application will be completed
				online on the secretary of state website.
C. The service has a one-year non-refundable
				renewable subscription fee of $500. The subscription renewal form will be found
				on the secretary of state website. Enrollments are non-transferrable.
AUTHORITY NOTE: Promulgated in accordance with
					 R.S.
					 49:222 and
					 R.S.
					 36:742.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 1 - Small Business Loan Guaranty Program › Chapter 1 - Loan Guaranty Policies › Section VII-101 - Purpose

Current through Register Vol. 50, No. 6, June 20, 2024
A. The Louisiana
				  Economic Development Corporation (LEDC) wishes to stimulate the flow of private
				  capital, medium to long-term loans, lines of credit loans, loan guaranties,
				  loan participations and other financial assistance for the sound financing of
				  the development, expansion, and retention of small business concerns in
				  Louisiana, as a means of helping them grow and expand their businesses and of
				  providing higher levels of employment, income growth, and expanded economic
				  opportunities, especially to small and emerging businesses and disabled person
				  business enterprises and within distressed and rural areas of our
				  state.
B. The corporation will
				  consider sound business loans, lines of credit, loan guaranties and loan
				  participations so long as resources permit. The board of directors of the
				  corporation recognizes that lending money, guaranteeing loans or participating
				  in loans carries certain risks and is willing to undertake reasonable
				  exposure.
C. LEDC will monitor the
				  program, including the repayment progress of borrowers, as well as the
				  servicing performance of participating lenders.
AUTHORITY
					 NOTE: Promulgated in accordance with LA.
					 R.S.
					 51:2312.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 1 - Small Business Loan Guaranty Program › Chapter 1 - Loan Guaranty Policies › Section VII-109 - General Loan Guaranty and Loan Participation Provisions

Current through Register Vol. 50, No. 6, June 20, 2024
A. The Louisiana Economic Development
				  Corporation will be guided by the following general principles in approving
				  loan guaranties, line of credit guaranties, or loan participations.
1. The corporation shall confirm that the
				  financial institution lender has sufficient commercial lending experience and
				  financial and managerial capacity to participate in this program. The
				  corporation may utilize, among other resources, the financial institution's
				  most recent call report showing the percentage of commercial loans in its
				  portfolio.
2. The corporation shall
				  not knowingly approve any loan guarantee, line of credit guarantee, or loan
				  participation if the applicant/borrower has presently pending or outstanding
				  any claim or liability relating to failure or inability to pay promissory notes
				  or other evidence of indebtedness, state or federal taxes, or a bankruptcy
				  proceeding; nor shall the corporation approve any loan, line of credit, loan
				  guarantee or participation if the applicant/borrower has presently pending, at
				  the federal, state, or local level, any proceeding concerning denial or
				  revocation of a necessary license or permit or any legal proceeding involving a
				  criminal violation other than misdemeanor traffic violations. Further, the
				  corporation shall not approve any loan guarantee, line of credit guarantee, or
				  participation if the applicant/ borrower or his/her/its principle management
				  has a criminal record showing convictions for any criminal violations other
				  than misdemeanor traffic violations.
3. The terms or conditions imposed and made
				  part of any loan guarantee, line of credit guarantee, or loan participation
				  authorized by vote of the corporation board, its board screening committee or
				  its other designated committee shall not be amended or altered by any member of
				  the Board or employee of the Department of Economic Development except by
				  subsequent vote of approval by the board, its board screening committee or
				  other designated committee at the next meeting of the board or committee in
				  open session with full explanation for such action.
4. Each financial institution lender shall be
				  required to have a meaningful amount of its own capital resources at risk in
				  each small business loan included in this program. Such lenders shall bear at
				  20 percent or more of the loss from a small business loan default.
5. The corporation shall not subordinate its
				  position to other creditors.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 1 - Small Business Loan Guaranty Program › Chapter 1 - Loan Guaranty Policies › Section VII-111 - General Guaranty Agreement Provisions

Current through Register Vol. 50, No. 6, June 20, 2024
A. Guaranty Agreement
1. The lending institution shall conduct all
				  of the customer/borrower interaction, and shall be responsible for the proper
				  administration and monitoring of the loan or line of credit, including monthly
				  invoicing, collections, and loan workouts, and the proper liquidation of the
				  collateral in the event of a default.
2. The loan or line of credit shall not be
				  sold, assigned, participated out, or otherwise transferred without the prior
				  written consent of the LEDC board.
3. If liquidation through foreclosure occurs,
				  the lender will sell the collateral, handle the legal proceedings, and absorb
				  all expenses associated with these activities.
4. There will be a reduction of the
				  guarantee:
a. in proportion to the principal
				  reduction of the amortized portion of the loan or line of credit;
b. if no principal reduction has occurred in
				  any annual period of the loan or line of credit, a reduction in the guarantee
				  amount will be made proportional to the remaining guarantee life.
5. The guarantee will cover the
				  unpaid principal amount owed only.
6. Delinquency will be defined according to
				  the lender's normal lending policy and all remedies will be outlined in the
				  guarantee agreement. Notification of delinquency will be made to the
				  corporation in writing by submitting a completed, signed and dated SBLGP banker
				  loan status monthly report within five business days after the end of the
				  month/reporting period and as stated in the guarantee agreement.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 1 - Small Business Loan Guaranty Program › Chapter 1 - Loan Guaranty Policies › Section VII-113 - Confidentiality

Current through Register Vol. 50, No. 6, June 20, 2024
A. Confidential
				  information in the files of the corporation and its accounts acquired in the
				  course of its duty is to be used solely for the corporation. The corporation is
				  not obliged to give out any credit rating or confidential information regarding
				  the applicant/borrower (see Louisiana Attorney General's Opinion
				  #82-860).
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 51:2312.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 1 - Small Business Loan Guaranty Program › Chapter 1 - Loan Guaranty Policies › Section VII-115 - Conflict of Interest

Current through Register Vol. 50, No. 6, June 20, 2024
A. No
				  member of the corporation, employee thereof, or employee of the Department of
				  Economic Development, or members of their immediate families shall either
				  directly or indirectly be a party to or be in any manner interested in any
				  contract or agreement with the corporation for any matter, cause, or thing
				  whatsoever by reason whereof any liability or indebtedness shall in any way be
				  created against such corporation. If any contract or agreement shall be made in
				  violation of the provisions of this Section, the same shall be null and void,
				  and no action shall be maintained thereon against the corporation.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 51:2312.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 1 - Small Business Loan Guaranty Program › Chapter 1 - Loan Guaranty Policies › Section VII-117 - Guidelines

Current through Register Vol. 50, No. 6, June 20, 2024
A. The Louisiana
				  Economic Development Corporation (LEDC), or the Louisiana Department of
				  Economic Development, also known as Louisiana Economic Development (LED), as
				  the administrator of this program for LEDC, may make, create, or issue from
				  time to time Guidelines interpreting, construing, explaining and/or
				  supplementing these Rules; and may revise, supplement, or otherwise change or
				  modify the guidelines at any time with or without notice.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 51:2312.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 1 - Small Business Loan Guaranty Program › Chapter 3 - Loan and Guaranty Policies for the State Small Business Credit Initiative (SSBCI) Program › Section VII-301 - Purpose

Current through Register Vol. 50, No. 6, June 20, 2024
A. The purposes for
				  this Chapter 3 program shall be the same as the purposes previously provided in
				  Section
				  101 of Chapter 1 of the Small
				  Business Loan and Guaranty Program which shall also apply to this Chapter 3
				  program (except that loan participations will not be utilized in this Chapter 3
				  program); and additionally this Chapter 3 program is to establish loan and
				  guaranty policies for the federal program entitled the State Small Business
				  Credit Initiative (SSBCI) Program and to accommodate the requirements of this
				  federal program. The Louisiana Economic Development Corporation (LEDC) will
				  utilize SSBCI funds to increase access to credit and capital funding to further
				  assist small businesses statewide, to expand loan capabilities to include a
				  broader range of businesses statewide, to direct a greater concentration on
				  those small businesses, and to reach, identify and promote small business
				  growth in low and moderate income communities, in minority communities, in
				  other underserved communities, and to women- and minority-owned businesses.
				  This LEDC program and the SSBCI funding will be marketed through outreach
				  activities to inform lenders, small businesses and trade associations of the
				  program, and to generate increased small business activity, awareness and
				  access to additional sources of capital to start and expand existing business
				  opportunities, as well as participation in the program. The LEDC will also
				  monitor these plans, including the repayment progress of borrowers, the
				  servicing performance of participating lenders, and to ensure successful
				  outcomes in the form of program utilization and eventual securing of funds for
				  these groups.
B. The LEDC wishes to
				  maintain for this Chapter 3 Program all of the purposes of
				  §101 and all of the other Sections and
				  provisions of Chapter 1 of the Small Business Loan and Guaranty Program shown
				  above, except where there is a need for the policies of this Program to be
				  different from Chapter 1. For this reason, all of the Sections and provisions
				  of Chapter 1 above shall also apply to this Chapter 3, except in those
				  instances where a different or additional rule or policy is provided below in
				  this Chapter 3.
AUTHORITY NOTE:
					 Promulgated in accordance with LA.
					 R.S.
					 51:2312.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 1 - Small Business Loan Guaranty Program › Chapter 3 - Loan and Guaranty Policies for the State Small Business Credit Initiative (SSBCI) Program › Section VII-303 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. All of the same
				  definitions provided in
				  Section
				  103 of Chapter 1 of the Small
				  Business Loan and Guaranty Program shall also apply to this Chapter 3
				  program.
AUTHORITY NOTE:
					 Promulgated in accordance with LA.
					 R.S.
					 51:2312.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 1 - Small Business Loan Guaranty Program › Chapter 3 - Loan and Guaranty Policies for the State Small Business Credit Initiative (SSBCI) Program › Section VII-307 - Eligibility/Ineligibility for Participation in This Program

Current through Register Vol. 50, No. 6, June 20, 2024
A. Except as may be hereinafter provided, all
				  of the provisions contained in
				  §107 of Chapter 1 of the Small Business
				  Loan and Guaranty Program shall also apply to this Chapter 3 program (except
				  that loan participations will not be utilized in this Chapter 3
				  program).
B. In addition to the
				  eligibility and ineligibility provisions provided in the Section mentioned in
				  the above Subsection A, applicant/borrowers and loans, lines of credit and loan
				  guarantees in connection with this Chapter 3 program shall meet the following
				  criteria:
1. the applicant/borrower(s) shall
				  employ 500 employees or less at the time the loan is enrolled in this
				  program;
2. this credit support
				  shall not be extended to applicant/borrower(s) that have more than 750
				  employees;
3. any loan supported in
				  this program shall not exceed a principal amount of $5,000,000;
4. any credit extended through this program
				  shall not exceed a principal amount of $20,000,000;
5. SSBCI funds utilized in this Chapter 3
				  program will be permitted only for new extensions of credit; that is, funds of
				  the SSBCI Program shall not be used to support existing extensions of credit,
				  including but not limited to prior loans, lines of credit or other borrowing,
				  that were previously made available as part of a state small business credit
				  enhancement program; and
6. Small
				  Business Administration (SBA) guaranteed loans shall not be purchased in loan
				  participations through this program.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 1 - Small Business Loan Guaranty Program › Chapter 3 - Loan and Guaranty Policies for the State Small Business Credit Initiative (SSBCI) Program › Section VII-309 - General Loan, Credit, Guaranty and Participation Provisions

Current through Register Vol. 50, No. 6, June 20, 2024
A. Except as may be hereinafter provided, all
				  of the provisions contained in
				  §109 of Chapter 1 of the Small Business
				  Loan and Guaranty Program shall also apply to this Chapter 3 program (except
				  that loan participations will not be utilized in this Chapter 3
				  program).
B. Interest Rates
1. On all loan or line of credit guarantees,
				  the interest rate is to be negotiated between the borrower and the lender, but
				  shall not exceed 5 percent per annum above New York prime as published in the
Wall Street Journal
at either a fixed or variable
				  rate.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 1 - Small Business Loan Guaranty Program › Chapter 3 - Loan and Guaranty Policies for the State Small Business Credit Initiative (SSBCI) Program › Section VII-311 - General Agreement Provisions

Current through Register Vol. 50, No. 6, June 20, 2024
A. Except as may be hereinafter provided, all
				  of the provisions contained in
				  §111 of Chapter 1 of the Small Business
				  Loan and Guaranty Program shall also apply to this Chapter 3 program (except
				  that loan participations will not be utilized in this Chapter 3
				  program).
AUTHORITY NOTE:
					 Promulgated in accordance with LA.
					 R.S.
					 51:2312.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 1 - Small Business Loan Guaranty Program › Chapter 3 - Loan and Guaranty Policies for the State Small Business Credit Initiative (SSBCI) Program › Section VII-313 - Confidentiality

Current through Register Vol. 50, No. 6, June 20, 2024
A. All of the
				  provisions contained in
				  §113 of Chapter 1 of the Small Business
				  Loan and Guaranty Program shall also apply to this Chapter 3 program.
AUTHORITY NOTE:
					 Promulgated in accordance with LA.
					 R.S.
					 51:2312.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 1 - Small Business Loan Guaranty Program › Chapter 3 - Loan and Guaranty Policies for the State Small Business Credit Initiative (SSBCI) Program › Section VII-315 - Conflict of Interest

Current through Register Vol. 50, No. 6, June 20, 2024
A. All
				  of the provisions contained in
				  §115 of Chapter 1 of the Small Business
				  Loan and Guaranty Program shall also apply to this Chapter 3 program.
AUTHORITY NOTE:
					 Promulgated in accordance with LA.
					 R.S.
					 51:2312.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 1 - Small Business Loan Guaranty Program › Chapter 5 - SSBCI Loan Guaranty ARPA 2021 › Section VII-501 - Purpose

Current through Register Vol. 50, No. 6, June 20, 2024
A. The purpose of
				  this program is to utilize federal SSBCI funds to strengthen state programs
				  that support private financing to small businesses as a response to the
				  economic effects of the COVID-19 pandemic, in accordance with prevailing
				  federal guidelines issued by the U.S. Treasury.
B. The Louisiana Economic Development
				  Corporation (LEDC) will utilize SSBCI funds from ARPA 2021 to increase access
				  to credit and capital funding to further assist small businesses statewide, to
				  expand loan capabilities to include a broader range of businesses statewide, to
				  direct a greater concentration on those small businesses, and to reach,
				  identify and promote small business growth, especially to Socially and
				  Economically Disadvantaged Businesses (SEDI) and Small and Emerging Businesses
				  (SEB).
C. This LEDC program and the
				  SSBCI funding will be marketed through outreach activities to inform venture
				  capital funds, local foundations, small businesses, trade associations,
				  incubator associations, and economic development organizations of the program,
				  and to generate increased small business activity, awareness of and access to
				  additional sources of capital to start and expand existing business
				  opportunities, as well as participation in the program. The marketing will also
				  be used to find investment opportunities located in the underserved markets
				  that will be targeted with SSBCI funds.
D. The LEDC will also monitor these plans,
				  including the progress of individual businesses receiving investments and the
				  performance of participating venture capital organizations, to ensure
				  successful outcomes in the form of program utilization and eventual securing of
				  funds for these groups.
AUTHORITY
					 NOTE: Promulgated in accordance with R.S. 36:104, 36:108 and
					 51:2312
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 1 - Small Business Loan Guaranty Program › Chapter 5 - SSBCI Loan Guaranty ARPA 2021 › Section VII-507 - Eligibility/Ineligibility for Participation in This Program

Current through Register Vol. 50, No. 6, June 20, 2024
A. Funding requests for any business purpose
				  may be considered, however, the following businesses and purposes shall be
				  considered.
1. Eligible:
a. small business concerns authorized to do
				  and doing business in Louisiana, that maintain an office in Louisiana; small
				  business concerns organized as a sole proprietorship qualified to do and doing
				  business in Louisiana, or either a for profit corporation, partnership, limited
				  liability company, limited liability partnership, joint venture, cooperative,
				  non-profit entity with an eligible business purpose as defined above, or other
				  entity which is registered and authorized to conduct business in the State of
				  Louisiana that maintain an office in Louisiana
b. certified small and emerging businesses
				  (SEBs) certified by LED's small business services that maintain an office in
				  Louisiana ;
c. disabled person's
				  business enterprises authorized to do and doing business in Louisiana, that
				  maintain an office in Louisiana.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 1 - Small Business Loan Guaranty Program › Chapter 5 - SSBCI Loan Guaranty ARPA 2021 › Section VII-509 - General Loan Guaranty and Participation Provisions

Current through Register Vol. 50, No. 6, June 20, 2024
A. The Louisiana Economic Development
				  Corporation will be guided by the following general principles in approving
				  loan guaranties, line of credit guaranties, or loan participations.
1. The corporation shall confirm that the
				  financial institution lender has sufficient commercial lending experience and
				  financial and managerial capacity to participate in this program. The
				  corporation may utilize, among other resources, the financial institution's
				  most recent call report showing the percentage of commercial loans in its
				  portfolio.
2. The corporation shall
				  not knowingly approve any loan guarantee, line of credit guarantee, or loan
				  participation if the applicant/borrower has presently pending or outstanding
				  any claim or liability relating to failure or inability to pay promissory notes
				  or other evidence of indebtedness, state or federal taxes, or a bankruptcy
				  proceeding; nor shall the corporation approve any loan, line of credit, loan
				  guarantee or participation if the applicant/borrower has presently pending, at
				  the federal, state, or local level, any proceeding concerning denial or
				  revocation of a necessary license or permit or any legal proceeding involving a
				  criminal violation other than misdemeanor traffic violations. Further, the
				  corporation shall not approve any loan guarantee, line of credit guarantee, or
				  participation if the applicant/ borrower or his/her/its principle management
				  has a criminal record showing convictions for any criminal violations other
				  than misdemeanor traffic violations.
3. The terms or conditions imposed and made
				  part of any loan guarantee, line of credit guarantee, or loan participation
				  authorized by vote of the corporation board, its board screening committee or
				  its other designated committee shall not be amended or altered by any member of
				  the board or employee of the Department of Economic Development except by
				  subsequent vote of approval by the board, its board screening committee or
				  other designated committee at the next meeting of the board or committee in
				  open session with full explanation for such action.
4. Each financial institution lender shall be
				  required to have a meaningful amount of its own capital resources at risk in
				  each small business loan included in this program. Such lenders shall bear at
				  least 20 percent or more of the loss from a small business loan
				  default.
5. The corporation shall
				  not subordinate its position to other creditors.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 1 - Small Business Loan Guaranty Program › Chapter 5 - SSBCI Loan Guaranty ARPA 2021 › Section VII-511 - General Guaranty Agreement Provisions

Current through Register Vol. 50, No. 6, June 20, 2024
A. Guaranty Agreement
1. The lending institution shall conduct all
				  of the customer/borrower interaction, and shall be responsible for the proper
				  administration and monitoring of the loan or line of credit, including monthly
				  invoicing, collections, and loan workouts, and the proper liquidation of the
				  collateral in the event of a default.
2. The loan or line of credit shall not be
				  sold, assigned, participated out, or otherwise transferred without the prior
				  written consent of the LEDC board.
3. If liquidation through foreclosure occurs,
				  the lender will sell the collateral, handle the legal proceedings, and absorb
				  all expenses associated with these activities.
4. There will be a reduction of the
				  guarantee:
a. in proportion to the principal
				  reduction of the amortized portion of the loan or line of credit;
b. if no principal reduction has occurred in
				  any annual period of the loan or line of credit, a reduction in the guarantee
				  amount will be made proportional to the remaining guarantee life.
5. The guarantee will cover the
				  unpaid principal amount owed only.
6. Delinquency will be defined according to
				  the lender's normal lending policy and all remedies will be outlined in the
				  guarantee agreement. Notification of delinquency will be made to the
				  corporation in writing by submitting a completed, signed and dated SBLGP banker
				  loan status monthly report within five business days after the end of the
				  month/reporting period as stated in the guaranty agreement.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 1 - Small Business Loan Guaranty Program › Chapter 5 - SSBCI Loan Guaranty ARPA 2021 › Section VII-513 - Confidentiality

Current through Register Vol. 50, No. 6, June 20, 2024
A. Confidential
				  information in the files of the corporation and its accounts acquired in the
				  course of its duty is to be used solely for the corporation. The corporation is
				  not obliged to give out any credit rating or confidential information regarding
				  the applicant/borrower. (See Louisiana Attorney General's Opinion
				  #82-860.)
AUTHORITY
					 NOTE: Promulgated in accordance with R.S. 36:104, 36:108 and
					 51:2312
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 1 - Small Business Loan Guaranty Program › Chapter 5 - SSBCI Loan Guaranty ARPA 2021 › Section VII-515 - Conflict of Interest

Current through Register Vol. 50, No. 6, June 20, 2024
A. No
				  member of the corporation, employee thereof, or employee of the Department of
				  Economic Development, or members of their immediate families shall either
				  directly or indirectly be a party to or be in any manner interested in any
				  contract or agreement with the corporation for any matter, cause, or thing
				  whatsoever by reason whereof any liability or indebtedness shall in any way be
				  created against such corporation. If any contract or agreement shall be made in
				  violation of the provisions of this Section, the same shall be null and void,
				  and no action shall be maintained thereon against the corporation.
AUTHORITY
					 NOTE: Promulgated in accordance with R.S. 36:104, 36:108 and
					 51:2312
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 1 - Small Business Loan Guaranty Program › Chapter 5 - SSBCI Loan Guaranty ARPA 2021 › Section VII-517 - Guidelines

Current through Register Vol. 50, No. 6, June 20, 2024
A. The Louisiana
				  Economic Development Corporation (LEDC), or the Louisiana Department of
				  Economic Development, also known as Louisiana Economic Development (LED), as
				  the administrator of this program for LEDC, may make, create, or issue from
				  time to time guidelines interpreting, construing, explaining and/or
				  supplementing these rules; and may revise, supplement, or otherwise change or
				  modify the guidelines at any time with or without notice.
AUTHORITY
					 NOTE: Promulgated in accordance with R.S. 36:104, 36:108 and
					 51:2312
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 2 - Louisiana Venture Capital Program › Chapter 21 - Louisiana Venture Capital Co-Investment Program › Section VII-2101 - Eligibility

Current through Register Vol. 50, No. 6, June 20, 2024
A. Any venture
				  capital fund with five years experience in the management of investments made
				  with the capital of other investors and having at least $7,500,000 under
				  management is eligible to apply for certification under this program.
AUTHORITY NOTE:
					 Promulgated In accordance with
					 R.S.
					 51:2331.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 2 - Louisiana Venture Capital Program › Chapter 21 - Louisiana Venture Capital Co-Investment Program › Section VII-2103 - Application for Certification

Current through Register Vol. 50, No. 6, June 20, 2024
A. The application for certification shall
				  contain, but not be limited to, the following:
1. a cover letter that states that
				  application to the program for certification is being made and indicating
				  reason for application for certification;
2. resumes of the principal
				  manager(s);
3. list of all funds
				  managed by the partner(s);
4.
				  amount of fund(s);
5. project
				  preferences including:
a. role in
				  financing;
b. type of
				  financing;
c. minimum
				  investment;
d. preferred
				  investment;
e. preferred investment
				  (LBO);
6. industry
				  preferences;
7. five-year statement
				  showing investments made and results of those investments;
8. experience with co-investment with any
				  other governmental agency;
9.
				  previous/current experience with projects within Louisiana.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 2 - Louisiana Venture Capital Program › Chapter 21 - Louisiana Venture Capital Co-Investment Program › Section VII-2105 - Procedure for Certification Review

Current through Register Vol. 50, No. 6, June 20, 2024
A. The application will be submitted to the
				  executive director of the corporation no later than two weeks prior to the
				  regular monthly meeting of the screening committee of the board. He shall
				  review and analyze the information. If the application is complete, he shall
				  submit it and his analysis to the next meeting of the screening committee of
				  the corporation board, which shall review the application and make a
				  recommendation to the next meeting of the full board for certification or
				  denial. Upon certification, a certification number shall be assigned the
				  applicant by the corporation.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 51:2331.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 2 - Louisiana Venture Capital Program › Chapter 21 - Louisiana Venture Capital Co-Investment Program › Section VII-2107 - Co-Investment Criteria

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Certified venture capital funds may apply to the corporation for a
				  co-investment by the corporation in a round of financing in a specific project.
				  The project must be for a Louisiana-based enterprise maintaining headquarters
				  and production facilities in Louisiana. The corporation shall not co-invest
				  more than 25 percent of the total venture capital investment in the proposed
				  round of financing of the project. The corporation investment shall not exceed
				  $500,000 in the proposed round of financing.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 51:2331.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 2 - Louisiana Venture Capital Program › Chapter 21 - Louisiana Venture Capital Co-Investment Program › Section VII-2109 - Application Procedures for Co-Investment

Current through Register Vol. 50, No. 6, June 20, 2024
A. The summary application must contain but
				  not be limited to:
1. applicant information:
a. venture capital fund name;
b. address;
c. LEDEC certification number;
d. telephone number;
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 2 - Louisiana Venture Capital Program › Chapter 21 - Louisiana Venture Capital Co-Investment Program › Section VII-2111 - Procedure for Application Review

Current through Register Vol. 50, No. 6, June 20, 2024
A. The application will be submitted to the
				  executive director of the corporation no later than two weeks prior to the
				  regular monthly meeting of the screening committee of the board. He shall
				  review and analyze the information. If the application is complete, he shall
				  submit it and his analysis to the next meeting of the screening committee of
				  the corporation board, which shall review the application and make a
				  recommendation to the next meeting of the full board for approval or
				  denial.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 51:2331.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 2 - Louisiana Venture Capital Program › Chapter 21 - Louisiana Venture Capital Co-Investment Program › Section VII-2113 - General Policy

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				  corporation shall not approve any co-investment if the project firm has
				  presently pending, at the federal, state or local level, any proceeding
				  concerning denial or revocation of any necessary license or permit.
B. The corporation will invest in the project
				  on the same terms and conditions as the certified venture capital
				  fund.
C. The requirement of
				  personal guarantee shall be negotiated by the board on a project-by-project
				  basis.
D. Nothing contained herein
				  shall limit the ability of the board or committee thereof to make a reasonable
				  decision based on information submitted to it.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 51:2331.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 2 - Louisiana Venture Capital Program › Chapter 21 - Louisiana Venture Capital Co-Investment Program › Section VII-2115 - Conditions for Disbursements of Funds

Current through Register Vol. 50, No. 6, June 20, 2024
A. The secretary-treasurer and one of the
				  following: president of the corporation, chairman, or executive director shall
				  execute all necessary legal instruments at the closing after certification by
				  counsel that all legal requirements have been met.
B. In the case that the co-investment is to
				  be disbursed in a phased funding, the monies provided by the corporation shall
				  be placed in an escrow account to be disbursed at the joint written request of
				  both the venture capital fund co-investor and the project firm at the same rate
				  of disbursement as that of the co-investor venture capital firm. The
				  secretary-treasurer shall have the authority to release the funds from
				  escrow.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 51:2331.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 2 - Louisiana Venture Capital Program › Chapter 21 - Louisiana Venture Capital Co-Investment Program › Section VII-2117 - Compliance Requirements of Project Firms

Current through Register Vol. 50, No. 6, June 20, 2024
A. Each year, on the anniversary of the
				  initial disbursement of funds, each recipient of funds shall provide the
				  following:
1. list of all stockholders with
				  the number of shares held by each at any time during the previous
				  year;
2. monthly statement of
				  financial condition including, but not limited to, a balance sheet, profit and
				  loss statement, changes in financial condition, capital
				  reconciliation;
3. current
				  reconciliation of net worth;
4.
				  one-year projected cash flow statement. Statement must be prepared on a
				  month-to-month basis, accompanied with footnotes;
5. current personal financial statement of
				  all principals;
6. annual (within
				  90 days of the end of the fiscal year) audited financial statement prepared by
				  a certified public accountant;
7.
				  current insurance policies.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 2 - Louisiana Venture Capital Program › Chapter 21 - Louisiana Venture Capital Co-Investment Program › Section VII-2119 - Repayment Terms

Current through Register Vol. 50, No. 6, June 20, 2024
A. The board of
				  the corporation shall have the sole responsibility to set repayment terms on a
				  project-by-project basis.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 51:2331.