reglab/statecodes huggingface dataset:
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-2121 - Confidentiality and Conflict of Interest

Current through Register Vol. 50, No. 6, June 20, 2024
A. Confidentiality. Confidential information
				  in the files of the program and its accounts, acquired in the course of duty,
				  is to be used solely for the program. The program is not obliged to give credit
				  rating or confidential information regarding applicant. Also see Attorney
				  General Opinion Number 82.860.
B.
				  Conflict of Interest. 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. 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.
					 51:2331.
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-2123 - Ownership of Stock and Incidents Thereto

Current through Register Vol. 50, No. 6, June 20, 2024
A. Stock taken in co-investment shall be held
				  by the corporation. The board through its duly authorized designee shall vote
				  the stock.
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 23 - Louisiana Venture Capital Match Program › Section VII-2301 - Eligibility

Current through Register Vol. 50, No. 6, June 20, 2024
A. Eligible
				  applicants are:
1. venture capital funds with
				  a minimum of $5,000,000 of privately raised capital for risk investment under
				  management with:
a. proven, experienced
				  management recognized in the venture capital community. The management should
				  have significant management experience in risk investments of the types and
				  volumes contemplated by the applicant venture capital funds;
b. a Louisiana-based production office. The
				  production office shall have permanent employees employed by the fund capable
				  of evaluating potential investment opportunities;
c. funds without headquarters located in
				  Louisiana must have a minimum of one-year operating history;
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 2 - Louisiana Venture Capital Program › Chapter 23 - Louisiana Venture Capital Match Program › Section VII-2303 - Valuation of Investment Fund

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  The amount of privately raised funds under management shall mean the value of
				  any monies invested or otherwise used as risk capital in businesses plus the
				  unexpended monies available for investment or used as risk capital. The value
				  of an equity investment and/or risk capital investment shall be the amount of
				  dollars actually invested. For the purpose of calculating private capital, only
				  cash and commitments which are available for risk investments at the time of
				  LEDC's match, may be counted in the match amount.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 51:2312(C).
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 2 - Louisiana Venture Capital Program › Chapter 23 - Louisiana Venture Capital Match Program › Section VII-2307 - Amount of Investment

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				  corporation may invest up to $5,000,000. The corporation may use its discretion
				  to set the ratio of corporation investment to private investment. However, the
				  ratio shall not exceed $1 of corporation monies to $2 of privately-raised
				  dollars.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 51:2312(C).
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 2 - Louisiana Venture Capital Program › Chapter 23 - Louisiana Venture Capital Match Program › Section VII-2309 - Investment Criteria

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				  criteria for investment may include but not be limited to the following.
1. The applicant will be required to make
				  investments that will at least create jobs in, create wealth in, and shall have
				  a substantial economic impact to the economy of Louisiana.
2. The investment made by LEDC shall be made
				  on no less than the same terms and conditions, and with the same expected
				  return on investment, as other private investors.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 2 - Louisiana Venture Capital Program › Chapter 23 - Louisiana Venture Capital Match Program › Section VII-2311 - Reporting Requirements

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Funds receiving investments under this program shall submit quarterly and
				  annual financial and narrative reports on the use of monies and all investments
				  made by the fund during the reporting period. The narrative report shall
				  include the number of applications received in addition to other activities.
				  The narrative report shall include a listing of all investors in each business
				  and all subsequent financings.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 51:2312(C).
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 2 - Louisiana Venture Capital Program › Chapter 23 - Louisiana Venture Capital Match Program › Section VII-2313 - Inactivity

Current through Register Vol. 50, No. 6, June 20, 2024
A. If no activity
				  has occurred in the fund for a period of one year or reporting requirements are
				  not met, the Venture Fund shall be reviewed by the board of the corporation.
				  After review the board may choose to revoke its investment.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 51:2312(C).
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 2 - Louisiana Venture Capital Program › Chapter 23 - Louisiana Venture Capital Match Program › Section VII-2315 - Reporting Requirements

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Funds receiving investments under this program shall submit quarterly and
				  annual financial and narrative reports on the use of Louisiana Fund monies and
				  all other investments made by the fund during the reporting period. The
				  narrative report shall include the number of applications received in addition
				  to other activities. The narrative report shall include a listing of all
				  investors in each business and all subsequent financings.
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 23 - Louisiana Venture Capital Match Program › Section VII-2317 - Inactivity

Current through Register Vol. 50, No. 6, June 20, 2024
A. If no activity
				  has occurred in the Louisiana Fund for a period of two years, or reporting
				  requirements are not met, the Venture Fund shall be reviewed by the board of
				  the corporation. After review the board may choose to revoke its
				  investment.
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 25 - Louisiana Minority Venture Capital Match Program › Section VII-2501 - Eligibility

Current through Register Vol. 50, No. 6, June 20, 2024
A. Any
				  Louisiana-owned and headquartered Venture Capital Fund with a minimum of
				  $250,000 of privately- raised capital for equity investment under management
				  may apply.
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 25 - Louisiana Minority Venture Capital Match Program › Section VII-2503 - Valuation of Investment Fund

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  The amount of funds under management shall mean the value of any monies
				  invested in a business plus the unexpended monies available for investment. The
				  value of an equity investment shall be the amount of dollars actually
				  invested.
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 25 - Louisiana Minority Venture Capital Match Program › Section VII-2505 - Fund Management

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Management shall be comprised of individuals with substantial experience in
				  business operations and financing, including business startup or expansion
				  financing. The development of these investments may have been done for the
				  individual's own account or on behalf of others.
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 25 - Louisiana Minority Venture Capital Match Program › Section VII-2507 - Application Procedure

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				  application shall contain but not be limited to:
1. resumes of principals;
2. current balance sheet and income statement
				  of applicant fund and individual investments;
3. balance sheet and income statement of all
				  funds and investments managed by applicant principals during the last three
				  years and/or other investments managed by the principals in the last three
				  years;
4. list of fund
				  investors.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 2 - Louisiana Venture Capital Program › Chapter 25 - Louisiana Minority Venture Capital Match Program › Section VII-2509 - Amount of Investment

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				  corporation may invest up to $2,500,000. The corporation may use its discretion
				  to set the ratio of corporation investment to private investment; however, the
				  ratio shall not exceed $1 of corporation monies to $2 of privately-raised
				  dollars.
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 25 - Louisiana Minority Venture Capital Match Program › Section VII-2511 - Terms of Investments

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Corporation investments shall be made on the same terms and conditions as those
				  of other investors in the fund.
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 25 - Louisiana Minority Venture Capital Match Program › Section VII-2513 - Creation of a Louisiana Fund

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  The applicant shall, on receipt of funds from the corporation, immediately set
				  up an account in a financial institution domiciled in Louisiana to be called
				  the Louisiana Fund and deposit the proceeds of the state's investment into that
				  fund. The proceeds of this fund shall be used solely for investments in
				  minority owned enterprises maintaining headquarters and production facilities
				  in Louisiana.
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 25 - Louisiana Minority Venture Capital Match Program › Section VII-2515 - Reporting Requirements

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Funds receiving investments under this program shall submit quarterly and
				  annual financial and narrative reports on the use of Louisiana Fund monies and
				  all other investments made by the fund during the reporting period. The
				  narrative report shall include the number of applications received in addition
				  to other activities and the number of applications received from minority owned
				  firms. Reports must include a listing of all investors in each business and all
				  subsequent 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 25 - Louisiana Minority Venture Capital Match Program › Section VII-2517 - Inactivity

Current through Register Vol. 50, No. 6, June 20, 2024
A. If no activity
				  has occurred in the Louisiana Fund for a period of two years, the Venture Fund
				  shall be reviewed by the board of the corporation. After review the board may
				  choose to revoke its investment.
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 27 - University Foundation Investment Program › Section VII-2701 - Purpose

Current through Register Vol. 50, No. 6, June 20, 2024
A. The purpose of
				  this program is to promote and enhance Louisiana Department of Economic
				  Development's cluster development, the goals of Vision 20/20, Louisiana's
				  long-term plan for economic development, and related public policy for the
				  university systems of Louisiana to transfer technologies developed in the
				  research universities in order to build Louisiana businesses and commercialize
				  these technologies. Universities that form technology transfer foundations
				  and/or other vehicles to form seed investment funds need commitments of funding
				  or funding to start-up these seed funds. The intent of this program is to
				  provide initial funding for university-formed seed fund investments that
				  include sound business plans and private, independent management that is
				  attractive to experienced institutional and private investors in keeping with
				  traditional venture capital fund structures.
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 2 - Louisiana Venture Capital Program › Chapter 27 - University Foundation Investment Program › Section VII-2703 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
Agreement-
the funding agreement of
					 contract hereinafter referred to between DED, LEDC, and applicant through which
					 the parties by cooperative endeavor or otherwise, include appropriate
					 documentation necessary to conventionally protect the interest of the LEDC in
					 the funding of the award, and set forth the terms, conditions and performance
					 objectives of the award provided pursuant to these rules.
Applicant
-the University Research and
					 Technology Foundation and its subsidiary entity requesting the funding from the
					 Louisiana University Foundation Investment Program for seed funds that provide
					 early stage funding for the statewide development of University research based
					 companies that seek to commercialize the results of their work through
					 technology transfer in accordance with sound business strategies. In order to
					 be eligible for this program, the applicant must provide a program for
					 engagement of all research universities in the state. The program must indicate
					 that it is seeking inclusion and coordination of effort on a statewide basis
					 and is proceeding in accordance with a sound business plan in a manner
					 consistent with the rules hereinafter provided.
Award
-the funding of the project by the
					 LEDC under this program to eligible applicants.
LED-
the Louisiana Department of Economic
					 Development charged by statute with administering the Louisiana University
					 Foundation Investment Program and the relevant LED cluster and service
					 directors and assigned staff shall administer the program provided for by these
					 rules.
LEDC Board
-the board of directors of the
					 Louisiana Economic Development Corporation and when referred to herein in terms
					 of approval of an award, shall mean that the award has been approved in
					 accordance with the by-laws and procedures of the board of directors whether
					 such approval requires or does not require board approval under those by-laws
					 and procedures.
Secretary
-the secretary of the LED, who is
					 also the president of LEDC.
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 2 - Louisiana Venture Capital Program › Chapter 27 - University Foundation Investment Program › Section VII-2705 - General Principles

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				  following general principles will direct the administration of the Louisiana
				  Project Equity Fund.
1. Awards are not to be
				  construed as an entitlement for Louisiana University Foundations or their
				  subsidiary entities locating and are subject to the discretion of the LED, the
				  secretary of the LED and the LEDC.
2. An award must reasonably be expected to be
				  a significant factor in improving or enhancing economic development, including
				  cluster development, whether in a particular circumstance, or
				  overall.
3. Awards must reasonably
				  be demonstrated to result in the enhanced economic well-being of the state and
				  local communities.
4. The
				  anticipated economic benefits to the state will be considered in making the
				  award.
5. Whether or not an award
				  will be made is entirely at the discretion of the LED, its cluster and service
				  directors, the secretary and the LEDC board and shall depend upon the facts and
				  circumstances of each case, funds available, funds already allocated, and other
				  such factors as the board may, in its discretion deem to be pertinent. The
				  grant or rejection of an application for an award shall not establish any
				  precedent and shall not bind the LED, its cluster directors, the secretary, or
				  the LEDC board to any future course of action with respect to any
				  application.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 2 - Louisiana Venture Capital Program › Chapter 27 - University Foundation Investment Program › Section VII-2707 - Eligibility

Current through Register Vol. 50, No. 6, June 20, 2024
A. In order to be
				  eligible for an award pursuant to this program, the applicant and company must
				  demonstrate to the satisfaction of the board that the award sought must be
				  consistent with the provisions set forth above, and the applicant and company
				  must demonstrate a need for the award consistent with the requirements set
				  forth below. Where it is represented that certain contingent actions will be
				  taken in order to comply with these conditions, then the LEDC may, upon
				  recommendation of the LED and its contract monitor, withhold funding until
				  there is substantial performance of the contingencies.
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 2 - Louisiana Venture Capital Program › Chapter 27 - University Foundation Investment Program › Section VII-2709 - Qualification for an Award

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Applications for awards may be made in phases that are representative of the
				  applicant's overall business plan and design. The application shall state
				  whether or not funds are sought for a phase of operation, or whether it
				  represents the total amount sought by the applicant from the fund.
B. Each application must set forth the
				  following:
1. the establishment or plan for
				  establishment of the subsidiary investment entity;
2. the hiring or plan for hiring, including
				  qualifications, of the chief executive officer of the subsidiary
				  entity;
3. the establishment or
				  plan for establishment of an Investment Advisory Board, including
				  qualifications of its members and scope of its authority;
4. the hiring or plan for hiring, including
				  qualifications of an investment fund manager;
5. a preliminary business plan for the
				  subsidiary entity, including therein a plan for statewide inclusion and
				  coordination of the economic development of technology transfer
				  initiatives;
6. the amount of
				  funding being sought by the applicant, and if phased, the total amount of
				  funding that the applicant anticipates will be sought;
7. the goals and objectives of the funding,
				  and the performance measures to be met by the applicant in order to obtain the
				  funding.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 2 - Louisiana Venture Capital Program › Chapter 27 - University Foundation Investment Program › Section VII-2711 - LEDC Investment Criteria

Current through Register Vol. 50, No. 6, June 20, 2024
A. In considering applicant's application for
				  funding, LEDC may require, but not be limited to the following considerations:
1. that the secretary or his designee sits
				  upon the foundation's board of directors; and that another representative of
				  the department, designated by the LEDC, sit upon the board of investment
				  advisors;
2. that LEDC's funding be
				  accompanied by other investment; and that future funding be conditioned upon
				  the ability of the applicant to attract other investment and that applicant
				  provide a specific business plan and time table for raising those
				  funds;
3. that LEDC's funds shall
				  be considered equity in the fund with any funds that were used for initial
				  expenses to be counted as equity for carry and distribution purposes;
4. that LEDC shall participate in the
				  distributions in its pro-rate share;
5. that if there are any other investors that
				  receive state tax credits, then LEDC's return on investment shall be calculated
				  on an equal basis;
6. that the
				  professional fund manager or the chief executive officer of the applicant
				  provide the LEDC board with semi-annual reports detailing the investments made,
				  return on investment, and the applicant's meeting of the goals and objectives
				  and performance measures under which the application was approved;
7. that LEDC may condition the applicant's
				  use of investment capital as up-front operating funding upon submission of a
				  quarterly accounting for the use of funds and a quarterly budget. Additionally,
				  applicant may be required to submit quarterly and annual financial and
				  narrative reports on the use of monies and all investments made by the fund
				  during the reporting period. The narrative report shall include the number of
				  applications received in addition to other activities. The narrative report
				  shall include a listing of all investors in each business and all subsequent
				  financings. Additionally, the reports shall contain information on the number
				  of jobs created by the portfolio business, the payroll figures, the amount of
				  any state tax incentive or other incentives utilized, and state taxes paid by
				  the businesses;
8. that LEDC may
				  condition applicant's funding as may be appropriate and may require such
				  securitization or other documentation as may be appropriate to the investment
				  goals and objectives and performance measures;
9. that LEDC may condition investment upon
				  performance of such additional requirements as may be negotiated.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 2 - Louisiana Venture Capital Program › Chapter 27 - University Foundation Investment Program › Section VII-2713 - Contract between LEDC and Applicant

Current through Register Vol. 50, No. 6, June 20, 2024
A. LEDC and applicant shall enter into such
				  terms of agreement as may be customary in the industry for the creation and
				  maintenance of Venture Capital Funding, provided that the agreement shall fully
				  reflect the representations made by applicant as provided in Qualification for
				  Award and Investment Criteria as set forth above.
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 2 - Louisiana Venture Capital Program › Chapter 29 - SSBCI Venture Capital ARPA 2021 › Section VII-2901 - 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 make investments
				  to create and grow start-up and early-stage businesses or for expansion of
				  small businesses statewide, 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.
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 2 - Louisiana Venture Capital Program › Chapter 29 - SSBCI Venture Capital ARPA 2021 › Section VII-2905 - Eligibility for Venture Capital Fund to Participate in This Program

Current through Register Vol. 50, No. 6, June 20, 2024
A. LEDC will
				  undertake a formal evaluation process and consider various factors when
				  determining which applicants will be selected to participate in this program.
				  Among the factors which may be taken into account in the evaluation process are
				  the following;
B. Eligible
				  applicants are venture capital funds:
1. with
				  a minimum of $500,000 in investments or has a minimum of $2 1/2 million under
				  management;
2. already has on hand
				  cash sums sufficient to cover the general and administrative costs for the
				  first and early years of its operations for participation in the SSBCI Venture
				  Capital Program;
3. has proven,
				  experienced management recognized in the venture capital community. The
				  management should have significant management experience in risk investments of
				  the types and volumes contemplated by the applicant venture capital
				  funds;
4. are encouraged to have a
				  production office based in Louisiana with permanent employees employed by the
				  fund capable of evaluating potential investment
				  opportunities.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 2 - Louisiana Venture Capital Program › Chapter 29 - SSBCI Venture Capital ARPA 2021 › Section VII-2907 - Valuation of Investment Fund

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  The amount of privately raised funds under management shall mean the value of
				  any monies invested or otherwise used as risk capital in businesses plus the
				  unexpended monies available for investment or used as risk capital. The value
				  of an equity investment and/or risk capital investment shall be the amount of
				  dollars actually invested. For the purpose of calculating private capital, only
				  cash and commitments which are available for risk investments at the time of
				  LEDC's investment, may be counted in the investment amount.
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 29 - SSBCI Venture Capital ARPA 2021 › Section VII-2909 - Application Requirements for Investment

Current through Register Vol. 50, No. 6, June 20, 2024
A. Prior to a venture capital fund submitting
				  a request to the Louisiana Economic Development Corporation (LEDC) for
				  consideration of an investment, a prospective fund shall first submit an
				  application for the applicant fund to be considered qualified or eligible to
				  participate in this program. The application for the fund's qualification or
				  eligibility to the LEDC shall consist of detailed information covering three
				  main categories, including:
1. the experience
				  and qualifications of the fund's existing or proposed management team;
				  and
2. the business plan for the
				  venture capital fund. The applicant can use its own format, as long as the
				  basic information is provided. Moreover, the applicant shall provide additional
				  information which is viewed as relevant. The LEDC or its staff may request
				  additional information beyond that which is specified below and what is
				  provided by the applicant.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 2 - Louisiana Venture Capital Program › Chapter 29 - SSBCI Venture Capital ARPA 2021 › Section VII-2913 - Amount of Investment

Current through Register Vol. 50, No. 6, June 20, 2024
A. A
				  qualified or eligible fund led by a non-profit entity may receive an investment
				  equal to $1 of LEDC funds for each $2 of funds privately raised by the
				  applicant fund. The maximum total dollar amount of an LEDC investment in an
				  eligible fund shall not exceed $10,000,000.
B. Any other qualified or eligible fund may
				  receive an investment equal to $1 of LEDC funds for each $4 of funds privately
				  raised by the applicant fund. The maximum total dollar amount of an LEDC
				  investment in an eligible fund shall not exceed $10,000.000.
C. Subject to availability of SSBCI funding
				  and associated allocation to this program.
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 29 - SSBCI Venture Capital ARPA 2021 › Section VII-2915 - Investment Criteria

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				  criteria for investment may include but not be limited to the following.
1. The applicant will be required to make
				  investments that will at least create jobs in, create wealth in, and shall have
				  a positive economic impact to the economy of Louisiana.
2. The investment made by LEDC shall be made
				  on no less than the same terms and conditions, and with the same expected
				  return on investment, as other private investors.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 2 - Louisiana Venture Capital Program › Chapter 29 - SSBCI Venture Capital ARPA 2021 › Section VII-2917 - Reporting

Current through Register Vol. 50, No. 6, June 20, 2024
A. Upon closing of
				  each investment, each venture capital fund that is the recipient of LEDC funds
				  shall provide to LEDC the following information:
1. name of company, census tract, NAICS code,
				  amount of investment, total amount of round of funding, and date of
				  investment
2. the number of jobs
				  with corresponding salaries, new and retained;
3. narrative of business, use of funds, board
				  presentation;
4. prior and post
				  investment of private capital; and
5. assurances and certifications in
				  accordance to U.S. Treasury guidelines.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 2 - Louisiana Venture Capital Program › Chapter 29 - SSBCI Venture Capital ARPA 2021 › Section VII-2919 - 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 4 - Small Business Innovative Research Program › Chapter 51 - Matching Grant Program › Section VII-5101 - Purpose

Current through Register Vol. 50, No. 6, June 20, 2024
A. To provide for
				  support of innovative private sector research and development activities that
				  are intended to generate commercial products, processes, or services through
				  the provision of grants matching those Phase 1 grants or contracts awarded by
				  the United States Government through its Small Business Innovative Research
				  Program.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 51:2322.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 4 - Small Business Innovative Research Program › Chapter 51 - Matching Grant Program › Section VII-5103 - Eligibility

Current through Register Vol. 50, No. 6, June 20, 2024
A. Any Louisiana
				  firm which has received a Federal SBIR Phase 1 research award.
B. Any out-of-state firm which agrees to
				  relocate headquarters and research and development operations to Louisiana and
				  has received a Federal SBIR Phase 1 research award.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 51:2322.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 4 - Small Business Innovative Research Program › Chapter 51 - Matching Grant Program › Section VII-5105 - Application Process

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				  application shall include but not be limited to:
1. a copy of the Phase 1 proposal to the
				  federal program;
2. a statement
				  that the applicant has submitted the proposal to the federal program and that
				  they are submitting a notification of intent to file with the state
				  program;
3. a use of funds schedule
				  for the requested state grant;
4. a
				  copy of the grant/contract award from the federal program.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 4 - Small Business Innovative Research Program › Chapter 51 - Matching Grant Program › Section VII-5107 - Submission and Review Procedure

Current through Register Vol. 50, No. 6, June 20, 2024
A. Applications will be received only after
				  the applicant has submitted an application to the Federal SBIR program.
				  Applications may be submitted through the course of the Phase 1 research
				  period. No applications for match will be received after the expiration date of
				  the federal grant or contract.
B.
				  All applications must be submitted no later than three weeks prior to the
				  scheduled screening committee meeting for consideration at the next scheduled
				  board meeting of the corporation following the screening committee
				  meeting.
C. LEDEC staff shall
				  review the application and make recommendations regarding the use and
				  disbursement of the matching grant funds to the screening committee.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 51:2322.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 4 - Small Business Innovative Research Program › Chapter 51 - Matching Grant Program › Section VII-5109 - Term

Current through Register Vol. 50, No. 6, June 20, 2024
A. Grant funds must
				  be expended by the firm no later than 30 days after the decision of the federal
				  agency regarding the Phase 2 application or 60 days after the acceptance of the
				  final Phase 1 report by the federal agency if no Phase 2 application is
				  made.
B. Exceptions to this may be
				  made by the board on a case-by-case basis.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 51:2322.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 4 - Small Business Innovative Research Program › Chapter 51 - Matching Grant Program › Section VII-5111 - Disbursement and Use of Funds

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  The project proposed for state funding must represent:
1. a continuation of and be compatible with
				  the firm's Phase 1 research; and/or
2. funds may be used to complete Phase 1
				  research;
3. the funds will be
				  disbursed at the time and in the manner determined by the
				  corporation.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 4 - Small Business Innovative Research Program › Chapter 51 - Matching Grant Program › Section VII-5113 - Grant Document

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				  secretary-treasurer of the corporation and one of the following shall execute
				  all necessary legal instruments to effect the grant award:
1. president of the corporation;
2. chairman of the board; or
3. executive director.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 4 - Small Business Innovative Research Program › Chapter 51 - Matching Grant Program › Section VII-5115 - Residency Requirement

Current through Register Vol. 50, No. 6, June 20, 2024
A. If a
				  firm that has received Louisiana Small Business Innovative Research-matching
				  grant funds moves its headquarters or research and development operations out
				  of Louisiana within five years of receiving the grant, said firm will be
				  immediately obligated to repay the state the full amount of the state-matching
				  grant received.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 51:2322.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 4 - Small Business Innovative Research Program › Chapter 51 - Matching Grant Program › Section VII-5117 - Recision

Current through Register Vol. 50, No. 6, June 20, 2024
A. Recision or
				  reduction of a firm's federal SBIR grant funds will result in the immediate
				  recision or reduction of the state matching grant to the firm. Any state
				  matching award funds which have been disbursed to the firm and which are
				  determined by the corporation to relate to the recision or reduction, are
				  immediately owed to the corporation and shall be returned to the corporation
				  within seven days of the notice of the recision or reduction of the firm's
				  federal SBIR award.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 51:2322.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 4 - Small Business Innovative Research Program › Chapter 51 - Matching Grant Program › Section VII-5119 - Reporting Requirements

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				  applicant shall file a financial and narrative report monthly until state funds
				  have been expended.
B. The
				  applicant shall submit a copy of the final report submitted to federal grant
				  agency along with a final financial report covering the entire state grant
				  period.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 51:2322.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 4 - Small Business Innovative Research Program › Chapter 51 - Matching Grant Program › Section VII-5121 - Confidentiality

Current through Register Vol. 50, No. 6, June 20, 2024
A. Confidential
				  information in the files of the corporation, acquired in the course of duty, is
				  to be used solely for the corporation. The corporation is not obliged to give
				  out a credit rating or confidential information regarding any
				  applicant.
AUTHORITY NOTE:
					 Promulgated in accordance with
					 R.S.
					 51:2322.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 4 - Small Business Innovative Research Program › Chapter 51 - Matching Grant Program › Section VII-5123 - 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 the 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.
					 51:2322.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 5 - Contract Loans › Chapter 61 - Contract Loan Program › Section VII-6101 - 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, long-term loans, and other financial assistance for the sound
				  financing of the development, expansion, and retention of small business
				  concerns in Louisiana as a means of providing high levels of employment, income
				  growth, and expanded economic opportunities, especially to disadvantaged
				  persons and within distressed and rural areas.
B. This program will be a pilot program for a
				  period of one year upon which the board of directors of the LEDC will consider
				  extending the program. The corporation will consider sound loans so long as
				  resources permit. The board of the corporation recognizes that guaranteeing,
				  participating, or lending money carries certain risks and is willing to
				  undertake reasonable exposure.
AUTHORITY NOTE:
					 Promulgated in accordance with R.S. 51: 2312(A)(7), (B)(1) and
					 (B)(3).
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 5 - Contract Loans › Chapter 61 - Contract Loan Program › Section VII-6103 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
Contract
- a contract for goods and/or
					 services to any federal, state, or local government entity.
Disabled Person's Business Enterprise
- a
					 small business concern which is at least 51 percent owned and controlled by a
					 disabled person as defined by the federal Americans with Disabilities Act of
					 1990.
Minority-
or
Woman-Owned Business
					 Enterprise
- must be owned or controlled by a socially or economically
					 disadvantaged person, which is defined by the SBA as a person(s), regardless of
					 sex or marital status, who is a member of groups whose disadvantage may arise
					 from cultural, racial, chronic economic circumstances, or background as stated
					 in
					 R.S. 51:2347
					 et seq., and must be certified as a minority business enterprise or woman's
					 business enterprise as defined in
					 R.S.
					 51:2347(B)(1-6).
Small Business Concerns
- as defined by SBA
					 for purposes of size eligibility as set forth by  13 CFR 121.
AUTHORITY NOTE:
					 Promulgated in accordance with R. S. 51:2312(A)(7), (B)(1) and
					 (B)(3).