reglab/statecodes huggingface dataset:
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 9 - Micro Loan Program › Chapter 75 - Loan Policies › Section VII-7507 - Eligibility

Current through Register Vol. 50, No. 6, June 20, 2024
A. Small business
				  concerns as defined by SBA for purposes of size eligibility as set forth by  13
				  CFR 121.
B. Small businesses whose
				  owner(s) or principal stockholder(s) shall be a resident of Louisiana and the
				  business is domiciled in Louisiana with preference given to certified
				  economically disadvantaged businesses or businesses owned by disabled
				  persons.
C. Funding request for all
				  but the following may be considered:
1.
				  restaurants, except for regional or national franchises;
2. bars;
3. any project established for the principal
				  purpose of dispensing alcoholic beverages;
4. any establishment which has gaming or
				  gambling as its principal business;
5. any establishment which has consumer or
				  commercial financing as its business;
6. funding for the acquisition, renovation,
				  or alteration of a building or property for the principal purpose of real
				  estate speculation;
7. funding for
				  the principal purpose of refinancing existing debt in excess of 10 percent of
				  the total requested loan amount;
8.
				  funding for the purpose of buying out any stockholder or equity holder by
				  another stockholder or equity holder in a business;
9. funding for the purpose of establishing a
				  park, theme park, amusement park, or camping facility.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 9 - Micro Loan Program › Chapter 75 - Loan Policies › Section VII-7509 - General Loan 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 making loans.
1. The
				  corporation shall not knowingly approve any loan guarantee, loan participation
				  or loan if the applicant has presently pending or outstanding any claim or
				  liability relating to failure or inability to pay promissory notes or other
				  evidence of indebtedness including state or federal taxes, or bankruptcy
				  proceeding; nor shall the corporation approve any loan or guarantee if the
				  applicant has presently pending, at the federal, state, or local level, any
				  proceeding concerning denial or revocation of a necessary license or
				  permit.
2. The terms or conditions
				  imposed and made part of any loan or loan guarantee authorized by vote of the
				  corporation board 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 at the next meeting of the board in open session with
				  full explanation for such action.
3. The corporation shall not subordinate its
				  position.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 9 - Micro Loan Program › Chapter 75 - Loan Policies › Section VII-7511 - General Agreement Provisions

Current through Register Vol. 50, No. 6, June 20, 2024
A. Guaranty Agreement
1. Originating bank or LEDC agent responsible
				  for proper administration and monitoring of loan and proper liquidation of
				  collateral in case of default.
2.
				  The loan shall not be sold, assigned, participated out, or otherwise
				  transferred without prior written consent of the LEDC Board.
3. If liquidation through foreclosure occurs,
				  the bank sells collateral and handles legal proceedings.
4. There will be a reduction of the
				  guarantee:
a. in proportion to the principal
				  reduction of the amortized portion of the loan;
b. if no principal reduction has occurred in
				  any annual period of the loan, 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 bank's normal lending policy and
				  all remedies will be outlined in the guaranty agreement. Notification of
				  delinquency will be made to the corporation, in writing and verbally, in a time
				  satisfactory to the bank and the corporation as stated in the guaranty
				  agreement.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 9 - Micro Loan Program › Chapter 75 - Loan Policies › Section VII-7513 - 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 duty is to be used solely for the corporation. The corporation is not
				  obliged to give credit rating or confidential information regarding applicant.
				  Also see Attorney General Opinion Number 82-860.
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 9 - Micro Loan Program › Chapter 75 - Loan Policies › Section VII-7515 - 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, 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(C).
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 9 - Micro Loan Program › Chapter 76 - SSBCI Micro Lending Program ARPA 2021 › Section VII-7605 - Application Process

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Applicant is required to first contact a participating community development
				  financial lending institution (CDFI), or other participating lender, under the
				  Louisiana Economic Development (LED) SSBCI Micro Lending Program that is
				  willing to entertain, originate, process and service such a loan or line of
				  credit; and confirms the loan request is an SSBCI eligible loan before
				  completing the program enrollment application process with LEDC. The
				  participating Lender will then contact LEDC for qualification and shall submit
				  a complete Micro Lending Program Enrollment Application to LEDC for its review
				  and acceptance as an enrolled loan, or enrolled line of credit, under the
				  Program. The Lender shall also submit to LEDC the Lender's assurances,
				  certifications, representations and warranties, and shall be responsible for
				  obtaining and submitting to LEDC assurances of eligibility, including
				  certifications, representations and warranties from each borrower, all as
				  required by the American Rescue Plan Act of 2021.
B. Information submitted to LEDC with the
				  enrollment application representing the applicant's business plan, financial
				  position, financial projections, personal financial statements and background
				  checks will be kept confidential to the extent allowed under the Public Records
				  Law,
				  R.S.
				  44:1 et seq. Confidential information in the
				  files of LEDC and its accounts acquired in the course of duty will be used
				  solely by and for LEDC.
C. In order
				  to enroll a loan under the SSBCI Micro Lending Program, the lender shall
1. file the loan for enrollment by delivering
				  or causing to be delivered to LEDC a copy of the program enrollment application
				  packet as may be specified by LEDC, bearing an execution signature of an
				  authorized officer of the lender;
2. submit such additional documentation
				  required for Lender to review and underwrite the loan request;
3. executed lender and borrower assurances,
				  certifications and information reasonably required by the corporation and
				  related to the loan to be enrolled. The loan shall be deemed enrolled in the
				  SSBCI Micro Lending Program at such time as the program enrollment application
				  is accepted, in writing, by LEDC.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 9 - Micro Loan Program › Chapter 76 - SSBCI Micro Lending Program ARPA 2021 › Section VII-7609 - General Loan Provisions

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Those CDFIs, and other qualifying lenders, participating in the Micro Lending
				  Program shall be guided by the following general principles in making loans.
1. The lender shall not knowingly approve any
				  loans if the applicant has presently pending or outstanding any claim or
				  liability relating to failure or inability to pay promissory notes or other
				  evidence of indebtedness including state or federal taxes, or bankruptcy
				  proceeding; nor shall the lender approve any loan if the applicant has
				  presently pending, at the federal, state, or local level, any proceeding
				  concerning denial or revocation of a necessary license or permit.
2. The terms or conditions imposed and made
				  part of any enrolled loan authorized by vote of the corporation board 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 to accept the
				  changes of said enrolled loan by the board, its board screening committee or
				  other designated committees at the next meeting of the board or committee in in
				  open session with full explanation for such action.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 9 - Micro Loan Program › Chapter 76 - SSBCI Micro Lending Program ARPA 2021 › Section VII-7611 - General Agreement Provisions

Current through Register Vol. 50, No. 6, June 20, 2024
A. Program Participation Agreement
1. The lender shall market the micro lending
				  program, identify eligible borrowers for the program, originate the loan,
				  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 lender shall agree to underwrite each
				  loan (including line of credit) using its normal underwriting criteria and will
				  perform a credit analysis of the borrower for each loan, assuming full
				  responsibility for credit and ongoing security of the loan and will follow
				  prudent industry loan underwriting processes and will determine that the funds
				  to be provided under the micro lending program will be instrumental in order
				  for the Lender to make the loan.
3.
				  The lender shall be responsible for the preparation of all loan (including line
				  of credit) documents to be used in connection with such loans made and accepted
				  under this program.
4. The lender
				  is able to set its rate according to risk but shall not exceed that stated in
				  the treasury SSBCI guidance under this program.
5. Delinquency will be defined according to
				  the lender's normal lending policy and all remedies will be outlined.
				  Notification of delinquency will be made to the corporation in writing and
				  verbally in a time satisfactory to the bank and the corporation on the monthly
				  lender loan status report.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 9 - Micro Loan Program › Chapter 76 - SSBCI Micro Lending Program ARPA 2021 › Section VII-7613 - 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 duty is to be used solely for the corporation. The corporation is not
				  obliged to give credit rating or confidential information regarding applicant.
				  Also see Attorney General Opinion Number 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 9 - Micro Loan Program › Chapter 76 - SSBCI Micro Lending Program ARPA 2021 › Section VII-7615 - 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, 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 9 - Micro Loan Program › Chapter 76 - SSBCI Micro Lending Program ARPA 2021 › Section VII-7617 - 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 11 - Louisiana Seed Capital Program (LSCP) › Chapter 77 - Louisiana Seed Capital Program (LSCP) › Section VII-7701 - Purpose

Current through Register Vol. 50, No. 6, June 20, 2024
A. The purpose of
				  this Louisiana Economic Development Corporation (LEDC) program is to encourage
				  the formation of Louisiana-based seed capital funds (venture capital funds for
				  start-up and early-stage businesses). This program is intended to provide
				  investment capital to create and grow start-up and early-stage businesses. This
				  program will be investing in other venture capital funds that in turn invest
				  seed capital in individual Louisiana businesses. Funding under this program
				  shall be limited to those qualified organizations who agree to invest such
				  funds exclusively in companies based in Louisiana for the purpose of financing
				  any business purpose or process, technique, product, or device which is or may
				  be exploitable commercially, which has advanced beyond the theoretical state,
				  and which is capable of being or has been reduced to practice without regard to
				  whether a patent has or could be granted. This program is not intended for
				  retail or professional services.
B.
				  The LEDC will make the decision as to whether it will invest in the venture
				  capital fund; and the venture capital fund will make the investment decision in
				  eligible individual businesses.
C.
				  The LEDC will provide high-level monitoring of aggregate performance of its
				  portfolio, with monitoring of a small amount of data on each venture capital
				  fund investment; and the venture capital fund will actively monitor each
				  individual business investment.
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 11 - Louisiana Seed Capital Program (LSCP) › Chapter 77 - Louisiana Seed Capital Program (LSCP) › Section VII-7703 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
Board
-
Board of
					 Directors of Louisiana Economic Development Corporation.
Co-Investment
- an investment in which
					 financial investors take part with each other and act jointly by uniting or
					 combining together.
Corporation
-
Louisiana
					 Economic Development Corporation.
LED
-
Louisiana
					 Department of Economic Development.
LEDC
-
Louisiana Economic
					 Development Corporation.
Match Investment
- an investment in which
					 a financial investor provides or combines additional funds to equal, meet or
					 complement funds provided by another investor or other investors.
Seed Capital
( for the purposes of this
					 program) -
1. a dollar amount of not less than $25,000 of capital
					 provided to an inventor or entrepreneur to prove a concept and to qualify for
					 start-up capital, which may involve product development and market research, as
					 well as building a management team and developing a business plan, if the
					 initial steps are successful;
2. research and development financing to finance product
					 development for start-up as well as early-stage companies (which may include a
					 company that may already be in business for three years or less);
3. start-up or early-stage financing to companies
					 completing product development and initial marketing which companies may be in
					 the process of organizing or they may already be in business for three years or
					 less, but have sold their product commercially; or
4. first-stage or early-stage financing to companies that
					 have expended their initial capital and require funds to initiate full-scale
					 manufacturing and sales, for costs of inventory, equipment, expansion,
					 modernization, and for working capital purposes.
Venture Capital Fund
-
also referred to herein as a
seed capital fund
, or
					 the
applicant organization;
a fund that makes and manages a
					 portfolio of investments in individual companies or
					 businesses.
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 11 - Louisiana Seed Capital Program (LSCP) › Chapter 77 - Louisiana Seed Capital Program (LSCP) › Section VII-7705 - Eligibility for Participation in This Program

Current through Register Vol. 50, No. 6, June 20, 2024
A. The applicant organization must be a
				  Louisiana-based venture capital fund organized for the purpose of making seed
				  capital investments in Louisiana businesses.
B. The applicant organization may be
				  organized either for profit or non-profit purposes.
C. The applicant organization must
				  demonstrate that its management personnel have at least three years of
				  experience in managing investments in individual, privately-held companies,
				  utilizing funds provided by others to make such investments.
D. The applicant organization must have a
				  minimum cash investment already on hand sufficient to cover the general and
				  administrative costs for the first and early years of its operations.
E. The applicant organization must have
				  already raised a minimum of $250,000 to be eligible for co-investments or
				  raised a minimum of $500,000 to be eligible for a match investment; and must
				  have already on hand cash sums sufficient to cover the general and
				  administrative costs for the first and early years of its operations for
				  participation in this program. The minimum funds may be in cash and
				  commitments.
F. The applicant
				  organization must verify the eligibility of portfolio companies, obtain
				  assurances of eligibility from each business, and assurances from each business
				  that proceeds will be used for acceptable business purposes.
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 11 - Louisiana Seed Capital Program (LSCP) › Chapter 77 - Louisiana Seed Capital Program (LSCP) › Section VII-7707 - Application Requirements for Qualification or Eligibility, and for Co-Investment

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Prior to a seed capital fund submitting a request to the Louisiana Economic
				  Development Corporation (LEDC) to be considered for a commitment for a
				  co-investment, a prospective seed capital fund must 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 two main categories,
				  including:
1. the experience and
				  qualifications of the fund's existing or proposed management team;
				  and
2. the business plan for the
				  seed capital fund. The following provisions specify in more detail the
				  information that should be covered. While these provisions provide a possible
				  format, the applicant should in no way feel bound by this format. The applicant
				  can use its own format, as long as the basic information is provided. Moreover,
				  the applicant should feel free to 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 11 - Louisiana Seed Capital Program (LSCP) › Chapter 77 - Louisiana Seed Capital Program (LSCP) › Section VII-7709 - Application Requirements for Qualification or Eligibility, and for Match Investment

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Prior to a seed capital fund submitting a request to the Louisiana Economic
				  Development Corporation (LEDC) to be considered for a commitment for a match
				  investment, a prospective seed capital 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;
2. if applicable, the fund's fund raising
				  abilities, activities and success; and
3. the business plan for the seed capital
				  fund. The following provisions specify in more detail the information that
				  should be covered. While these provisions provide a possible format, the
				  applicant should in no way feel bound by this format. The applicant can use its
				  own format, as long as the basic information is provided. Moreover, the
				  applicant should feel free to 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 11 - Louisiana Seed Capital Program (LSCP) › Chapter 77 - Louisiana Seed Capital Program (LSCP) › Section VII-7711 - Application Process

Current through Register Vol. 50, No. 6, June 20, 2024
A. All
				  applications under this program must be submitted to the Executive Director,
				  Louisiana Economic Development Corporation, P.O. Box 44153, Baton Rouge, 70804.
1. Application Requirements for Qualification
				  or Eligibility to Participate in this Program and Co-Investment Application or
				  Match Investment Application
a. The
				  application for qualification or eligibility of the seed capital fund to
				  participate in this program and its application for the co-investment project
				  may be, but are not required to be, submitted simultaneously for
				  consideration.
b. The application
				  for qualification or eligibility of the seed capital fund to participate in
				  this program and its application for the match investment project may be, but
				  are not required to be, submitted simultaneously for consideration.
c. Once a seed capital fund is deemed
				  qualified or eligible to participate in this program, the fund is not required
				  to resubmit a qualification or an eligibility application for subsequent
				  co-investment or match investment requests.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 11 - Louisiana Seed Capital Program (LSCP) › Chapter 77 - Louisiana Seed Capital Program (LSCP) › Section VII-7713 - Investments

Current through Register Vol. 50, No. 6, June 20, 2024
A. Co-Investment
1. A qualified or eligible fund that has not
				  received a match investment from the LEDC may apply for co-Investment funds on
				  a case by case basis. The co-investment of LEDC shall not exceed the lesser of
				  50 percent of the total round of investment needed or $250,000.
2. Only investments in Louisiana businesses
				  are eligible for co-investments.
3.
				  Co-investments will be on the same terms and conditions as the seed capital
				  fund has negotiated with the business included in the co-investment
				  project.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 11 - Louisiana Seed Capital Program (LSCP) › Chapter 77 - Louisiana Seed Capital Program (LSCP) › Section VII-7715 - Reporting

Current through Register Vol. 50, No. 6, June 20, 2024
A. Each year, on
				  the anniversary date of the initial disbursement of funds, or on such date as
				  may be authorized by LEDC, each venture capital fund that is the recipient of
				  LEDC funds shall provide to LEDC the following information:
1. a list of all investors in the fund,
				  including the amounts of each investment and the nature of each
				  investment;
2. a statement of the
				  financial condition of the fund including, but not limited to, a balance sheet,
				  a profit and loss statement, and a statement showing changes in the fund's
				  financial condition;
3. a current
				  reconciliation of the fund's net worth; and
4. an annual audited financial statement
				  prepared by a certified public accountant (prepared within 120 days of the end
				  of the fund's fiscal year).
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 11 - Louisiana Seed Capital Program (LSCP) › Chapter 79 - Matching Grants Program › Section VII-7901 - Purpose

Current through Register Vol. 50, No. 6, June 20, 2024
A. The purpose of
				  this program is to leverage state and local funding in order to maximize
				  matching funds from federal and other grants for the purpose of assisting,
				  whether individually or collectively, qualified Louisiana businesses,
				  minority-owned businesses, high-growth potential businesses, women-owned
				  businesses, small business enterprises and disabled persons' business
				  enterprises as those terms are defined by R.S. 39:2303, in such manner and as
				  may be determined by the board in its discretion, and may also include
				  providing matching funding for federal grants for infrastructure and basic
				  infrastructure projects under the Louisiana Economic Development Award
				  Program.
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 11 - Louisiana Seed Capital Program (LSCP) › Chapter 79 - Matching Grants Program › Section VII-7903 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
Applicant
-the public entity requesting
					 matching grant funds under this program. The public entity may be joined in the
					 application by any other entity.
Award
-the funding of matching grant money
					 under this program for eligible applicants.
Award Agreement
-the agreement of contract
					 hereinafter referred to between the public entity, DED and LEDC, and where
					 applicable, any other entity through which the parties by cooperative endeavor
					 or otherwise, set forth the terms, conditions and performance objectives of the
					 award provided pursuant to these rules.
DED
-the Louisiana Department of Economic
					 Development.
Project
-a proposal by a public entity that
					 promotes economic development for which matching grant funds are sought under
					 this program. Where matching grant funds are sought for projects that are
					 defined as basic infrastructure or infrastructure under the EDAP rules, then
					 the rules pertaining to EDAP, in addition to these rules, apply to the
					 determination as to the funding of the matching grant funds.
Public Entity
- the applying public or
					 quasi-public entity that will be responsible for receiving and administering
					 the performance and oversight of the project and for supervising compliance
					 with the terms, conditions and performance objectives of the award
					 agreement.
Secretary-
the Secretary of the Department
					 of Economic Development, 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 11 - Louisiana Seed Capital Program (LSCP) › Chapter 79 - Matching Grants Program › Section VII-7905 - General Principles

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				  following general principles will direct the administration of the Matching
				  Grant Award Program.
1. Awards are not to be
				  construed as an entitlement for companies locating or located in
				  Louisiana.
2. An award must
				  reasonably be expected to be a significant factor in improving or enhancing
				  economic 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. Awards that
				  promote retention and strengthening of existing businesses will be evaluated
				  using the same procedures and with the same priority as the recruitment of new
				  businesses to the state.
5. The
				  anticipated economic benefits to the state will be considered in making the
				  award.
6. Appropriate cost sharing
				  among project beneficiaries is a factor in the consideration of the
				  award.
7. Whether or not an award
				  will be made is entirely at the discretion of 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 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 11 - Louisiana Seed Capital Program (LSCP) › Chapter 79 - Matching Grants Program › Section VII-7907 - Eligibility

Current through Register Vol. 50, No. 6, June 20, 2024
A. In order to be
				  eligible for a matching grant award pursuant to this program, the applicant
				  must demonstrate the following to the satisfaction of the board.
1. The award sought must be consistent with
				  the Principles set forth above, the applicant must demonstrate a need for the
				  matching grant funds, the ability to administer the funds in accordance with
				  all applicable laws, rules and regulations governing the receipt of the grant,
				  and that management are, or will be, in place to provide the services the grant
				  is intended to provide. Where it is represented that certain contingent actions
				  will be taken in order to comply with these conditions, then the LEDC may, in
				  its discretion, withhold funding until there is substantial performance of the
				  contingencies.
2. Preference will
				  be given to applicants representing rural communities, or those communities
				  designated as renewal communities.
3. The applicant must demonstrate that the
				  matching funds and resulting grant from available matching funds will serve,
				  individually, or collectively, the purposes of the program as defined in
				  §7901 and the general principles defined
				  in §7905 above.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 11 - Louisiana Seed Capital Program (LSCP) › Chapter 79 - Matching Grants Program › Section VII-7909 - Application for Matching Grant

Current through Register Vol. 50, No. 6, June 20, 2024
A. The applicant must submit an application
				  to the DED or LEDC on a form provided which shall contain the following
				  information:
1. a copy of the application or
				  a valid description of the grant for which matching funds are sought;
2. a letter of commitment or such other
				  information as will provide the board necessary information to assure that if
				  the funds are made available and other necessary and appropriate steps are
				  taken, the grant will be matched by the granting authority;
3. an explanation for the reason that LEDC
				  provide the match to the grant;
4.
				  a plan which shall include a budget as to how and when the match and the grant
				  are to be spent;
5. resumes or
				  other appropriate information on the grant administrator or grant
				  monitor;
6. a statement that
				  reflects that the value of the matching funds to the project and to the
				  economic development of the state sought through the project will equal or
				  exceed the benefits given to the recipient of the grant funds;
7. how matching the grant funds will serve
				  the best interests of the businesses defined in the purposes set forth in
				  §7901 above.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 11 - Louisiana Seed Capital Program (LSCP) › Chapter 79 - Matching Grants Program › Section VII-7911 - Matching Grant Funding

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				  award shall not be drawn down before the grant is funded by the federal or
				  other entity that is providing the funds for which the matching grant is being
				  awarded.
B. There shall be a
				  contribution from the applicant that in the opinion of the board constitutes a
				  commitment to the project for which the funds are being sought.
C. The Louisiana Economic Development
				  Corporation may allocate funds to this program on a case by case basis and may,
				  by vote, determine a maximum amount to be allocated for the fiscal
				  year.
D. This program shall be
				  evaluated by the board in one year.
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 11 - Louisiana Seed Capital Program (LSCP) › Chapter 87 - Seed Capital Program for the State Small Business Credit Initiative (SSBCI) Program › Section VII-8701 - Purpose

Current through Register Vol. 50, No. 6, June 20, 2024
A. The purpose for
				  this Chapter 87 Program shall be the same as the purposes previously provided
				  in §7701 of Chapter 77
				  of Subpart 11 of the Louisiana Seed Capital Program which shall also apply to
				  this Chapter 87 program; and additionally this Chapter 87 program is to
				  establish the Louisiana Seed Capital Program 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 make seed stage 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. 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 and seed investment opportunities located
				  in the underserved markets that will be targeted with SSBCI funds. 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. This program is not intended
				  for retail or professional services.
B. The LEDC wishes to maintain for this
				  Chapter 87 program all of the purposes of
				  §7701 and all of the other Sections and
				  provisions of Chapter 77 of the Seed Capital Program shown above, except where
				  there is a need for the policies of this program to be different from Chapter
				  77. For this reason, all of the Sections and provisions of Chapter 77 above
				  shall also apply to this Chapter 87, except in those instances where a
				  different or additional rule or policy is provided below in this Chapter
				  87.
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 11 - Louisiana Seed Capital Program (LSCP) › Chapter 87 - Seed Capital Program for the State Small Business Credit Initiative (SSBCI) Program › Section VII-8703 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. All of the same
				  definitions provided in
				  §7703 of Chapter 77 of the Seed Capital
				  Program shall also apply to this Chapter 87 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 11 - Louisiana Seed Capital Program (LSCP) › Chapter 87 - Seed Capital Program for the State Small Business Credit Initiative (SSBCI) Program › Section VII-8705 - Eligibility 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 eligibility provisions contained in
				  §7705 of Chapter 77 of the Seed Capital
				  Program shall also apply to this Chapter 87 Program, except that co-investments
				  will not be utilized in this Chapter 87 program.
B. The applicant organization must have
				  raised a minimum of $500,000 in investments or has a minimum of $2 1/2 million
				  under management, and already 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 Match Investment Program.
C. In addition to the eligibility provisions
				  provided in the Section mentioned in the above Subsection A, LEDC investments
				  made in venture capital funds and programs in connection with this Chapter 87
				  program shall meet the following criteria:
1.
				  the venture capital fund(s) shall target an average business-size of 500
				  employees or less at the time the individual business investment is
				  made;
2. such individual business
				  investments shall not be extended to businesses with more than 750
				  employees;
3. any investment
				  targeted in this program shall not exceed the amount of $ 5,000,000;
				  and
4. any investment extended
				  through this program shall not exceed the amount of $ 20,000,000.
Louisiana Administrative Code › Title 19 - CORPORATION AND BUSINESS › Part VII - Louisiana Economic Development Corporation › Subpart 11 - Louisiana Seed Capital Program (LSCP) › Chapter 87 - Seed Capital Program for the State Small Business Credit Initiative (SSBCI) Program › Section VII-8707 - Application Requirements for Qualification or Eligibility, and for Co-Investment

Current through Register Vol. 50, No. 6, June 20, 2024
A. None
				  of the provisions contained in
				  §7707 of Chapter 77 of the Seed Capital
				  Program shall apply to this Chapter 87 program. The co-investment provisions of
				  Chapter 77 will not be utilized in this SSBCI Chapter 87 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 11 - Louisiana Seed Capital Program (LSCP) › Chapter 87 - Seed Capital Program for the State Small Business Credit Initiative (SSBCI) Program › Section VII-8709 - Application Requirements for Qualification or Eligibility, and for Match Investment

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Except as may be hereinafter provided, all of the provisions contained in
				  §7709 of Chapter 77 of the seed capital
				  program shall also apply to this Chapter 87 Program. Only match investments
				  will be utilized in this SSBCI Chapter 87 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 11 - Louisiana Seed Capital Program (LSCP) › Chapter 87 - Seed Capital Program for the State Small Business Credit Initiative (SSBCI) Program › Section VII-8711 - Application Process

Current through Register Vol. 50, No. 6, June 20, 2024
A.
				  Except as may be hereinafter provided, all of the provisions contained in
				  §7711 of Chapter 77 of the Seed Capital
				  Program shall also apply to this Chapter 87 program. Co-investments will not be
				  utilized in this Chapter 87 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 11 - Louisiana Seed Capital Program (LSCP) › Chapter 87 - Seed Capital Program for the State Small Business Credit Initiative (SSBCI) Program › Section VII-8713 - Investments

Current through Register Vol. 50, No. 6, June 20, 2024
A. Except as may be
				  hereinafter provided, all of the provisions contained in
				  §7713 of Chapter 77 of the Seed Capital
				  Program shall also apply to this Chapter 87 program, except that co-investments
				  will not be utilized in this Chapter 87 program. Only match investments will be
				  utilized in this SSBCI Chapter 87 Program.
B. A qualified or eligible fund may receive a
				  match investment equal to $1 of LEDC funds for each $1.50 of funds privately
				  raised by the applicant fund. The maximum total dollar amount of an LEDC match
				  investment in an eligible fund shall not exceed $2,000,000.
C. LEDC investments made in a qualified Seed
				  Capital Fund will not exceed an initial investment of $450,000, with up to four
				  expected follow-up investments, but shall not exceed a total investment of
				  $2,000,000 per fund.
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 11 - Louisiana Seed Capital Program (LSCP) › Chapter 87 - Seed Capital Program for the State Small Business Credit Initiative (SSBCI) Program › Section VII-8715 - Reporting

Current through Register Vol. 50, No. 6, June 20, 2024
A. Except as may be
				  hereinafter provided, all of the provisions contained in
				  §7715 of Chapter 77 of the Seed Capital
				  Program shall also apply to this Chapter 87 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 11 - Louisiana Seed Capital Program (LSCP) › Chapter 89 - SSBCI Seed Capital ARPA 2021 › Section VII-8901 - 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 seed stage
				  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 and seed 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