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-2903 - Definitions

Current through Register Vol. 50, No. 6, June 20, 2024
A. Terms not
				  otherwise defined in this Chapter shall have the same meaning given to them in
				  prevailing federal guidelines issued by the U.S. Treasury, unless the context
				  clearly requires otherwise.
B. In
				  this Chapter, the following terms shall have the meanings provided herein,
				  unless the context clearly indicates otherwise.
Board
-Board of Directors of Louisiana
					 Economic Development Corporation.
Business Partner of an SSBCI Insider
-a
					 person who owns 10 percent or more of any class of equity interest, on a fully
					 diluted basis, in any private entity in which an SSBCI insider also owns 10
					 percent or more of any class of equity interest on a fully diluted
					 basis.
Community Development Financial Institution
					 (CDFI)-
has the meaning given that term under
					 Section
					 103 of the Riegle Community
					 Development and Regulatory Improvement Act of 1994.
Community Development Financial Institution (CDFI)
					 Investment Area
-areas defined by CDFI which are generally low-income,
					 high poverty geographies that receive neither sufficient access to capital nor
					 support for the needs of small businesses, including minority-owned
					 businesses.
Corporation
-Louisiana Economic Development
					 Corporation
.
Direct Investment
-an investment in which
					 financial investors take part with each other and act jointly by uniting or
					 combining together to invest directly into individual companies or
					 businesses
Family Member of an SSBCI Insider
-such
					 person's spouse, domestic partner, parents, grandparents, children,
					 grandchildren, brothers, sisters, stepbrothers, and stepsisters; and any other
					 relatives who live in the same household as the SSBCI insider.
Independent Non-Profit Entity
-any
					 non-profit entity that is not state- sponsored.
LED
-Louisiana Department of Economic
					 Development.
LEDC
-Louisiana Economic Development
					 Corporation, as known as Corporation.
Owned and Controlled
-if privately owned,
					 51 percent is owned by such individuals; if publicly owned, 51 percent of the
					 stock is owned by such individuals; and in the case of a mutual institution, a
					 majority of the board of directors, account holders, and the community which
					 the institution services is predominantly comprised of such individuals.
Personal Financial Interest
-any financial
					 interest derived from ownership or right to ownership of, or lending to or
					 other investment in, a private, for-profit entity that may receive an SSBCI
					 investment (including any financial interest derived from ownership or right to
					 ownership of, or investment in, a venture capital fund).
Risk Investment
-an investment that may
					 provide equity through the purchase of common stock, preferred stocks,
					 partnership rights or any other equity investment. Additionally it may mean
					 debt positions, which may act as equity or have equity features such as
					 subordinated debt, debentures or other such instruments used in conjunction
					 with features intended to yield significant capital appreciation.
Socially and Economically Disadvantaged
					 Individuals
(
SEDI
)
Owned
					 Business
-for the purposes of this program:
a. business enterprises that certify that
				  they are owned and controlled by individuals who have had their access to
				  credit on reasonable terms diminished as compared to others in comparable
				  economic circumstances, due to their:
i.
				  membership of a group that has been subjected to racial or ethnic prejudice or
				  cultural bias within American society;
ii. gender;
iii. veteran status;
iv. limited English proficiency;
v. physical handicap;
vi. long-term residence in an environment
				  isolated from the mainstream of American society;
vii. membership of a federally or
				  state-recognized Indian Tribe;
viii. long-term residence in a rural
				  community;
ix. residence in a U.S.
				  territory;
x. residence in a
				  community undergoing economic transitions (including communities impacted by
				  the shift towards a net-zero economy or deindustrialization); or
xi. membership of another
underserved
				  community
as defined in U.S. Executive Order 13985;