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-2305 - Application Procedure

Current through Register Vol. 50, No. 6, June 20, 2024
A. The
				  application shall contain, but not be limited to, an offering memorandum which
				  includes, but is not limited to, the following:
1. name of fund, address (mailing and
				  physical);
2. specify the amount of
				  LEDC investment/ commitment requested;
3. specify the minimum and maximum amounts of
				  non-LEDC capital to be raised if LEDC makes the requested
				  investment/commitment;
4. specify
				  applicant's projected timetable, with milestones for completion of the fund
				  raising;
5. specify whether
				  applicant anticipates taking in all of the committed capital investment at
				  closing, or whether applicant plans a phase in. If a phase-in is planned,
				  specify the proposed schedule. It is permissible to have different scenarios
				  based on the actual amount of capital raised;
6.
market
- identify the
				  proposed market of the applicant:
a. describe
				  and discuss the types of businesses that the fund will finance. Discuss the
				  extent to which the fund intends to specialize in certain industries, or if
				  special circumstances will be addressed;
b. describe the size range of businesses that
				  it is contemplated the fund will finance, with a general indication of where
				  most of the focus is expected;
c.
				  discuss the life cycle stage or stages of the companies which the fund will
				  likely finance, with an indication of where most of the focus is contemplated,
				  e.g., start-up, expansion;
d.
				  discuss the geographic area in which the fund plans to focus. Specify the city
				  or parish in which the fund's principal office will be located, and discuss
				  intentions, if any, to establish any additional offices;
e. describe the types of financing
				  instruments that are intended to be utilized for investments, e.g., debentures,
				  notes, preferred stock, royalties, etc.;
7.
management assistance
-
				  discuss the plans of the fund to provide management and/or technical assistance
				  to companies for which the fund provides financing. Discuss the fund's plans
				  for monitoring its financing, and enforcing provisions of loan or investment
				  agreements. Discuss how the fund plans to handle problem loans and
				  investments;
8.
idle
				  funds
- describe plans for the management of the idle funds of the
				  fund;
9.
realization of
				  returns by investors
- discuss long-term plans and strategies for
				  providing a tangible return to the investors in the fund;
10.
tax and accounting
				  issues
- discuss relevant tax and accounting issues for the
				  fund;
11.
management
				  structure
- describe the proposed management structure for the
				  fund;
12. describe the proposed
				  responsibilities of each of the members of the management team. If any of these
				  people will not be full time, describe their other activities;
13. describe the responsibilities of any
				  management position for which a person has not been identified;
14. specify any other key people including
				  any advisors, consultants, attorneys and accountants, and submit resumes and/or
				  descriptions of firms. LEDC reserves the right to perform general and criminal
				  background checks on these key people.