La. Admin. Code tit. 19, § VII-2901 - Purpose
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.
Notes
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