La. Admin. Code tit. 19, § VII-301 - Purpose
A. The purposes for
this Chapter 3 program shall be the same as the purposes previously provided in
Section
101 of Chapter 1 of the Small
Business Loan and Guaranty Program which shall also apply to this Chapter 3
program (except that loan participations will not be utilized in this Chapter 3
program); and additionally this Chapter 3 program is to establish loan and
guaranty policies 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 increase access to credit and capital funding to further
assist small businesses statewide, to expand loan capabilities to include a
broader range of businesses statewide, to direct a greater concentration on
those small businesses, 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 lenders, small businesses and trade associations of the
program, and to generate increased small business activity, awareness and
access to additional sources of capital to start and expand existing business
opportunities, as well as participation in the program. The LEDC will also
monitor these plans, including the repayment progress of borrowers, the
servicing performance of participating lenders, and to ensure successful
outcomes in the form of program utilization and eventual securing of funds for
these groups.
B. The LEDC wishes to
maintain for this Chapter 3 Program all of the purposes of
§101 and all of the other Sections and
provisions of Chapter 1 of the Small Business Loan and Guaranty Program shown
above, except where there is a need for the policies of this Program to be
different from Chapter 1. For this reason, all of the Sections and provisions
of Chapter 1 above shall also apply to this Chapter 3, except in those
instances where a different or additional rule or policy is provided below in
this Chapter 3.
Notes
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