- 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.
Authority Note
AUTHORITY NOTE: Promulgated in accordance with LA. R.S. 51:2312.
Historical Note
HISTORICAL NOTE: Promulgated by the Department of Economic Development, Office of the Secretary, Office of Business Development and Louisiana Economic Development Corporation, LR 38:991 (April 2012).