A. In order to be eligible for consideration to receive a matching or co-investment equity capital investment by LEDC, the applicant must fulfill the following eligibility requirements.
- 1. It must have obtained a license from OFI.
- 2. It must be a for profit Louisiana corporation.
- 3. In order to be eligible to receive an investment from LEDC, as described in §7107, it must have raised a minimum of $1,000,000 of private capital, exclusive of LEDC funds. These private capital funds must be actual cash contributions [pursuant to R.S. 51:2392(B)(2)(d)(2)].
- 4. Its management must be experienced in debt and/or capital financing of the types and volume contemplated by the applicant BIDCO.
- 5. LEDC may consider applications from BIDCOs which have a businesslike mission but with special circumstances or specialized opportunities (herein "Specialty BIDCOs").
- 6. Owners and Investors cannot be in conflict with the Code of Governmental Ethics R.S. 42:1112. BIDCO's shall not invest in a company in which a principal or officer of the BIDCO also has an interest in the company.
Authority Note
AUTHORITY NOTE: Promulgated in accordance with R.S. 51:2312 (A) (7), (B) (1) and (B) (3).
Historical Note
HISTORICAL NOTE: Promulgated by the Department of Economic Development, Economic Development Corporation, LR 18:1358 (December 1992), amended LR 26:2243 (October 2000).