1. A. Co-Investment

   1. 1. If a non-specialty BIDCO can show cash of at least $1 MM but less than $2,000,000, LEDC may co-invest $1 for each $2 for each LEDC approved project submitted to it by the BIDCO. The LEDC investment will participate pro-rata with the BIDCO share of the investment. The LEDC investment will not exceed 33 percent of any project nor will LEDC funding exceed $1 for each $2 of the BIDCO's total capital. On each project submitted for review, an application fee of $250 is required.
   2. 2. If a specialty BIDCO can show cash of at least $500K plus enough operating capital to administer ongoing investments, but less than $1,000,000, LEDC may co-invest $1 for each $1 for each LEDC approved project submitted to it by the BIDCO. The LEDC investment will participate pro-rata with the BIDCO share of the investment. The LEDC investment will not exceed 50 percent of any project nor will LEDC funding exceed $1 for each $1 of other BIDCO capital committed.
   3. 3. On each project submitted for reviewed, an application fee of $250 is required.

2. B. Match Investment

   1. 1. Each request should be accompanied by a $500 application fee.
   2. 2. If a non-specialty BIDCO can show cash, of $2,000,000, exclusive of any previous investments by LEDC, the BIDCO may request a matching equity capital contribution from LEDC subject to availability of funds and a determination by LEDC management that the BIDCO business plan is consistent with investment targets of LEDC. If the BIDCO is considered an acceptable risk, based upon LEDC review of its credentials, performance, and business plan, or some combination thereof, LEDC may make a matching cash contribution on the basis of $1 for each $2 of the BIDCO capital not to exceed $2,500,000, reduced for any previous LEDC capital contributions. LEDC will base it's matching equity capital contribution on the amount of capital as calculated in accordance with §103.D. Thereafter it will participate in all future BIDCO investments on a pro-rata basis with all other BIDCO funds. Any BIDCO which has received a LEDC match investment is ineligible to present portfolio projects to LEDC for assistance through any of LEDC's other programs.
   3. 3. If a specialty BIDCO can show capital contributions, as defined in §103, of $1,000,000, exclusive of any previous investments by LEDC, the BIDCO may request a matching equity capital contribution from LEDC. Each request should be accompanied by a $500 application fee. If the BIDCO is considered an acceptable risk, based upon LEDC review of its credentials, performance, and business plan, or some combination thereof, LEDC may make a matching cash contribution on the basis of $1 for each $1 of the BIDCO capital not to exceed $1,000,000 subject to availability of funds and a determination by LEDC management that the BIDCO business plan is consistent with investment targets of LEDC reduced for any previous LEDC capital contributions. LEDC will base its matching equity capital contribution on the amount of non-LEDC capital as calculated in accordance with §103.D. Thereafter it will participate in all future BIDCO investments on a pro-rata basis with all other BIDCO funds. Any BIDCO which has received a LEDC match investment is ineligible to present portfolio projects to LEDC for assistance through any of LEDC's other programs.
   4. 4. All funding of BIDCOs is subject to the availability of resources as allocated by the LEDC Board of Directors.
   5. 5. The consolidated dollar total of all LEDC investments authorized under §109.A-D shall not exceed $2,500,000 to any one BIDCO.

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, Louisiana Economic Development Corporation, LR 18:1358 (December 1992), amended LR 23:554 (May 1997), LR 26:2245 (October 2000).