1. 'But For' Statement―a signed statement from the lending institution that 'but for' the additional cash flow from the linked deposit the lender would not have made this loan.
2. Certified Disadvantaged Business―any business which has received certification from the Division of Economically Disadvantage Business Enterprises.
3. Corporation―the Louisiana Economic Development Corporation of the Department of Economic Development.
4. Eligible Lending Institution―any bank located in this state and organized under the laws of this state and any national bank which is authorized to make commercial loans and which agrees to participate in the linked deposit program as defined herein.

5. Eligible Small Business―any business, that has all the following characteristics:

   1. 1. is headquartered in this state;
   2. 2. maintains offices and operating facilities in this state and transacts business in this state;
   3. 3. employs fewer than 150 employees, the majority of whom are residents of this state;
   4. 4. is organized for profit;
   5. 5. is not a federally chartered or state chartered bank or savings and loan institution;
   6. 6. is not engaged in real estate purchasing, holding, renting, or leasing;
   7. 7. is not a professional business of doctors, dentists, chiropractors, certified public accountants, or attorneys.
6. High Unemployment Area―as defined by the third quartile of unemployment in the state by the latest
   semi-annual statistics from the Louisiana Department of Labor.
7. Linked Deposit―a certificate of deposit placed by the treasurer (as defined herein) with an eligible lending institution at a percentage below existing investment rates, as determined and calculated by the treasurer, provided the institution agrees to provide a loan to an eligible small business at an equal percentage below the existing borrowing rate applicable to each specific business at the time of the deposit of state funds in the lending institution.
8. Low Employment Area―as defined to be in the lower two quartiles of the state by the latest semi-annual statistics from the Louisiana Department of Labor.
9. Substantial Stockholders―any person who owns more than 20 percent of a business applying for or currently participating in the Linked Deposit Loan Program as outlined in LAC 19.VII.Subpart 7.Chapter 73.
10. Treasurer―the treasurer of the state of Louisiana.
11. Very High Unemployment Area―as defined to be in the upper quartile of unemployment in the state by the latest semi-annual statistics from the Louisiana Department of Labor.

Authority Note

AUTHORITY NOTE: Promulgated in accordance with LA R.S. 51:2312.

Historical Note

HISTORICAL NOTE: Promulgated by Department of Economic Development, Economic Development Corporation, LR 25:412 (March 1999).