HLS 21RS-2196 ORIGINAL
2021 Regular Session
HOUSE RESOLUTION NO. 68
BY REPRESENTATIVES WILLARD, DAVIS, FREEMAN, AND ILLG
ECONOMIC DEVELOPMENT: Requests that certain federal funds received be deployed
by the Louisiana Economic Development Corporation for certain state seed capital
programs
1 A RESOLUTION
2To authorize and request the Louisiana Economic Development Corporation to deploy
3 federal State Small Business Credit Initiative funds from the American Rescue Plan
4 Act of 2021 to provide for improved access to capital for Louisiana small businesses.
5 WHEREAS, the Louisiana Small Business and Entrepreneurship Council has found
6that prior to the COVID-19 pandemic, small businesses in this state found it difficult to
7secure the required capital to start a business or grow an early-stage business; and
8 WHEREAS, the COVID-19 pandemic caused an unprecedented economic disruption
9and a financial crisis for many small businesses in our nation and state; and
10 WHEREAS, it is recognized that the needs of small businesses are immediate, and
11if there is not a timely response, Louisiana risks losing a foundational and essential element
12of its economy; and
13 WHEREAS, in response to the COVID-19 pandemic, $10 billion in funding was
14appropriated by congress to the United States Department of the Treasury through the
15American Rescue Plan Act of 2021, P.L. 117-2, for the State Small Business Credit Initiative
16to provide relief and access to capital to small business owners who are in need and
17desperate for support for long-term recovery during and after this unprecedented public
18health and economic crisis; and
19 WHEREAS, the Louisiana Economic Development Corporation, pursuant to R.S.
2051:2312, has within its duties, powers, and authority to serve as the single review board for
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HR NO. 68
1certain financial assistance, loans, incentives or inducements, customized workforce training,
2investment programs, and any related appropriations, grants, or joint ventures administered
3by the Department of Economic Development; and
4 WHEREAS, the Louisiana Economic Development Corporation is tasked with
5formulating and implementing policies for the delivery of services to Louisiana businesses,
6including ensuring that all qualified Louisiana businesses have sufficient access to capital.
7 THEREFORE, BE IT RESOLVED that the House of Representatives of the
8Legislature of Louisiana does hereby request that any federal funds received pursuant to the
9American Rescue Plan Act of 2021, P.L. 117-2, for the State Small Business Credit Initiative
10be deployed by the Louisiana Economic Development Corporation for certain state seed
11capital programs to provide for investment capital in order to increase funding and growth
12for small businesses.
13 BE IT FURTHER RESOLVED that the House of Representatives of the Legislature
14of Louisiana makes the following recommendations for allocation of federal monies to
15accomplish this goal: an allocation to increase the capital capacity of Louisiana-based
16for-profit and not-for-profit venture capital funds for the purpose of emphasizing equity
17funding for small business ventures and startups; an allocation to serve minority, woman,
18and veteran-owned businesses and small businesses located in Louisiana opportunity zones
19as designated by 26 U.S.C. 1400Z-1 for the purpose of directing funding to underserved
20business populations; an allocation for early stage and growth stage companies for the
21purpose of promoting entrepreneurship and innovation by Louisiana small businesses and
22startups; and an allocation to enhance state support for technology research and
23commercialization efforts in Louisiana and further leverage the federal Small Business
24Innovation Research Program.
25 BE IT FURTHER RESOLVED that a copy of this Resolution be transmitted to the
26board of directors of the Louisiana Economic Development Corporation and the secretary
27of the Department Economic Development.
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HR NO. 68
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HR 68 Original 2021 Regular Session Willard
Requests that any federal funds received pursuant to the American Rescue Plan Act of 2021,
P.L. 117-2, for the State Small Business Credit Initiative be deployed by the La. Economic
Development Corp. for certain state seed capital programs to provide for investment capital
in order to increase funding and growth for small businesses.
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