ENROLLED
2021 Regular Session
HOUSE RESOLUTION NO. 68
BY REPRESENTATIVES WILLARD, ADAMS, BISHOP, GARY CARTER, WILFORD
CARTER, DAVIS, FREEMAN, GREEN, HUGHES, ILLG, JEFFERSON,
JENKINS, LARVADAIN, LYONS, NEWELL, PHELPS, PIERRE, RISER,
SELDERS, AND STAGNI
A RESOLUTION
To authorize and request the Louisiana Economic Development Corporation to deploy
federal State Small Business Credit Initiative funds from the American Rescue Plan
Act of 2021 to provide for improved access to capital for Louisiana small businesses.
WHEREAS, the Louisiana Small Business and Entrepreneurship Council has found
that prior to the COVID-19 pandemic, small businesses in this state found it difficult to
secure the required capital to start a business or grow an early-stage business; and
WHEREAS, the COVID-19 pandemic caused an unprecedented economic disruption
and a financial crisis for many small businesses in our nation and state; and
WHEREAS, it is recognized that the needs of small businesses are immediate, and
if there is not a timely response, Louisiana risks losing a foundational and essential element
of its economy; and
WHEREAS, in response to the COVID-19 pandemic, $10 billion in funding was
appropriated by congress to the United States Department of the Treasury through the
American Rescue Plan Act of 2021, P.L. 117-2, for the State Small Business Credit Initiative
to provide relief and access to capital to small business owners who are in need and
desperate for support for long-term recovery during and after this unprecedented public
health and economic crisis; and
WHEREAS, the Louisiana Economic Development Corporation, pursuant to R.S.
51:2312, has within its duties, powers, and authority to serve as the single review board for
certain financial assistance, loans, incentives or inducements, customized workforce training,
investment programs, and any related appropriations, grants, or joint ventures administered
by the Department of Economic Development; and
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WHEREAS, the Louisiana Economic Development Corporation is tasked with
formulating and implementing policies for the delivery of services to Louisiana businesses,
including ensuring that all qualified Louisiana businesses have sufficient access to capital.
THEREFORE, BE IT RESOLVED that the House of Representatives of the
Legislature of Louisiana does hereby request 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 Louisiana Economic Development Corporation for certain state seed
capital programs to provide for investment capital in order to increase funding and growth
for small businesses.
BE IT FURTHER RESOLVED that the House of Representatives of the Legislature
of Louisiana makes the following recommendations for allocation of federal monies to
accomplish this goal: an allocation to increase the capital capacity of Louisiana-based
for-profit and not-for-profit venture capital funds for the purpose of emphasizing equity
funding for small business ventures and startups; an allocation to serve minority, woman,
and veteran-owned businesses and small businesses located in Louisiana opportunity zones
as designated by 26 U.S.C. 1400Z-1 for the purpose of directing funding to underserved
business populations; an allocation for early stage and growth stage companies for the
purpose of promoting entrepreneurship and innovation by Louisiana small businesses and
startups; and an allocation to enhance state support for technology research and
commercialization efforts in Louisiana and further leverage the federal Small Business
Innovation Research Program.
BE IT FURTHER RESOLVED that a copy of this Resolution be transmitted to the
board of directors of the Louisiana Economic Development Corporation and the secretary
of the Department Economic Development.
SPEAKER OF THE HOUSE OF REPRESENTATIVES
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