SLS 21RS-2775 ORIGINAL
2021 Regular Session
SENATE RESOLUTION NO. 178
BY SENATOR FOIL
ECONOMIC DEVELOP DEPT. Requests certain federal funds received be deployed by the
Louisiana Economic Development Corporation for certain state seed capital programs.
1 A RESOLUTION
2 To urge and request the Louisiana Economic Development Corporation to deploy federal
3 State Small Business Credit Initiative funds from the American Rescue Plan Act of
4 2021, to provide for improved access to capital for Louisiana small businesses.
5 WHEREAS, the Louisiana Small Business and Entrepreneurship Council has found
6 that prior to the COVID-19 pandemic, small businesses in this state found it difficult to
7 secure 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
9 and 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
11 if there is not a timely response, Louisiana risks losing a foundational and essential element
12 of its economy; and
13 WHEREAS, in response to the COVID-19 pandemic, ten billion dollars in funding
14 was appropriated by congress to the United States Department of Treasury through the
15 American Rescue Plan Act of 2021, P.L. 117-2, for the State Small Business Credit Initiative
16 to provide relief and access to capital to small business owners who are in need and
17 desperate for support for long-term recovery during and after this unprecedented public
18 health and economic crisis; and
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SLS 21RS-2775 ORIGINAL
1 WHEREAS, the Louisiana Economic Development Corporation, pursuant to R.S.
2 51:2312, has within its duties, powers, and authority to serve as the single review board for
3 certain financial assistance, loans, incentives, or inducements, customized workforce
4 training, investment programs, and any related appropriations, grants, or joint ventures
5 administered by the Department of Economic Development; and
6 WHEREAS, the Louisiana Economic Development Corporation is tasked with
7 formulating and implementing policies for the delivery of services to Louisiana businesses,
8 including ensuring that all qualified Louisiana businesses have sufficient access to capital.
9 THEREFORE, BE IT RESOLVED that the Senate of the Legislature of Louisiana
10 does hereby urge and request that any federal funds received pursuant to the American
11 Rescue Plan Act of 2021, P.L. 117-2, for the State Small Business Credit Initiative be
12 deployed by the Louisiana Economic Development Corporation for certain state seed capital
13 programs to provide for investment capital in order to increase funding and growth for small
14 businesses.
15 BE IT FURTHER RESOLVED that the Senate of the Legislature of Louisiana makes
16 the following recommendations for allocation of federal monies to accomplish this goal:
17 (1) An allocation to increase the capital capacity of Louisiana-based for-profit and
18 not-for-profit venture capital funds for the purpose of emphasizing equity funding for small
19 business ventures and startups.
20 (2) An allocation to serve minority, woman, and veteran-owned businesses and small
21 businesses located in Louisiana opportunity zones as designated by 26 U.S.C. 1400Z-1 for
22 the purpose of directing funding to underserved business populations.
23 (3) An allocation for early stage and growth stage companies for the purpose of
24 promoting entrepreneurship and innovation by Louisiana small businesses and startups.
25 (4) An allocation to enhance state support for technology research and
26 commercialization efforts in Louisiana and further leverage the federal Small Business
27 Innovation Research Program.
28 BE IT FURTHER RESOLVED that a copy of this Resolution be transmitted
29 to the board of directors of the Louisiana Economic Development Corporation and the
30 secretary of the Department of Economic Development.
Page 2 of 3 SR NO. 178
SLS 21RS-2775 ORIGINAL
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Beth O'Quin.
DIGEST
SR 178 Original 2021 Regular Session Foil
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. to provide for improved access to capital for La. small businesses.
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