2021 Regular Session ENROLLED
SENATE RESOLUTION NO. 178
BY SENATOR FOIL
A RESOLUTION
To urge 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, ten billion dollars in funding
was appropriated by congress to the United States Department of 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
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.
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THEREFORE, BE IT RESOLVED that the Senate of the Legislature of Louisiana
does hereby urge and 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 Senate of the Legislature of Louisiana makes
the following recommendations for allocation of federal monies to accomplish this goal:
(1) 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.
(2) 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.
(3) An allocation for early stage and growth stage companies for the purpose of
promoting entrepreneurship and innovation by Louisiana small businesses and startups.
(4) 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 of Economic Development.
PRESIDENT OF THE SENATE
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