RÉSUMÉ DIGEST
ACT 508 (HB 796) 2022 Regular Session Willard
Existing law provides for the La. Economic Development Corporation (corporation) within
the Dept. of Economic Development (department) and provides for the powers and authority
of the corporation. Further requires the corporation to serve as the review board for certain
financial assistance programs for La. small businesses. New law retains existing law.
Prior law required the corporation to provide support for certain activities by La. businesses
to generate commercial products or services by providing matching funds to businesses that
received federal Small Business Innovative Research Phase I grant funds.
New law requires the corporation to provide support to businesses that will apply for federal
Small Business Innovation Research (SBIR) or Small Business Technology Transfer (STTR)
grant funds for applications submitted or received after Jan. 1, 2023.
New law creates the "Small Business Innovation Fund" (fund) as a special fund in the state
treasury. Requires monies in the fund to be used by the department to provide financial
assistance to certain La. businesses applying for SBIR or STTR federal grants. Requires the
corporation, working in conjunction with the LSU A&M College, La. Technology Transfer
Office, to administer awards to selected applicants. Further requires the La. Technology
Transfer Office to establish criteria for grant eligibility, provide for an application process,
and select eligible applicants to receive the grants.
New law requires monies within the fund to comply with Article VII, Section 9(B) of the
Constitution of La. relative to the Bond Security and Redemption Fund.
New law requires monies in the fund to be invested in the same manner as monies in the
general fund. Requires interest earned on invested monies to be credited to the fund. Further
requires unexpended and unencumbered monies in the fund at the end of the fiscal year to
remain in the fund.
New law requires up to $150,000 to be annually disbursed from the fund as follows:
(1)Up to $60,000 for disbursement to eligible applicants to assist in completion of Phase
I federal grant applications for SBIR or STTR, not to exceed $5,000 per applicant.
(2)Up to $60,000 for disbursement to eligible applicants to assist in completion of Phase
II federal grant applications for SBIR or STTR, not to exceed $10,000 per applicant.
(3) Up to $30,000 for appropriation to the La. Technology Transfer Office for the
purpose of technical assistance, outreach programs, and program-related promotions.
Effective upon signature of governor (June 15, 2022).
(Amends R.S. 51:2312(A)(1); Adds R.S. 51:2401)