Louisiana Senate Bill SR75

Louisiana 2022 Regular Session

• Introduced: 4/20/22
• Passed: 4/20/22

Caption

Commends the Edward Lowe Foundation for its partnership with Louisiana Economic Development and extends gratitude for its contributions to economic development in Louisiana.

Impact

The collaboration between the Edward Lowe Foundation and LED has yielded substantial benefits for the Louisiana economy. Since 2011, their joint efforts have reportedly led to nearly $700 million in increased annual sales for approximately 357 businesses, in addition to creating over 3,000 new jobs. This partnership exemplifies a successful model of how focused entrepreneurial support can stimulate significant economic returns, boasting a noteworthy ROI of over $10 for every dollar invested by the state.

Summary

Senate Resolution No. 75 commends the Edward Lowe Foundation for its significant contributions to economic development in Louisiana. Established in 1985, the Foundation focuses on advancing entrepreneurship, particularly for second-stage businesses, those poised for growth but not yet fully matured. Through its programs, the Foundation has partnered with Louisiana's Economic Development (LED) department to foster an environment conducive to entrepreneurship, marking it as a pivotal player in enhancing the state's economic landscape.

Sentiment

The sentiments expressed in discussions surrounding the resolution were overwhelmingly positive, reflecting appreciation for the impactful initiatives led by the Edward Lowe Foundation. Legislators and members of the economic community acknowledged the Foundation's role in supporting growth-oriented businesses, thereby enhancing job creation and economic resilience in Louisiana. The positive view is reinforced by the recognition of the Foundation's innovative approaches to entrepreneurship development.

Contention

While the main tone of the resolution is celebratory, it is worth noting that discussions about economic development and entrepreneurship can sometimes raise questions about the adequacy of support mechanisms for all businesses, particularly smaller start-ups that may not qualify as second-stage businesses. Limiting attention only to a specific category of businesses could lead to considerations regarding how the state ensures a balanced approach to fostering entrepreneurship across different business stages.