La. Admin. Code tit. 19 § VII-101
Current through Register Vol. 50, No. 9, September 20, 2024
Section VII-101 - PurposeA. The Louisiana Economic Development Corporation (LEDC) wishes to stimulate the flow of private capital, medium to long-term loans, lines of credit loans, loan guaranties, loan participations and other financial assistance for the sound financing of the development, expansion, and retention of small business concerns in Louisiana, as a means of helping them grow and expand their businesses and of providing higher levels of employment, income growth, and expanded economic opportunities, especially to small and emerging businesses and disabled person business enterprises and within distressed and rural areas of our state.B. The corporation will consider sound business loans, lines of credit, loan guaranties and loan participations so long as resources permit. The board of directors of the corporation recognizes that lending money, guaranteeing loans or participating in loans carries certain risks and is willing to undertake reasonable exposure.C. LEDC will monitor the program, including the repayment progress of borrowers, as well as the servicing performance of participating lenders.La. Admin. Code tit. 19, § VII-101
Promulgated by the Department of Economic Development, Economic Development Corporation, LR 15:445 (June 1989), repromulgated LR 23:40 (January 1997), LR 26:2255 (October 2000), amended LR 26:2255 (October 2000), amended by the Department of Economic Development, Office of the Secretary, Office of Business Development and Louisiana Economic Development Corporation, LR 38:993 (April 2012), Amended LR 481469 (6/1/2022), Amended LR 481917 (7/1/2022).AUTHORITY NOTE: Promulgated in accordance with LA. R.S. 51:2312.