La. Admin. Code tit. 19 § VII-7705

Current through Register Vol. 50, No. 8, August 20, 2024

Section VII-7705 - Eligibility for Participation in This Program

A. The applicant organization must be a Louisiana-based venture capital fund organized for the purpose of making seed capital investments in Louisiana businesses.

B. The applicant organization may be organized either for profit or non-profit purposes.

C. The applicant organization must demonstrate that its management personnel have at least three years of experience in managing investments in individual, privately-held companies, utilizing funds provided by others to make such investments.

D. The applicant organization must have a minimum cash investment already on hand sufficient to cover the general and administrative costs for the first and early years of its operations.

E. The applicant organization must have already raised a minimum of $250,000 to be eligible for co-investments or raised a minimum of $500,000 to be eligible for a match investment; and must have already on hand cash sums sufficient to cover the general and administrative costs for the first and early years of its operations for participation in this program. The minimum funds may be in cash and commitments.

F. The applicant organization must verify the eligibility of portfolio companies, obtain assurances of eligibility from each business, and assurances from each business that proceeds will be used for acceptable business purposes.

La. Admin. Code tit. 19, § VII-7705

Promulgated by the Department of Economic Development, Economic Development Corporation, LR 26:2251 (October 2000), amended by the Department of Economic Development, Office of the Secretary, Office of Business Development and Louisiana Economic Development Corporation, LR 38:735 (March 2012).

AUTHORITY NOTE: Promulgated in accordance with R.S. 51:2312.