Establishes the Louisiana Minority Business Development Fund to provide low-interest loans to minority-owned businesses.
The bill creates the Louisiana Minority Business Development Fund, a revolving loan fund aimed at providing accessible, low-interest financing to qualified minority-owned businesses. The fund will consist of legislative appropriations, loan repayments, fees, investment income, and grants. Loans will be available for working capital, equipment, leasehold improvements, inventory, technology, and business acquisition. Interest rates vary based on loan size, and loan terms can extend up to 15 years.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
Analyze for Free
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.