The Louisiana Venture Capital Program (LVCP) is a revision of an existing LEDC program aimed to assist Louisiana small businesses expand through the support of venture capital funds. The LVCP, with the use of SSBCI funds, will join with venture capital funds, early-stage investment funds, and non-profit organizations to create partnerships into a new venture capital fund. Each fund will provide private financing through investments to small businesses in order to create jobs and improve the state’s economy. Investments may be made by the purchase of common stock, preferred stock, partnership rights, or other equity investment. Additionally, it may mean debt positions, which may act as equity or have equity features such as subordinated debt, debentures or other such instruments used in conjunction with features intended to yield significant capital appreciation.
LVCP will target small businesses defined as VSBs and SEDIs as defined by the U.S. Department of Treasury. Read more here.
For more information about the SSBCI Venture Capital Program, visit the Frequently Asked Questions.
*Please note: SSBCI has been authorized for seven years and is in its early stages. The list of participating equity funds, and the process for applying, will evolve as the program matures. The Seed and VC fund list will be updated as changes occur. To receive email updates about the latest SSBCI news and information, along with updates on other programs and services offered by LED for small businesses, click here. If you have a question for the Louisiana SSBCI team, email LEDSSBCI2@la.gov.
- Authorized to conduct business in Louisiana and maintains an office in Louisiana
- Small businesses with 500 employees or less
- Eligible business purposes include, but are not limited to, start-up costs, working capital, business procurement, franchise fees, equipment, inventory, as well as the purchase, construction, renovation or tenant improvements of an eligible place of business that is not for passive real estate investment purposes. The definition of business purpose excludes activities that relate to acquiring or holding passive investments such as commercial real estate ownership, the purchase of securities; and lobbying activities as defined in Section 3(7) of the Lobbying Disclosure Act of 1995, P.L. 104-65, as amended.
Ineligible Businesses and Purposes
- Gaming or gambling
- Pyramid sales
- Financial services
- Speculative real estate
- Owner to owner buyouts
- Recreational park, theme park, amusement park or camping facility
- A business engaged in activities that are prohibited by federal law to include direct and indirect marijuana businesses.
All incentive program rules are in the Louisiana Administrative Code maintained by the Office of the State Register.
- View the Titles of the Louisiana Administrative Code
- Rules for the SSBCI Seed Capital Program ARPA 2021 can be found in Part VII, Subpart 11, Chapter 89.
- Rules for the SSBCI Venture Capital Program ARPA 2021 can be found in Part VII, Subpart 2, Chapter 29.
Application process varies by fund. Contact participating equity funds directly (see list below) for details about the requirements for each participating fund.
Participating Equity Funds
Equity funds must apply for and be approved by the Louisiana Economic Development Corporation (LEDC) board for participation in SSBCI’s Louisiana Venture Capital Program. To date, LEDC has approved the following funds for participation in the Venture Capital Program:
SSBCI Contact: Julie Milam
SSBCI Contact: Rebecca Martinez
SSBCI Contact: Les Alexander
SSBCI Contact: Denise Delany
SSBCI Contact: Aimee Quirk
SSBCI Contact: Toni Hackett Antrum
The Venture Capital participating fund approval process remains open, with additional applications to be considered going forward. As new funds are accepted into the program and grant LED permission to promote their participation, their contact information and website links will be added. Funds wishing to participate in SSBCI equity programs may contact LED for more information at LEDSSBCI2@la.gov or 833.457.0531.