Louisiana § RS 51:2324 - Loan guarantees; direct loans; grants
Full text of Louisiana Louisiana Civil Code § RS 51:2324 — Loan guarantees; direct loans; grants, with citation guidance and answers to common questions.
§ RS 51:2324. Loan guarantees; direct loans; grants
A.(1) The corporation is authorized and empowered to loan or to guarantee to any eligible applicant, as determined by rules and regulations of the corporation, a sum not to exceed one hundred thousand dollars for the purpose of establishing, maintaining, or expanding a small business incubator.
(2) Any loans or guarantees made under the program shall be secured by the applicant's granting the state of Louisiana a security interest in that portion of the fixed asset for which the loan is granted or guaranteed. Nothing in this Paragraph shall prohibit the security interest of the state from being primed by or subordinated to another security interest based on public or private capital invested in the real property of the applicant prior to the granting of the loan or guarantee.
(3) The interest charged on any direct loan made under the program shall not be less than the interest rate paid by the state for bonds issued by the corporation and shall not exceed that rate by more than two points.
B.(1) The corporation is authorized and empowered to grant to any eligible applicant, as determined by rules and regulations of the corporation, a sum not to exceed fifty percent of the eligible project cost, but in any case not to exceed one hundred thousand dollars, for the purpose of establishing, maintaining, or expanding a small business incubator.
(2) A grant under the program shall be available only to an applicant who is able to satisfactorily document to the corporation that he has funding available from other sources for the eligible project in an amount which matches, on a fifty-fifty basis, the amount of the grant for which he has applied.
Acts 1995, No. 180, §1; Acts 1995, No. 276, §1, eff. July 1, 1995.
Source: official Louisiana text · Last verified 2026-08-27
Frequently Asked Questions About Louisiana § RS 51:2324
What does Louisiana Civil Code § RS 51:2324 cover?
Section RS 51:2324 ("Loan guarantees; direct loans; grants") is part of the Louisiana Civil Code, the codified statutory law of Louisiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Louisiana § RS 51:2324?
A common citation format is "Louisiana Civil Code § RS 51:2324" (Louisiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Louisiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Louisiana official source linked on this page or consult a licensed Louisiana attorney.
How does Louisiana § RS 51:2324 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Louisiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Louisiana.