Louisiana § RS 51:2401 - Small Business Innovation Retention Fund; purpose; program administration

§ RS 51:2401. Small Business Innovation Retention Fund; purpose; program administration

            A. There is hereby created in the state treasury, as a special fund, the "Small Business Innovation Retention Fund", hereinafter referred to as the "fund".

            B. The monies in the fund shall be used to provide financial assistance to certain Louisiana businesses that have received certain Small Business Innovation Research, hereinafter referred to as "SBIR", or Small Business Technology Transfer, hereinafter referred to as "STTR", federal grants.

            C. After compliance with the requirements of Article VII, Section 9(B) of the Constitution of Louisiana relative to the Bond Security and Redemption Fund, all monies received for the purpose of the fund shall be deposited into the fund.

            D. Monies in the fund shall be invested in the same manner as monies in the general fund. Interest earned on investment of monies in the fund shall be credited to the fund. Unexpended and unencumbered monies in the fund at the end of the fiscal year shall remain in the fund.

            E. Subject to appropriation and the provisions of this Section, monies in the fund shall be used by Louisiana Economic Development, hereinafter referred to in this Section as the "department", for awarding grants to selected applicants. The department shall establish criteria for grant eligibility, provide for an application process, and select eligible Louisiana business applicants to receive monies from the fund.

            F. Up to one million one hundred five thousand dollars shall be annually disbursed from the fund as follows:

            (1) Up to five hundred thousand dollars shall be allocated for Phase I SBIR or STTR federal grant recipients. Each selected applicant shall receive an amount equal to twenty-five percent of the Phase I SBIR or STTR federal grant the applicant has received, not to exceed fifty thousand dollars per applicant.

            (2) Up to five hundred thousand dollars shall be allocated for Phase II SBIR or STTR federal recipients. Each selected applicant shall receive an amount equal to twenty percent of the Phase II SBIR or STTR federal grant the applicant has received, not to exceed one hundred thousand dollars per applicant.

            (3) Up to one hundred five thousand dollars per year shall be allocated for the department for as long as the department administers grants from the fund.

            (4) Each grant awarded pursuant to this Section shall be divided into two equal amounts and shall be disbursed to the selected applicant over a period of two consecutive years.

            Acts 2022, No. 476, §1, eff. June 15, 2022.