Louisiana § RS 51:2403 - Small Business Innovation Fund; purpose; program administration
Full text of Louisiana Louisiana Civil Code § RS 51:2403 — Small Business Innovation Fund; purpose; program administration, with citation guidance and answers to common questions.
§ RS 51:2403. Small Business Innovation Fund; purpose; program administration
A. There is hereby created in the state treasury, as a special fund, the "Small Business Innovation Fund", hereinafter referred to as the "fund".
B. The monies in the fund shall be used to provide financial assistance to certain Louisiana businesses applying for Small Business Innovation Research, hereinafter referred to as "SBIR", or Small Business Technology Transfer, hereinafter referred to as "STTR", federal research 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 for awarding grants to selected applicants. The Louisiana Economic Development Corporation, hereinafter referred to as "corporation", shall administer awards to selected applicants in the form of grants. The corporation 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 hundred fifty thousand dollars shall be annually disbursed from the fund as follows:
(1) Up to sixty thousand dollars shall be disbursed to selected applicants in the form of grants for the purpose of assisting in the completion of Phase I SBIR or STTR federal grant applications. Any grant received pursuant to this Paragraph shall not exceed five thousand dollars per applicant.
(2) Up to sixty thousand dollars shall be disbursed to selected applicants in the form of grants for the purpose of assisting in the completion of Phase II SBIR or STTR federal grant applications. Any grant received pursuant to this Paragraph shall not exceed ten thousand dollars per applicant.
(3) Up to thirty thousand dollars shall be appropriated to the corporation for the purpose of funding technical assistance, outreach programs, and program-related promotions.
Acts 2022, No. 508, §1, eff. June 15, 2022; Acts 2024, No. 590, §4, eff. June 11, 2024.
Source: official Louisiana text · Last verified 2026-08-27
Frequently Asked Questions About Louisiana § RS 51:2403
What does Louisiana Civil Code § RS 51:2403 cover?
Section RS 51:2403 ("Small Business Innovation Fund; purpose; program administration") 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 51:2403?
A common citation format is "Louisiana Civil Code § RS 51:2403" (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 51:2403 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.