The Louisiana Economic Development Corporation (LEDC) administers the following programs to assist Louisiana small businesses: Economic Development Award Program, Small Business Loan Program, Micro Loan Program, Contract Loan Program, Venture Capital Match Program, Minority Venture Capital Match Program, Venture Capital Co-Investment Program, Louisiana Seed Capital Investment Program, BIDCO Investment Program, Specialty BIDCO Investment Program and the Workforce Development Program.
LEDC was established in July of 1988 by the state legislature. LEDC serves as the sole reviewer and administrator of the Louisiana Economic Development's financial assistance programs.
Requests for financial assistance are approved at different levels, depending on the requested amount of LEDC funding for the project. LEDC is governed by a 12-member Board of Directors appointed by the Governor. Board meetings are held on the third Friday of each month. The Board's Loan Committee meets prior to the full Board meeting to review and make recommendations on project requests. The full Board has final authority on all projects, but generally, only projects requiring LEDC's involvement at more than $1,000,000 are presented directly to the committee and board.
An internal loan committee augmented by three Board members has the delegated authority to approve LEDC's involvement from $250,000 to $1,000,000. Up to $250,000 may be approved by a committee of only LEDC staff. These delegated approval authorities have allowed staff to process requests for assistance at a pace more in tune with the pace of business, with a decision rendered in the span of days as opposed to months.