Economic Development Corporation Board of Directors public meetings in 2022

Economic Development Corporation Board of Directors

The Louisiana Economic Development Corporation Board will consider candidates for the State Small Business Credit Initiative (SSBCI) Venture Capital and Seed Capital programs. The board will also hear reports on the Economic Development Site Readiness Program, financial reports, and approve previous meeting minutes. This meeting is primarily informational and procedural with no votes on major projects.

• SSBCI Venture Capital Program Request for Qualification candidates
• SSBCI Seed Capital Program Request for Qualification candidates
• Economic Development Site Readiness Program report
• Approval of October 13, 2022 meeting minutes
• Secretary Treasurer's and Accountant's reports

The Board approved eligibility for five entities to participate in the Louisiana Seed Capital Program. The Board also accepted the Treasurer's and Accountant's reports and received an update on the Economic Development Site Readiness Program (EDRED).

• Approved eligibility for Grind Capital, LLC, Minerva Capital, LLC, Opportunity Machine, and Revelry Venture Partners, LP for the seed capital program (Unanimous)
• Approved October 13th Board minutes (Unanimous)
• Accepted Treasurer's Report as of October 25, 2022 (Unanimous)
• Accepted Accountant's Status Report (Unanimous)

Economic Development Corporation Board of Directors

The Louisiana Economic Development Corporation Board will discuss a request for qualification candidates for the State Small Business Credit Initiative (SSBCI) Seed Capital Program. Other agenda items include approval of the September 8, 2022 meeting minutes and reports from the Secretary Treasurer, Accountant, and President. The meeting is largely procedural with no specific dollar amounts or project names mentioned.

• SSBCI Seed Capital Program Request for Qualification Candidates
• Approval of September 8, 2022 meeting minutes
• Secretary Treasurer's Report
• Accountant's Report
• President's Report

The Board approved the eligibility of 17 entities to participate in the Louisiana Seed Capital Program, contingent upon meeting private capital match and federal requirements. The program has a total allocation of $30 million, with the first $10 million traunch subject to an 80% expenditure requirement by mid-2025. The Board also approved the September 8 meeting minutes and the Secretary-Treasurer's report.

• Approved eligibility for 17 Seed Capital entities (including 100 Black Angels & Allies, Benson Capital Partners, and others) contingent on meeting criteria
• Approved minutes of the September 8 LEDC Board Meeting
• Approved Secretary-Treasurer's Report as of September 27, 2022
• Accepted Accountant Status Report

Economic Development Corporation Board of Directors

The Board of Directors will review Economic Development Award Program (EDAP) items for Medline and Teal Jones. The meeting also includes discussions regarding Request for Qualification candidates for the SSBCI Micro Lending and Venture Capital programs.

• Economic Development Award Program (EDAP) reviews for Medline and Teal Jones
• SSBCI Micro Lending Program (MLP) Request for Qualification Candidates
• SSBCI Venture Capital Programs Request for Qualification Candidates
• Approval of August 11, 2022, meeting minutes

The Board approved two unsponsored EDAP projects for a medical distribution center in Hammond and a lumber mill in Bossier Parish. The Board also approved a list of lenders for the Micro Lending Program and several entities for the Venture Capital Program.

• Approved $500,000 unsponsored EDAP for Medline distribution center in Hammond (Unanimous)
• Approved $1M unsponsored EDAP for Teal-Jones lumber mill in Bossier Parish (Unanimous)
• Approved six lenders for the Micro Lending Program: Essential Federal Credit Union, JEDCO, Carter Credit Union, NOLABA, Lendistry, and NewCorp (Unanimous)
• Approved venture capital entities for participation: Callais Capital, Ochsner Ventures, Jefferson Capital Partners, The Hackett Group, Lafayette Square Holding Company LLC, LSU Health Foundation, and LSU Foundation (Unanimous)
• Approved August 11 board meeting minutes (Unanimous)
• Accepted Secretary-Treasurer's report as of August 26, 2022 (Unanimous)
• Approved Accountant Status Report (Unanimous)

Economic Development Corporation Board of Directors

The Louisiana Economic Development Corporation board will meet to approve minutes from July and discuss the Economic Development Award Program (EDAP) for Medline and Bienville Lumber, as well as the Small Business Loan & Guaranty Program (SBLGP) for Hubigs. The board will also receive reports from the Secretary Treasurer, Accountant, and President. No specific dollar amounts or decisions are listed in the agenda.

• EDAP: Medline (unsponsored)
• EDAP: Bienville Lumber (unsponsored)
• SBLGP: Hubigs
• Secretary Treasurer's Report
• Accountant's Report

The Board approved a $2 million unsponsored EDAP grant for Bienville Lumber to build a sawmill in Taylor, Louisiana. A loan guaranty draw period for Hubig's, LLC was extended by 90 days. The Board also deferred a presentation regarding Medline.

• Approved $2M unsponsored EDAP grant for Bienville Lumber sawmill (Unanimous)
• Approved 90-day extension for Hubig's, LLC loan guaranty draw period (Unanimous)
• Deferred Medline project presentation to next month (Unanimous)
• Approved July 14th meeting minutes (Unanimous)
• Approved Secretary Treasurer Report (Unanimous)
• Accepted Accountant Status Report (Unanimous)
• Granted Chairman authority to determine public discussion time limits (Unanimous)

Economic Development Corporation Board of Directors

The Louisiana Economic Development Corporation Board of Directors will vote on an Economic Development Award Program (EDAP) application from The TDP Group dba Focus Foods, and receive reports from the Secretary-Treasurer, Accountant, and President, including a State Small Business Credit Initiative (SSBCI) update.

• Economic Development Award Program (EDAP) application for The TDP Group dba Focus Foods (unsponsored)
• Secretary Treasurer's Report
• Accountant's Report
• President's Report including SSBCI update

The Board approved a $100,000 EDAP grant to Focus Foods for a new fire sprinkler system at its expanding Baton Rouge facility. The Board also accepted the Treasurer's and Accountant Status reports. Discussions were held regarding the upcoming SSBCI 2.0 program and micro-loaning rules.

• Approved $100,000 EDAP grant for Focus Foods (unanimous)
• Approved Policy Committee Meeting Minutes of March 9 (unanimous)
• Approved Finance Committee Meeting Minutes of April 14 (unanimous)
• Approved Screening Committee Meeting Minutes of April 14 (unanimous)
• Approved Board Meeting Minutes of May 12 (unanimous)
• Accepted Treasurer's Report as of June 29 (unanimous)
• Accepted Accountant Status Report as of May/June 2022 (unanimous)

Economic Development Corporation Board of Directors

The Louisiana Economic Development Corporation Board will consider an Economic Development Award Program (EDAP) for Ternium USA, Inc., and a Small Business Loan Guaranty Program (SBLGP) for Jalaram Covington, LLC. The board will also receive reports on audits, investment valuations, and committee actions including an unsponsored EDAP for Alliance Compressors and an SBLGP extension for Hubig's. Other business includes committee assignments.

• Ternium USA, Inc. – Sponsored EDAP
• Jalaram Covington, LLC – SBLGP
• Audit reports and valuation of LEDC investments as of June 30, 2021
• Alliance Compressors, LLC – Unsponsored EDAP
• Hubig's – SBLGP Extension Request

The Board approved a $1 million sponsored EDAP award for Ternium to expand its steel facility in Caddo Parish. Additionally, the Board approved a loan guaranty for a hotel purchase and accepted several financial reports.

• Approved $1M sponsored EDAP for Ternium facility expansion in Caddo Parish
• Approved 18.78% LEDC guaranty on a $2,662,500 loan for Jalaram Covington, LLC
• Approved audited financial statements for period ending June 30, 2021
• Approved Chaffe valuation engagement report
• Approved unsponsored EDAP for Alliance Compressors expansion
• Approved extension for Hubig's Pies
• Accepted Treasurer's Report as of April 29, 2022
• Accepted Accountant's Report as of March 31, 2022

Economic Development Corporation Board of Directors

The Louisiana Economic Development Corporation Board of Directors will consider an Economic Development Award Program (EDAP) for Alliance Compressors, LLC, and a Small Business Loan Guaranty Program (SBLGP) for Hubigs. The board will also receive reports on audits, investment valuations, and financial statements. The meeting follows a Finance Committee meeting.

• EDAP award for Alliance Compressors, LLC (sponsored)
• SBLGP loan guaranty for Hubigs
• Audit reports for financial statements June 30, 2021
• Valuation of LEDC investments as of June 30, 2021
• Approval of minutes from February and March 2022 meetings

Economic Development Corporation Board of Directors

The Screening Committee approved a $1 million unsponsored EDAP award for Alliance Compressors to expand its Natchitoches Parish facility. The committee also approved a 120-day draw period extension for a loan guaranty for Hubig's LLC.

• Approved $1M unsponsored EDAP award for Alliance Compressors
• Approved 120-day draw period extension for Hubig's LLC loan guaranty (one abstention)

Economic Development Corporation Board of Directors

The Finance Committee of the Louisiana Economic Development Corporation Board of Directors will meet to receive and discuss audit reports, including financial statements and investment valuations as of June 30, 2021. No other business is scheduled.

• Audit report: Financial Statements as of June 30, 2021
• Audit report: Valuation of LEDC Investments as of June 30, 2021

Economic Development Corporation Board of Directors

The Finance Committee accepted the audit financial statements for the fiscal year ending June 30, 2021. The board also approved the valuation of LEDC investments, which included a significant gain from the sale of Presonus Audio Electronics to Fender.

• Approved audit financial statements for fiscal year ending June 30, 2021
• Approved valuation of LEDC investments

Economic Development Corporation Board of Directors

The Louisiana Economic Development Corporation board will vote on minutes from its February meeting and receive reports from the Policy Committee, Secretary Treasurer, and Accountant. The board will also consider a resolution under Other Business. The Policy Committee will discuss the SSBCI Micro Lending Program and Collateral Support Program.

• SSBCI Micro Lending Program (MLP) discussion
• SSBCI Collateral Support Program (CSP) discussion
• LEDC Resolution under Other Business
• Approval of February 10, 2022 meeting minutes
• Secretary Treasurer's and Accountant's reports for February and March

The Board approved draft guidelines for the micro lending and collateral support programs, which now exclude cryptocurrencies and NFTs as acceptable collateral. The Board also approved a resolution expanding staff authority to approve collateral support deposits up to $250,000.

• Approved draft guidelines for micro lending and collateral support programs
• Approved resolution expanding staff authority to approve collateral support deposits up to $250,000
• Approved January and February secretary-treasurer's reports
• Accepted accountant's report

Economic Development Corporation Board of Directors

The Policy and Rules Committee of the Louisiana Economic Development Corporation is meeting to discuss SSBCI Debt Programs. The discussion includes the Micro Lending Program (MLP) and the Collateral Support Program (CSP).

• Micro Lending Program (MLP)
• Collateral Support Program (CSP)

The committee reviewed and approved revisions to the Micro Lending Program and the new Collateral Support Program. Both sets of regulations will be presented to the full board for final approval. The programs utilize SSBCI funds from the American Rescue Plan Act.

• Approved revisions to the SSBCI Micro Lending Program rules for presentation to the full board
• Approved proposed regulations for the new Collateral Support Program for presentation to the full board
• Designated Charles Jackson as proxy for Chair Cal Simpson for the following day's board meeting

Economic Development Corporation Board of Directors

The Louisiana Economic Development Corporation Board will discuss program rules for three State Small Business Credit Initiative (SSBCI) programs: the Small Business Loan Guaranty Program, Micro Loan Program, and Collateral Support Program. The board will also hear the Secretary Treasurer's, Accountant's, and President's reports, and handle board elections and committee appointments.

• Discussion of SSBCI Small Business Loan Guaranty Program rules
• Discussion of SSBCI Micro Loan Program rules
• Discussion of SSBCI Collateral Support Program rules
• Board elections and committee appointments
• Approval of January 13, 2022 meeting minutes

The Board approved revised rules for the Small Business Loan Guarantee program and the venture capital programs. The Board also voted to increase the maximum loan amount for the micro-loan program to $100,000. Other items, including the Collateral Support Program rules, were tabled for future discussion.

• Approved revised Small Business Loan Guarantee and venture capital rules (All in favor)
• Approved increasing the micro-loan program maximum to $100,000 (All in favor)
• Approved allowing restaurants and food trucks to be eligible for guarantees if in operation for at least two years (All in favor)
• Approved increasing the loan guarantee percentage from 75% to 80% (All in favor)
• Approved increasing the application fee from $100 to $150 (All in favor)
• Tabled the Collateral Support Program rules
• Appointed Charles Jackson and Stephen David to the Policy Committee
• Elected A.J. Roy as Chair and Charles Jackson as Vice Chair

Economic Development Corporation Board of Directors

The Board approved a $400,000 sponsored Economic Development Assistance Program (EDAP) grant for Superior Group of Companies, Inc. to renovate a distribution facility in East Carroll Parish. The Board also approved policy committee changes and accepted the Secretary Treasurer and Accountant reports.

• Approved $400,000 sponsored EDAP for Superior Group of Companies, Inc. (unanimous)
• Approved minutes from November 17th meeting (unanimous)
• Approved minutes from December 9th meeting (unanimous)
• Approved policy changes recommended by the policy committee (unanimous)
• Accepted Secretary Treasurer's report (unanimous)
• Accepted Accountant Status report (unanimous)

Economic Development Corporation Board of Directors

The Louisiana Economic Development Corporation Board of Directors will meet to consider an Economic Development Award Program (EDAP) item sponsored for Superior Group of Companies, Inc. The board will also approve minutes from two prior meetings and receive reports from the Policy Committee, Secretary Treasurer, Accountant, and President.

• Economic Development Award Program (EDAP) item for Superior Group of Companies, Inc. - Sponsored
• Approval of LEDC BOD Meeting Minutes from November 17, 2021 and December 9, 2021
• Policy Committee Report
• Secretary Treasurer's Report
• Accountant's Report

Economic Development Corporation Board of Directors

The Policy and Rules Committee of the Louisiana Economic Development Corporation met to discuss the State Small Business Credit Initiative (SSBCI) Equity programs. The record includes detailed regulatory language for the Louisiana Seed Capital Program and the Louisiana Venture Capital Match Program. No substantive votes or final decisions were recorded in the provided text.

Economic Development Corporation Board of Directors

The Louisiana Economic Development Corporation's Policy Committee will meet to discuss the State Small Business Credit Initiative (SSBCI) equity programs, including the Louisiana Seed Capital Program and Venture Capital Match Program. The meeting includes call to order, roll call, and adjournment.

• Discussion of Louisiana Seed Capital Program (LSCP)
• Discussion of Venture Capital Match Program (VCM)
• Meeting of the Policy Committee of the LED Board of Directors