Economic Development Corporation Board of Directors public meetings in 2024
9 substantive meetings from 2024, with official agendas or minutes and plain-English summaries.
Economic Development Corporation Board of Directors
The Louisiana Economic Development Corporation Board will vote on minutes from October 10, 2024, and consider three unsponsored Economic Development Award Program applications from Ice Industries Louisiana, Laborde Products, and Southland Steel Fabricators. The board will also receive updates on the Micro Lending Program, Small Business Loan Guaranty Program, Louisiana Equity Capital Program, and a general SSBCI update.
- Ice Industries Louisiana, LLC (Unsponsored) EDAP application
- Laborde Products, LLC (Unsponsored) EDAP application
- Southland Steel Fabricators, Inc. (Unsponsored) EDAP application
- Micro Lending Program In House Committee Approvals
- Small Business Loan Guaranty Program In House Committee Approvals
The Board approved three Economic Development Assistance Program (EDAP) awards to support industrial expansions in Lacassine, Covington, and Greensburg. The Board also received updates on micro-lending and loan guarantee programs and reviewed the current fiscal budget.
- Approved $375,000 EDAP award for Ice Industries Louisiana, LLC (unanimous)
- Approved $200,000 EDAP award for Laborde Products, LLC (unanimous)
- Approved $2.5M EDAP award for Southland Steel Fabricators (unanimous)
- Approved October 10th meeting minutes (unanimous)
- Accepted SSBCI report (unanimous)
- Approved $50,000 loan for Chestnut Hills Ventures, LLC via in-house committee
- Approved $75,000 loan for Cat Nail Spa, LLC via in-house committee
- Approved $100,000 loan for Pop Nola, LLC via in-house committee
Economic Development Corporation Board of Directors
The Louisiana Economic Development Corporation Board of Directors will meet to review award programs and loan approvals. The board is scheduled to elect a Chair and Vice Chair. The meeting includes reports from the Secretary Treasurer, Accountant, and President.
- Economic Development Award Program reviews for Fabricated Steel Products, Inc. and TCI Tank Logistics, LLC
- Micro Lending Program (MLP) In House Committee Approvals
- Small Business Loan Guaranty Program (SBLGP) In House Committee Approvals
- Election of Board Officers (Chair & Vice Chair)
- Louisiana Equity Capital Program (LSCP) update
The Board approved two unsponsored EDAP projects for business expansions in Baton Rouge and Orleans Parish. It also reviewed micro-lending and loan guaranty updates and re-elected its leadership.
- Approved $150,000 EDAP award for Fabricated Steel Products (unanimous)
- Approved $200,000 EDAP award for TCI Tank Logistics (unanimous)
- Approved May 9th board minutes (unanimous)
- Approved June 10th Screening Committee minutes (unanimous)
- Accepted Treasurer's Report (unanimous)
- Accepted Accountant's Report (unanimous)
- Re-elected AJ Roy as Chair and Charles Jackson as Vice Chair (unanimous)
Economic Development Corporation Board of Directors
The Screening Committee approved an unsponsored Economic Development Assistance Program (EDAP) grant for RNGD, LLC to support facility renovation and infrastructure improvements in Jefferson Parish. The project includes the construction of a new manufacturing facility, headquarters, and a 20,000 square foot skilled trades training academy.
- Approved $500,000 EDAP grant for RNGD, LLC (Unanimous)
Economic Development Corporation Board of Directors
The Louisiana Economic Development Corporation Board will consider an Economic Development Award Program (EDAP) for S&W Wholesale Foods, LLC. The board will also receive updates on the Micro Lending Program, Collateral Support Program, and Louisiana Equity Capital Program, along with reports from the Secretary-Treasurer and Accountant. A general update on the State Small Business Credit Initiative (SSBCI) is also scheduled.
- EDAP award for S&W Wholesale Foods, LLC
- Micro Lending Program in-house committee approvals
- Collateral Support Program in-house committee approvals
- Louisiana Equity Capital Program update
- SSBCI general update
The Board approved a $700,000 unsponsored EDAP grant for S&W Wholesale Foods to renovate a distribution center in Tangipahoa Parish. The Board also accepted the Treasurer's report and received updates on micro-lending and equity capital programs.
- Approved $700,000 unsponsored EDAP for S&W Wholesale Foods (unanimous)
- Approved minutes of the April 11th meeting as corrected (unanimous)
- Accepted the Secretary Treasury Report as of April 23, 2024 (unanimous)
Economic Development Corporation Board of Directors
The board will consider an Economic Development Award Program (EDAP) for Gulf Wind Technology LLC. They will also review financial statements and investment valuations as of June 30, 2023, and discuss charge-offs. Updates on the Micro Lending Program, Louisiana Equity Capital Program, and SSBCI are scheduled. Committee appointments will be made.
- EDAP award for Gulf Wind Technology LLC
- Financial statements as of June 30, 2023
- Valuation of LEDC investments as of June 30, 2023
- LEDC investment portfolio charge-offs
- Micro Lending Program in-house committee approvals
Economic Development Corporation Board of Directors
The Board approved a $375,000 Economic Development Assistance Program (EDAP) award to Gulf Wind Technology, LLC for a technology accelerator in Avondale. The Board also approved annual audited financial statements and three investment charge-offs.
- Approved $375,000 EDAP award for Gulf Wind Technology, LLC
- Approved annual audited financial statements (unmodified opinion)
- Approved investment charge-offs for Audubon Capital Fund ($1.4M), Qcorps Residential Incorporated ($95,000), and Sterifx ($128,000)
- Approved March 14th meeting minutes
- Accepted Secretary Treasurer's Report
- Accepted Accountant's Status Report
Economic Development Corporation Board of Directors
The Louisiana Economic Development Corporation Board of Directors will meet to review financial statements and investment valuations as of June 30, 2023. They will also discuss potential charge-offs in the investment portfolio.
- Audit of Financial Statements as of June 30, 2023 – presented by Lawrence “Larry” Jones, CPA, Bruno & Tervalon LLP
- Valuation of LEDC Investments as of June 30, 2023 – presented by Marc S. Katsanis, Chaffe & Associates, Inc.
- Discussion of LEDC Investment Portfolio Charge-offs
Economic Development Corporation Board of Directors
The Finance Committee accepted the fiscal year 2023 audit report and the year-over-year investment evaluation report. The committee also approved the removal of three zero-value investments from the financial statements.
- Approved audit report for fiscal year ending June 30, 2023
- Approved investment evaluation report as of June 30, 2023
- Approved charge off of Audubon Capital Fund investment
- Approved charge off of Qcorps investment
- Approved charge off of Sterifx investment
Economic Development Corporation Board of Directors
The Louisiana Economic Development Corporation Board of Directors will meet to review awards for the Economic Development Award Program (EDAP) and approve various committee items for lending programs. The agenda also includes updates on the Louisiana Equity Capital Program and SSBCI applicant withdrawals.
- Economic Development Award Program reviews for Boise Cascade Company and Pipe and Steel Industrial Fabricators Inc., LLC
- Collateral Support Program approvals for Sorted Lake Charles, LLC and No Ceilings Fitness, LLC
- Small Business Loan Guaranty Program approval for Bayouland Seafood Processors, LLC
- Micro Lending Program updates for Carter Credit Union RLF and JEDCO RLF
- Election of LEDC Board of Directors officers
The Board approved two Economic Development Application Program (EDAP) projects to support facility expansions. It also approved several micro-loans and loan guarantees, while authorizing the removal of non-performing lenders from the Micro Lending Program.
- Approved $750,000 EDAP grant for Boise Cascade Wood Products, LLC (unanimous)
- Approved $200,000 EDAP grant for Pipe and Steel Industrial Fabricators, Inc. (unanimous)
- Approved $25,250 collateral support for Sorted Lake Charles, LLC
- Approved $13,178 collateral support for No Ceilings Fitness, LLC
- Approved 7 micro-loans totaling $1,675,272.50 across various lenders
- Approved $340,000 loan guaranty for Bayouland Seafood Processors, LLC
- Approved withdrawal of eligibility for 4 Seed Capital funds after phone outreach
- Approved removal of Lendistry and New Orleans Business Alliance from Micro Lending Program if no production by April 3, 2024