§2302. Findings and declaration of purpose

It is hereby found and declared that:

(1) There exists in some of the regions, parishes, and municipalities of the state a condition of substantial and persistent unemployment, underemployment, and other forms of economic distress.

(2) Small and new businesses play a vital role in the process of adjusting to the fundamental structural changes affecting the national and the state economy.

(3) Small and new businesses are better able to identify and fill the gaps created by sudden changes in market conditions than larger corporations and are more flexible in adapting to changing technologies.

(4) Louisiana's economy, recovering from the decline in petrochemicals and oil and gas extraction, can profit by achieving diversification and growth of small to medium sized businesses and by establishing a business climate which will foster entrepreneurship.

(5) Small business, as defined by the U.S. Small Business Administration, is the most volatile sector of the economy and is much more likely to experience a very large percentage of change in its workforce.

(6) Small and new businesses experience special problems in securing adequate access to equity and debt capital, to information, and to management and technical assistance.

(7) The viability, retention, and expansion of Louisiana small businesses will be greatly aided by the establishment of viable local small business incubators, which shall provide shared business services, equipment, space, and access to on-premises business consultants for burgeoning small businesses.

(8) The likelihood that Louisiana businesses will grow and that the state can successfully recruit prospective businesses will be greatly increased if Louisiana has a workforce specifically trained to meet the needs of the particular businesses.

(9) Public policy, financial assistance, and management and technical assistance can reduce or eliminate many of the special barriers to the growth and development of small and new businesses in Louisiana.

(10) The authorization for the state, its political subdivisions, public corporations, and authorities to engage in cooperative financing ventures with federal agencies, political subdivisions, or with public or private associations, corporations, or individuals for the purpose of providing financial assistance to develop, expand, retain, or attract small business concerns in or to Louisiana is necessary, is a public purpose, and is in the public interest.

(11) The purpose of this Chapter and the authority conferred herein shall be to stimulate the flow of private capital and long-term loans and other financial assistance for the sound financing of the development, expansion, retention, and attraction of small business concerns in or to this state as a means of providing high levels of employment and income growth and expanded social and economic opportunities, especially to disadvantaged persons and within distressed areas.

(12) It is the intent of the state to contribute to this purpose through the provision of financial assistance to qualified small business concerns and to provide other resources to businesses, such as training funds, infrastructure grants, viable local small business incubators, or other resource allocations. The policy, therefore, shall be carried out in such a manner as to ensure maximum federal, public, and private leverage. It is also the intent of this policy to keep financial decision-making to the greatest extent possible in private hands and to keep state administrative costs as low as possible.

Acts 1988, No. 888, §1, eff. July 21, 1988; Acts 1992, No. 1092, §1; Acts 1992, No. 1136, §1, eff. Jan. 1, 1994; Acts 2001, No. 9, §9, eff. July 1, 2001.