Equity Programs 
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Equity Programs

Participating funds in SSBCI equity programs provide support for small businesses by investing as a limited partner to create and grow start-up businesses. The bulk of Louisiana’s $113 million SSBCI allocation – up to $91.5 million – is allocated to the state’s two equity programs: venture capital and seed capital. Disbursement of the full amount is dependent on hitting federal funding benchmarks for very small businesses with fewer than 10 employees (VSBs) and businesses owned by socially and economically disadvantaged individuals (SEDIs) whose access to capital may have been limited in the past.

Seed Capital Program (Seed)

The Louisiana Seed Capital Program provides financing to start-up businesses and early-stage small businesses. The LSCP is intended to assist Louisiana small businesses expand through the support of seed capital funds. LED will deliver the LSCP to market by working with approved Louisiana based program participants such as venture capital funds, angel funds and nonprofit organizations. The approved program participants will provide private financing through seed stage investments to start-ups and early-stage small businesses in order to create jobs and improve the state’s economy.

Venture Capital Program (VC)

The Louisiana Venture Capital Program is a revision of an existing LEDC program aimed to assist Louisiana small businesses expand through the support of venture capital funds. The LVCP, with the use of SSBCI funds, will join with venture capital funds, angel funds, and non-profit organizations to create partnerships into a new venture capital fund. Each fund will provide private financing through investments to small businesses in order to create jobs and improve the state’s economy. Investments may be made by the purchase of common stock, preferred stock, partnership rights, or other equity investment. Additionally, it may mean debt positions, which may act as equity or have equity features such as subordinated debt, debentures or other such instruments used in conjunction with features intended to yield significant capital appreciation.

Both equity programs, Seed and VC, will target small businesses defined as VSBs and SEDIs as defined by the U.S. Department of Treasury. Read more here.

*Please note: SSBCI has been authorized for seven years and is in its early stages. The list of participating equity funds, and the process for applying, will evolve in the coming months as the program matures. The Seed and VC fund list will be updated as changes occur. To receive email updates about the latest SSBCI news and information, click here and check the SSBCI box. If you have a question for the Louisiana SSBCI team, email [email protected] or call 833.457.0531.


Eligibility

  • Authorized to conduct business in Louisiana and maintains an office in Louisiana
  • Small businesses with 500 employees or less
  • Must create at least one new permanent job
  • Funding requests for an eligible business purpose including  but not limited to, start-up costs, working capital, business procurement, franchise fees, equipment, inventory, as well as the purchase, construction, renovation or tenant improvements of an eligible place of business that is not for passive real estate investment purposes. The definition of business purpose excludes activities that relate to acquiring or holding passive investments such as commercial real estate ownership, the purchase of securities; and lobbying activities as defined in Section 3(7) of the Lobbying Disclosure Act of 1995, P.L. 104-65, as amended.

Ineligible businesses and purposes:

  • Gaming or gambling
  • Pyramid sales
  • Financial services
  • Speculative real estate
  • Owner to owner buyouts
  • Refinancing

Program Rules

    All incentive program rules are in the Louisiana Administrative Code maintained by the Office of the State Register.

    • View the Titles of the Louisiana Administrative Code
    • Rules for the SSBCI Seed Capital Program ARPA 2021 can be found in Part VII, Subpart 11, Chapter 89.
    • Rules for the SSBCI Venture Capital Program ARPA 2021 can be found in Part VII, Subpart 2, Chapter 29. 

Application Process

    Application process varies by fund. Contact participating equity funds directly (see list in tab below) for details about the requirements for each participating fund.


Providers

    Equity funds must apply for and be approved by the Louisiana Economic Development Corporation Board for participation in SSBCI’s Louisiana Seed Capital Program (LSCP) and/or Venture Capital Program (LVCP). Approved funds must review the program’s conditions and contingencies and formalize their participation by opting in. That process is ongoing. As each fund completes its opt-in process and grants LED permission to promote its participation on this website, the participating fund name and provided links and contact info will be posted below.

    LOUISIANA VENTURE CAPITAL PROGRAM (LVCP)

    Callais Capital Management
    SSBCI Contact: Rebecca Martinez
    Phone: 985.492.2323
    Email: [email protected]
    Website: CallaisCapital.com

    Jefferson Louisiana Impact Venture Fund
    SSBCI Contact: Les Alexander
    Email: [email protected]
    Website: JeffCap.com

    LSU Health Foundation Venture Capital Innovation Fund
    SSBCI Contact: Denise Delany
    Phone: 504.568.1608
    Email: [email protected]
    Website: LSUHealthFoundation.org

    LSU Tiger Fund
    SSBCI Contact: Andrew Maas
    Phone: 504.568.1608
    Email: [email protected]

    Ochsner Ventures

    SSBCI Contact: Aimee Quirk
    Email: [email protected]
    Website: Ochsner.org/Ventures 

    Reconstruction Special Fund, LLC
    SSBCI Contact: Toni Hackett Antrum
    Phone: 504.603.0245
    Email: [email protected]
    Website: Hackett-Group.com

    SEED CAPITAL (LSCP)

    100 Black Angels & Allies

    Boot64 Ventures

    SSBCI Contact: John Roberts, III
    Phone: 504.621.6058
    Email: [email protected]
    Website: Boot64.com

    E2JDJ Delta, LP
    SSBCI Contact: Stephanie Dorsey
    Website: E2JDJ.com

    Greater New Orleans Development Foundation
    Email: [email protected]
    Website: StartupNOLA.com

    Grind Capital
    SSBCI Contact: Reid Bowen
    Email: [email protected]
    Website: GrindCapital.org

    Innovation Catalyst Inc. / Greaux Innovative Ventures
    SSBCI Contact: William Ellison
    Website: InnovationCatalyst.us

      LSU Bengal Fund
      SSBCI Contact: Andrew Maas
      Phone: 504.568.1608
      Email: [email protected]

      LSU Health Foundation
      SSBCI Contact: Denise Delany
      Phone: 504.568.1608
      Email: [email protected]
      Website: LSUHealthFoundation.org

      Minerva Capital
      SSBCI Contact: Patrick A. S. Mills, Esq.
      Phone: 318.450.2388
      Email: [email protected]

      New Orleans BioFund
      SSBCI Contact: Kris Khalil
      Phone: 504.593.6446
      Email: [email protected]
      Website: NewOrleansBio.com/BioFund/

      New Orleans Startup Fund
      SSBCI Contact: Jimmy Roussel
      Email: [email protected]
      Website: NewOrleansStartupFund.org

      Ochsner Ventures
      SSBCI Contact: Aimee Quirk
      Email: [email protected]
      Website: Ochsner.org/Ventures

      Opportunity Machine
      SSBCI Contact: Destin Ortego
      Phone: 337.769.4038
      Email: [email protected]
      Website: OpportunityMachine.org

      Propeller
      SSBCI Contact: Patrick Hernandez
      Phone: 318.450.2388
      Email: [email protected]
      Website: GoPropeller.org

      Revelry Ventures
      SSBCI Contact: Peter Liu
      Website: Revelry.co/Ventures

      The Idea Village
      SSBCI Contact: Jon Atkinson
      Phone: 504.291.2563
      Email: [email protected]
      Website: IdeaVillage.org

      Tulane Innovation Institute
      SSBCI Contact: Kimberly Gramm
      Phone: 504.314.2000
      Email: [email protected]
      Website: Innnovation.Tulane.edu

      The Venture Capital and Seed Capital participating fund approval process remains open, with additional applications to be considered going forward. As new funds are accepted into the program and grant LED permission to promote their participation, their contact information and website links will be added. Funds wishing to participate in SSBCI equity programs may contact LED for more information at [email protected] or 833.457.0531.


    FAQs

      Q: Has LED awarded SSBCI funds to the approved equity firms and other participating financial institutions?

      A: Not at this time. SSBCI equity fund participants have been approved by the LEDC Board and participation agreements are in process.

      Q: What is the difference between a loan and private financing such as Seed or VC?
      A: A loan is private financing that must be repaid with interest typically applied to the amount financed over a specified period of time. Private financing such as an equity investment with either the Seed or VC provides an investment into the business from an outside party in exchange for ownership in the business over a defined period of time.

      Q: What type of equity investments are offered under the Seed or VC?
      A: Investments may be made by the purchase of common stock, preferred stock, partnership rights, or other equity investment. In addition, private financing structured as an equity investment may be structured as debt positions, which may act as equity or have equity features such as subordinated debt, debentures or other such instruments used in conjunction with features intended to yield significant capital appreciation.

      Q: What types of financing are eligible under the Seed and VC?
      A: Seed Capital Program financing must contribute to the creation or growth of a start-up or early-stage business. Venture Capital Program financing must contribute to the expansion of a small business. Additional eligibility requirements may vary by fund.

      Q: How do I get a list of participating CSP lenders?
      A: See the information in the PROVIDERS dropdown.