Louisiana Revised Statutes 51:2325 – Qualifications for applicants
Terms Used In Louisiana Revised Statutes 51:2325
- Applicant: means a private nonprofit or public entity located in this state. See Louisiana Revised Statutes 51:2322
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Corporation: means the Louisiana Economic Development Corporation. See Louisiana Revised Statutes 51:2322
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Small business incubator: means a multi-tenanted facility which is characterized by shared business services, equipment, space, and access to on-premises business consultants for tenants and which is operated by a private nonprofit or public entity. See Louisiana Revised Statutes 51:2322
Each applicant for funding shall, in addition to meeting eligibility requirements established by rule, provide the corporation with documentation of each of the following:
(1) Its ability to secure title to a facility or lease a facility with the intent to secure title and to transform the facility into a small business incubator at a specified cost.
(2) Its ability to provide access to business development services for tenants of the small business incubator, including but not limited to financial assistance, management and marketing services, and physical services.
(3) Its ability to manage and operate the small business incubator and to accept and terminate tenants in accordance with the guidelines established by the corporation.
(4) Its ability to project sustained use for the small business incubator.
Acts 1995, No. 180, §1; Acts 1995, No. 276, §1, eff. July 1, 1995.