§2403. Small Business Innovation Fund; purpose; program administration

            A. There is hereby created in the state treasury, as a special fund, the "Small Business Innovation Fund", hereinafter referred to as the "fund".

            B. The monies in the fund shall be used to provide financial assistance to certain Louisiana businesses applying for Small Business Innovation Research, hereinafter referred to as "SBIR", or Small Business Technology Transfer, hereinafter referred to as "STTR", federal research grants.

            C. After compliance with the requirements of Article VII, Section 9(B) of the Constitution of Louisiana relative to the Bond Security and Redemption Fund, all monies received for the purpose of the fund shall be deposited into the fund.

            D. Monies in the fund shall be invested in the same manner as monies in the general fund. Interest earned on investment of monies in the fund shall be credited to the fund. Unexpended and unencumbered monies in the fund at the end of the fiscal year shall remain in the fund.

            E. Subject to appropriation and the provisions of this Section, monies in the fund shall be used by Louisiana Economic Development for awarding grants to selected applicants. The Louisiana Economic Development Corporation, hereinafter referred to as "corporation", shall administer awards to selected applicants in the form of grants. The corporation shall establish criteria for grant eligibility, provide for an application process, and select eligible Louisiana business applicants to receive monies from the fund.

            F. Up to one hundred fifty thousand dollars shall be annually disbursed from the fund as follows:

            (1) Up to sixty thousand dollars shall be disbursed to selected applicants in the form of grants for the purpose of assisting in the completion of Phase I SBIR or STTR federal grant applications. Any grant received pursuant to this Paragraph shall not exceed five thousand dollars per applicant.

            (2) Up to sixty thousand dollars shall be disbursed to selected applicants in the form of grants for the purpose of assisting in the completion of Phase II SBIR or STTR federal grant applications. Any grant received pursuant to this Paragraph shall not exceed ten thousand dollars per applicant.

            (3) Up to thirty thousand dollars shall be appropriated to the corporation for the purpose of funding technical assistance, outreach programs, and program-related promotions.

            Acts 2022, No. 508, §1, eff. June 15, 2022; Acts 2024, No. 590, §4, eff. June 11, 2024.