LAC 19:VII.7103. Eligibility for Submission of an Application

A. In order to be eligible for consideration to receive a matching or co-investment equity capital investment by LEDC, the applicant must fulfill the following eligibility requirements. 1. It must have obtained a license from OFI. 2. It must be a for profit Louisiana corporation. 3. In order to be eligible to receive an investment from LEDC, as described in §7107, it must have raised a minimum of $1,000,000 of private capital, exclusive of LEDC funds. These private capital funds must be actual cash contributions [pursuant to R.S. 51:2392(B)(2)(d)(2)]. 4. Its management must be experienced in debt and/or capital financing of the types and volume contemplated by the applicant BIDCO. 5. LEDC may consider applications from BIDCOs which have a businesslike mission but with special circumstances or specialized opportunities (herein "Specialty BIDCOs"). 6. Owners and Investors cannot be in conflict with the Code of Governmental Ethics R.S. 42:1112. BIDCO's shall not invest in a company in which a principal or officer of the BIDCO also has an interest in the company.