LA HB829

Establishes the Louisiana Minority Business Development Fund as a $25 million revolving loan fund administered by Louisiana Economic Development to provide low-interest financing to minority-owned businesses

Eligible businesses must be majority-owned by minority persons (African American, Hispanic American, Asian Pacific American, Native American, or women), have 50 or fewer employees, annual revenues of $5 million or less, and at least 12 months of operation

Loan amounts range from $5,000 to $500,000 (up to $750,000 for exceptional cases), with fixed interest rates of 3-5% and terms up to 15 years, with flexible collateral requirements

Requires at least 10% of administrative budget for free technical assistance including financial literacy training, business plan development, and mentorship programs through partnerships with Southern University, Grambling State, and community colleges

Mandates minimum five full-time staff with regional loan officers, annual reporting to the legislature by February 1st, and administrative expenses capped at 8% of the fund balance