§2303. Definitions

The following words or terms as used in this Chapter shall have the following meanings unless a different meaning appears from the context:

(1) "Bonds" means any bond, refunding bond, note, debenture, interim certificate or any bond, grant, or any other evidences of indebtedness of the corporation whether in temporary or in definitive form and whether or not exempt from federal taxation.

(2) "Business enterprise of a person with a disability" means a small business concern which is at least fifty-one percent owned and controlled by a person with a disability as defined by the federal Americans With Disabilities Act of 1990.

(3) "Corporation" means the Louisiana Economic Development Corporation as established in Part II of this Chapter.

(4) "High-growth potential business" means any Louisiana, for-profit enterprise that provides and possesses high market and sales and employment opportunities.

(5) "Louisiana Entrepreneurial Business" means a business which is domiciled in this state, employs fifty or fewer full-time employees, and meets one of the following conditions:

(a) Has gross annual sales of less than ten million dollars.

(b) Has a business net worth of less than two million dollars.

(6) "Minority-owned business" means a small business concern which is at least fifty-one percent owned and controlled by a member of an ethnic minority as defined in R.S. 39:1952 or, in the case of any publicly owned business, in which at least fifty-one percent of the stock is owned by members of such an ethnic minority, and whose management and daily business operations are controlled by one or more of the ethnic minority owners.

(7) "Qualified Louisiana business" means a business which operates primarily in Louisiana, which has no more than five hundred employees, and which has annual business receipts not in excess of seven million dollars.

(8) "Revenues" means any and all fees, rates, rentals, profits, and receipts collected by, payable to, or otherwise derived by the corporation and all other moneys and income of whatsoever kind or character collected by, payable to, or otherwise derived by the corporation in connection with loans to any eligible small business in furtherance of the purposes of this Chapter.

(9) "Rural economic development" means economic development activity relating to geographic areas outside of cities or urban areas with populations of fifty thousand or more, generally relating to economically underdeveloped areas of the state.

(10) "Small business enterprise" means any business organized for profit and of the size as defined by the United States Small Business Administration.

(11) "Umbrella bonds" means the bonds issued by the corporation pursuant to R.S. 51:2312(C).

(12) "Women-owned business" means a small business concern which is at least fifty-one percent owned and controlled by women or, in the case of any publicly owned business, in which at least fifty-one percent of the stock is owned by women, and whose management and daily business operations are controlled by one or more of the women owners.

Acts 1988, No. 888, §1, eff. July 21, 1988; Acts 1992, No. 1092, §1; Acts 1992, No. 1136, §1, eff. Jan. 1, 1994; Acts 2003, No. 1107, §1, eff. July 2, 2003; Acts 2003, No. 1203, §1; Acts 2014, No. 811, §28, eff. June 23, 2014.