§ 51:941 — Definitions

Louisiana § 51:941

• Jurisdiction: Louisiana
• Title 51: Trade and Commerce

Text

§941. Definitions
For the purposes of this Part, the following terms shall have the following meanings:
(1) "Department" means Louisiana Economic Development.
(2) "Program" means the Small and Emerging Business Development Program
created within Louisiana Economic Development.
(3) "Small and emerging business" means a small business organized for profit and
performing a commercially useful function, which is more than fifty percent owned and
controlled by one or more small and emerging business persons and which has its principal
place of business in the state. A nonprofit organization is not a small and emerging business
for purposes of this Part.
(4) "Small and emerging business person" means a citizen of the United States who
has resided in the state for at least one year and whose ability to compete in the free
enterprise system has been impaired historically due to diminished capital or credit
opportunities as compared to others in the same or similar line of business, and whose
diminished opportunities have historically precluded, or are likely to preclude, such
individual from successfully competing in the open market.

Legislative History

Acts 2001, No. 9, §9, eff. July 1, 2001; Acts 2006, No. 434, §1.