House Bill No. [insert number] proposes the creation of the Louisiana Minority Business Development Fund, designed to provide low-interest financing to qualified minority-owned businesses throughout the state. The fund will be established with an initial capitalization of $25 million, sourced from appropriated funds, loan repayments, fees, investment income, and federal funds. The Louisiana Economic Development Department will oversee the fund, which will support various purposes such as working capital, equipment purchases, and refinancing high-interest debt. The bill also mandates that at least 10% of the fund's annual administrative budget be allocated for technical assistance to loan applicants and recipients, covering areas like financial literacy and business plan development.

In addition to the financial provisions, the bill requires the department to establish partnerships with educational institutions and community development financial institutions to deliver technical training. It mandates the hiring of at least five full-time staff members for fund administration, including a loan officer for each region in Louisiana. The department must submit an annual report to the legislature detailing the fund's activities and is limited to administrative expenses of no more than 8% of the fund's average annual balance. The legislation emphasizes interagency coordination to enhance economic development efforts for minority communities and will take effect upon the governor's signature or after the designated time for gubernatorial action.