Senate Bill No. 515 amends the Small Business Innovation Retention Fund provisions in Louisiana law, specifically R.S. 51:2401(B) and (C). The bill clarifies that the financial assistance provided from the fund is specifically for Louisiana businesses that have received competitively awarded federal grants, including the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants. This change replaces the previous language that referred to "certain" federal grants without specifying the competitive nature of the awards.

Additionally, the bill specifies that all funds received for the purpose of the Small Business Innovation Retention Fund, which must comply with the constitutional requirements regarding the Bond Security and Redemption Fund, will include state or federal funding sources. This amendment broadens the scope of potential funding sources for the program, ensuring that the fund can draw from a wider array of financial resources to support small businesses in Louisiana. The effective date for these changes is set for August 1, 2026.

Statutes affected:
SB515 Original: 51:2401(B)