Small and Emerging Business Development 107.
Eligibility Requirements for Certification (R.S. 51:941-945 and the provisions of the Administrative Procedure Act, R.S. 49:950-970 as amended.)

A Small and Emerging Business (SEB) is a firm that is owned and controlled by one or more Small and Emerging Business persons and meets the requirements of small and emerging business. Eligibility requirements fall into two categories that apply to the individual owners and to the applicant’s firm. In order to continue participation in the Program, a firm and it’s individual owners must continue to meet all eligibility requirements.

A. Small and Emerging Business Persons
For purposes of the program, a person who meets all of the criteria in this section shall be defined as a Small and Emerging Business person.

1. Citizenship - the person is a citizen or legal resident of the United States

2. Louisiana Residency - the person has resided in Louisiana for at least one year.

3. Net Worth — each individual owner’s personal net worth may not exceed $400,000,excluding personal residence and retirement accounts.

 
B. Small and Emerging Business
1. Ownership and Control — at least 60% of the company must be owned and controlled by one or more Small and Emerging Business Persons.

2. Principal Place of Business -- the firm's principal place of business must be Louisiana.

3. Lawful Function — the company has been organized for profit to perform a lawful, commercially useful function.

4. Business Net Worth — the business’ net worth at the time of application may not exceed $1,500,000.

5. Full Time — Managing owners who claim Small and Emerging Business person status must be Full-Time employees of the applicant firm (20 or more hours per week).

6. Job Creation — an applicant firm anticipates creating new full-time jobs.