Anne Villa

The Board of Directors meeting included a presentation from NovaSpark Energy Corporation regarding their innovative atmospheric hydrogen generator technology, its potential for disaster response and military applications, and plans to scale operations in Louisiana. Staff presented three new seed capital investments for Hollywood Trucks, Even Health, LLC, and Rituali. The Secretary-Treasurer provided a budget overview for fiscal year 2026, and the board reviewed the status of the SSBCI and EDAP loan portfolios, including allowances for loan losses. Additionally, leadership celebrated the agency receiving the Platinum Deal of the Year award for the Hyundai steel plant project.

The board discussed the EDAP unsponsored funding for Saronic Technologies to support their manufacturing facility expansion, job creation goals, and payroll commitments. Additionally, the board considered a fund commitment increase request from 1834 Ventures, LLC, to support their investment thesis and deployment strategy within the Louisiana Seed Capital Program, focusing on high-growth startups and follow-on funding.

The board meeting agenda includes updates on the State Small Business Credit Initiative (SSBCI) 1.0 and 2.0 Louisiana Seed Capital Program portfolios, featuring company investee reports. Technical assistance updates from the Louisiana Growth Network will be provided regarding STartUP Northshore and the Urban League of Louisiana. Furthermore, the meeting will cover program updates for the Micro Loan Program, a report from the Secretary Treasurer and the accountant, a summary of operational progress from the Chief Innovation Officer, and a vote on proposed amendments to the bylaws alongside general updates on small business opportunity and capital programs.

The agenda for the meeting includes a review of audit reports, specifically the financial statements and the valuation of the corporation's investments as of June 30, 2025.

The committee held a session to review and vote on proposed amendments to the bylaws. Key discussion points included revisions to the conflict of interest section to align with Louisiana state statutes and the addition of a designee for the secretary position. The committee reviewed the redline version of the bylaws and recommended them for full board approval.