India Bellard

The board meeting focused on several key items including the Collateral Support Program, which provided updates on funding for a childcare facility, and the Micro Lending Program, which reported on several loan applications for various small businesses across the state. The Chief Financial Officer presented the Secretary of Treasury's report covering fiscal year 2026 budgets and expenditures. The Accountant's report included discussions on loan loss reserves and a review of the loan portfolios. The board heard a presentation on an Economic Development Award Program grant for ChillCo to support facility expansions and job creation. Additionally, the board discussed and granted conditional approval to Global Finance CDFI for participation in the Small Business Loan Guarantee Program, with a focus on equipment financing. Finally, the board began a discussion regarding the potential participation of Corridor Ventures in the Seed Capital Program.

The Board of Directors discussed the SSBCI Micro Lending Program, including presentations and performance updates from lending partners such as TruFund Financial Services, Carter Credit Union, Essential Credit Union, and NewCorp, Inc. Members addressed the challenges small businesses face in accessing capital and the necessity for specialized, patient technical assistance to support second-stage business growth. Additionally, the Board received an overview of the history, portfolio, and strategic direction of Louisiana Fund I, a venture capital fund.

The board discussed financial statements, including audit results and investment valuations by Chaffe & Associates. Staff provided updates on the collateral support program, micro lending program, and the Louisiana Seed Capital Program, highlighting the positive impact and ecosystem development of partner funds. The Secretary of Treasury's report detailed the fiscal year budget and fund availability. Additionally, the meeting featured a presentation on the launch of Newlab New Orleans, an initiative focused on accelerating the commercialization of industrial, maritime, and carbon management technologies.