Louisiana Business Incubation Association (LBIA)

Lbia, under a cooperative agreement (cea) with the Louisiana department of economic development (led), administers a grant program entitled led/lbia Business incubator support program. The awards must be matched by a 20% contribution by the selected grant recipients. Grants may only be used for capital assets that last at least three years as well as meet the following criteria: 1) help the recipient meet stated goals of serving the incubators' tenants/clients, 2) save or create jobs, 3) expand/modify/renovate an incubator facility so that the incubator can provide additional services to its tenants/clients, and 4) increase funding sources for its tenants/clients. It is a reimbursement grant, paid by led only after documentation is provided to led that funds have been appropriately spent. A review committee of 3 members reviews grant applications and score the applications using review criteria approved by led. Under the cea, lbia is required to have a state certified cpa firm conduct an annual review and attestation which must be submitted to the Louisiana legislative auditors' office.