ECONOMIC DEVELOPMENT: Urges and requests Louisiana Economic Development to study the benefits of creating a minority business development fund

2026 Regular Session Introduced by Tehmi Chassion and 1 co-sponsor

Urges LED to study creating a Louisiana Minority Business Development Fund to expand capital access for minority-owned businesses, with a report by Jan 1, 2027.

Scheduled for floor debate on 06/01/2026.

Purpose and intent

The resolution seeks to commission LED to study whether creating a dedicated minority business development fund would be beneficial for Louisiana.

It frames the issue within broader policy goals of expanding access to capital for minority-owned businesses and addressing systemic barriers to funding.

Key provisions and potential changes

Encourages LED to study the benefits of establishing a minority business development fund (non-binding recommendation).

The resolution references a potential model: House Bill No. 829 of the 2026 Regular Session, which would have created a Louisiana Minority Business Development Fund. This bill is presented as a possible guide for consideration.

If a fund were created, the resolution suggests the fund could provide loans with purposes including: 1) Working capital 2) Equipment and machinery purchase or lease 3) Leasehold improvements or build-out costs 4) Inventory acquisition 5) Technology and software infrastructure 6) Business acquisition (with continued operation in Louisiana) 7) Refinancing of existing high-interest debt (subject to secretary approval)

The resolution does not itself create a fund or alter current programs; it directs study and consideration.

Who/what would be affected

Primary affected entity: Louisiana Economic Development (LED), which would undertake the study.

Minority-owned businesses in Louisiana are the focus of potential impact, as the study would assess how a dedicated fund might improve access to capital for them.

If a fund were created in the future, beneficiaries would include minority business owners and, more broadly, the state’s economy through potential impacts on job creation, tax revenue, and wealth-building.

Procedural and timeline aspects

LED is asked to conduct the study and report findings.

Report due: no later than January 1, 2027.

Reporting method: one printed copy and one electronic copy to the David R. Poynter Legislative Research Library, per existing requirements.

The resolution will be transmitted to the LED secretary.

Status note: The resolution was read by title and lies over under the rules as of May 27, 2026.

Additional context

The resolution emphasizes systemic barriers to capital access for minority-owned businesses, including discriminatory lending practices and historical wealth gaps.

It positions minority business development as aligning with LED’s mission to strengthen Louisiana’s business environment, attract investment, and support growth through incentives, training, and industry development.

Bottom line

HR 356 is a non-binding resolution urging LED to study the potential creation of a Louisiana Minority Business Development Fund, guided in part by a related proposed bill (HB 829). It outlines plausible loan purposes and requires a formal report to the Legislature by January 1, 2027. The measure signals legislative interest in expanding capital access for minority entrepreneurs and evaluating whether a dedicated fund could yield economic benefits for Louisiana.

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