$180K in expenses

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.