Overview
What is Louisiana Business Incubation Assoc?
Louisiana Business Incubation Assoc, a prominent association in Louisiana, comprises the state's leading business incubators with a mission to foster growth and diversification in the local economy. Through a cooperative agreement with the Louisiana Department of Economic Development, the association administers a grant program called the LED/LBIA Business Incubator Support Program. This program provides funding for capital assets that last at least three years, assist in job creation, expand or renovate incubator facilities, and increase funding sources for tenants. The awards require a 20% contribution from the selected grant recipients. The association reviews grant applications, and a state-certified CPA firm conducts an annual review and attestation. The grants are reimbursement in nature, paid by the Louisiana Department of Economic Development after the appropriate spending is documented. The Louisiana Incubation Association's primary focus is to support and strengthen business incubation, providing effective management principles to accelerate the growth and development of new businesses in Louisiana, ultimately creating better-paying jobs for the state's citizens.
Official website here: www.louisianaincubation.org
Is Louisiana Business Incubation Assoc legitimate?
Louisiana Business Incubation Assoc is a legitimate nonprofit organization registered as a 501(c)(6) entity. Louisiana Business Incubation Assoc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
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Official website here: www.louisianaincubation.org
What is the mission statement of Louisiana Business Incubation Assoc?
The Louisiana Business Incubation Association (LBIA) is committed to supporting and strengthening business incubation, specifically in the start-up phase, across Louisiana. By assisting the state's over 20 business incubators, LBIA aims to provide effective management principles to accelerate the growth and development of new businesses, thereby creating new and better-paying job opportunities for the state's citizens.
Under a cooperative agreement with the Louisiana Department of Economic Development (LED), LBIA administers the LED/LBIA Business Incubator Support Program. This program offers grants that require a 20% contribution from the selected grant recipients. The grants can be used for capital assets that last at least three years and meet certain criteria, such as helping the recipient serve their tenants/clients, creating or saving jobs, expanding incubator facilities, and increasing funding sources for their tenants/clients. The program is a reimbursement grant, paid by LED only after documentation is provided that the funds have been spent appropriately.
LBIA's operations are subject to an annual review and attestation by a state-certified CPA firm, which is submitted to the Louisiana Legislative Auditors' Office. This review ensures that the association is operating efficiently and effectively in its mission to support and strengthen business incubation in Louisiana.
Official website here: www.louisianaincubation.org
Who is the CEO of Louisiana Business Incubation Assoc?
Kristy Barlow is the President of Louisiana Business Incubation Assoc.
Official website here: www.louisianaincubation.org
What is the revenue of Louisiana Business Incubation Assoc?
Louisiana Business Incubation Assoc's revenue in 2022 was $69,437.
Official website here: www.louisianaincubation.org
Who are the executives of Louisiana Business Incubation Assoc and what are their salaries?
Here are 4 key members and their salaries:
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Official website here: www.louisianaincubation.org
Where can I find the form 990 for Louisiana Business Incubation Assoc?
Louisiana Business Incubation Assoc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.louisianaincubation.org
Learn more at the official website: www.louisianaincubation.org
Mission Statement of Louisiana Business Incubation Assoc
The Louisiana Business Incubation Association, comprised of the state's premier business incubators, is dedicated to enhancing the growth and diversification of businesses and the economy in Louisiana. Their mission is to support and strengthen business incubation, or business start-ups, within the state. The association aims to provide the most effective hands-on management principles available to help accelerate the growth and development of new businesses, thereby creating new and better-paying jobs for Louisiana's citizens.
Under a cooperative agreement with the Louisiana Department of Economic Development, the Louisiana Business Incubation Association administers the LED/LBIA Business Incubator Support Program. This program provides grants to help business incubators in the state meet their stated goals, create or save jobs, expand their facilities, and increase funding sources for their tenants. The grants, which must be matched by a 20% contribution from the grant recipients, can only be used for capital assets that last at least three years and meet specific criteria. This program is a reimbursement grant, with funds being paid by the Louisiana Department of Economic Development only after documentation is provided showing that the funds have been appropriately spent.
In summary, the Louisiana Business Incubation Association is a vital organization that supports and strengthens business incubation in Louisiana. By providing effective management principles and administering grant programs, the association helps new businesses grow and create jobs, ultimately contributing to the economic development of the state.
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Impact
October, 2024
The Louisiana Business Incubation Association (LBIA) plays a vital role in enhancing the growth and diversification of businesses and the overall economy in Louisiana. By supporting over 20 business incubators in the state, LBIA focuses on fostering entrepreneurship through tailored support and resources for new business ventures.
Through initiatives like the LED/LBIA Business Incubator Support Program, LBIA administers grants aimed at capital assets that have long-term value, ensuring that recipients can create or save jobs while expanding their services. This program not only encourages economic development but also bolsters the infrastructure that incubators provide to their tenants, allowing them to thrive in a competitive landscape.
LBIA’s efforts lead to the implementation of best practices in business management and development, significantly accelerating the growth of start-ups. Their focus on hands-on assistance empowers entrepreneurs, enhancing their potential for success and enabling them to contribute positively to the local economy. Ultimately, LBIA’s impact is reflected in the creation of new and better-paying job opportunities for the citizens of Louisiana, advancing community improvement and economic vitality in the region.
This information is meant to be a general summary of Louisiana Business Incubation Assoc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Gross Receipts: $69,437
Assets and Liabilities:
- Total Assets: $125,570
- Total Liabilities: $55,437
- Net Assets: $70,133
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Organization Details
Founding Year
2005
Phone
(225) 218-1100Principal Officer
Kristy Barlow
Main Address
8000 INNOVATION PARK DRIVE, BATON ROUGE, LA, 70820
Website
www.louisianaincubation.orgNTEE Category
Code: S41 - Community improvement
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