90-3-503. Seed capital project -- goals. (1) The board may make a seed capital project loan in a company upon a determination by the board that the project meets the loan criteria established in 90-3-502 and 90-3-504 and that the project meets the goals established in subsection (2) and involves the development and commercialization of innovative products or processes.
     (2) The goals in making a seed capital project loan are:
     (a) to assist the development of innovative technology in the state by providing a source of capital to the technology-based entrepreneurial sector in the state's economy;
     (b) to provide financing and follow-along management support for entrepreneurial companies in the state that are attempting to develop products or processes based on innovative technologies; and
     (c) to provide a liaison between entrepreneurial companies in the state and other investors in an effort to enhance the pool of capital available to technology-based companies in the state.

     History: En. Sec. 6, Ch. 316, L. 1989.