Mississippi Administrative Code
Title 6 - Economic Development
Part 1 - Financial Resources
Chapter 3 - Mississippi Existing Industry Productivity Loan Program
Rule 6-1-3.7 - Liens

Each loan will be secured by a lien to provide adequate security for MDA to recover its investment in case of default on the loan. Liens may be in the form of personal guarantees, liens on the equipment installed or a security interest in other assets. It should be noted MDA will require a one percent (1%) good faith deposit on all loan applications. Individuals or entities with twenty percent (20%) or more ownership in the company will be required to provide personal guaranties and life insurance. Local governmental entities applying for loans under this section shall pledge for repayment its homestead exemption annual tax loss reimbursement or sales tax revenue, respectfully.

Miss. Code Ann. § 57-93-1 (Rev. 2008)