Current through September 24, 2024
A. Applications for funding will be accepted
on a rolling basis; there is no application deadline. All applicants requesting
GCRF loan funding must submit a completed application form and all necessary
supporting documentation. The application must include the following:
(i.) A detailed description of the
project;
(ii) A cost estimate for
the project, as well as a detailed breakdown of all public or private sources
of funding;
(iii) Information
regarding the purpose of the proposed loan, including the activities to be
funded with loan proceeds and the cost of each;
(iv) Documentation on how the proposed loan
relates to the priorities outlined in the Act; and
(v) The time schedule for implementation and
completion of the project evidencing an expeditious completion of the
project.
B. After an
initial application review, MDA will ask applicants who are Companies to submit
the following:
(i.) Company balance sheets,
income statements, and statements of cash flow for the previous three (3)
fiscal years and current statements dated within ninety (90) days of
application and/or three (3) years of tax returns;
(ii.) A two (2) year business plan for the
project; and
(iii.) A list of
principal stockholders, partners, or parties who have ownership of twenty
percent (20%) or more in the Company. If the applicant is a new Company, each
of these individuals must provide personal financial statements for the past
three years and current statements dated within (90) days of application, as
well as three (3) years of tax returns.
C. After an initial application review, MDA
will ask applicants who are Governmental Entities and Economic Development
Organizations to submit the following:
(i.)
Certified proof of publication of the Resolution of Intention of the
governmental entity to apply for the GCRF Loan Program. The Resolution must be
published once a week for at least four (4) consecutive weeks in a newspaper
having general circulation in the county. Upon receiving the results of the
publication of the Resolution of Intention, the governmental entity will need
to provide MDA with an executed Resolution of No Protest.
(ii.) Most recent audited financial
statements.
D. MDA may
require additional information as needed.
Applications can be mailed to:
Mississippi Gulf Coast Restoration Fund Grant Program
Mississippi Development Authority
Financial Resources Division
501 North West Street
Jackson, MS 39201
Miss. Code
Ann. §
57-119-1, et
seq.
