Mississippi Administrative Code
Title 6 - Economic Development
Part 2 - Community Foundations COVID-19 Grant Program
Chapter 3 - Minority Business Enterprise Loan (MBE) and Micro-Loan (MBEM) Programs
Rule 6-2-3.7 - Borrower Requirements to Expand an Existing Business

When loan proceeds are used to expand an existing business, the total project cost will be the total funds required to complete the proposed expansion. Assets owned by the business prior the expansion are not to be included in the project cost, unless it can be clearly documented that assets acquired prior to the application were purchased as a part of the expansion project. Existing business assets may be used as collateral for the loan.

Miss. Code Ann. § 57-69-5 (Rev. 2008)