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 6-2-3.8 - When Loans are Unavailable

Universal Citation: MS Code of Rules 6-2-3.8

Current through September 24, 2024

MBE loans are not available under the following circumstances:

A. To pay off existing debts for consolidation purposes;

B. If the direct or indirect purpose or result would be to pay off creditors of applicants who are inadequately secured or in a position to sustain a loss;

C. If the assistance would, directly or indirectly, provide or replenish funds for payment, distribution, or as a loan to owners, partners, or stockholders of the Minority Business and would not change the ownership interest of the business (does not apply to ordinary compensation for services rendered in the course of business);

D. If the loan funds would provide or free funds for speculation in any kind of property;

E. If the assistance would finance the acquisition, construction, improvement or operation of real property which is to be held primarily for sale or investment, or;

F. If the assistance would finance vehicles.

Miss. Code Ann. § 57-69-5 (Rev. 2008)

Disclaimer: These regulations may not be the most recent version. Mississippi may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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