Mississippi Administrative Code
Title 6 - Economic Development
Part 9 - Economic Development Division
Chapter 4 - Small Business Loan Guarantee Program
Rule 6-9-4.2 - Eligibility Criteria

Universal Citation: MS Code of Rules 6-9-4.2
Current through September 24, 2024

Eligible borrowers may include businesses that are new or existing small businesses in Mississippi with up to 500 employees and less than $10,000,000 in gross revenues or $2,500,000 in profit after taxes, or is a Mississippi nonprofit organization when the financing is used for a "business purpose."

All financial institutions must be preapproved by MDA before they are able to participate in the program. Eligible financial institutions may include:

* Commercial Bank

* Savings Bank

* Federal Land Bank

* Farm Credit Bank, Agricultural Credit Association, or other farm credit agency

* Community Development Corporations

* Community Development Financial Institutions

Additionally, eligible loans must be used for a business purpose. This can include but is not limited to:

* New business startup costs,

* Working capital,

* The purchase of equipment, inventory, land, buildings, and machinery,

* Construction,

* Remodeling or renovation, or

* Tenant improvements of an eligible place of business that is not for passive real estate investment purposes

Miss. Code Ann. § 57-10-601; 12 USC § 5701 et seq.

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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