Gulf Coast Restoration Revolving Loan Program; establish.

New loans for Gulf Coast projects

Beginning July 1, 2026, Mississippi creates a revolving loan program for eligible projects in the Gulf Coast region. Applicants and projects must meet Gulf Coast Restoration Fund eligibility rules. Applicants can receive loans with or without aid from that fund. The South Mississippi Planning and Development District sets fixed interest rates, capped at 3.5% per year. Before lawmakers can authorize loans, the Mississippi Development Authority must present project applications and recommendations to the Legislature. Each project needs its own funding line in the Department of Finance and Administration’s appropriation bill. The law sets no funding amount. The Department and District jointly run the program; the District distributes loans and collects repayments. The new fund accepts legislative funding, other designated money, and loan repayments for future loans. Spending requires legislative appropriation, and the fund also pays the Department’s program expenses. By December 1 each year, the Department must report to legislative leaders and budget officials. Reports must detail loan receipts and spending, administrative costs, approved applicants, and project status, timelines, milestones, and application changes after approval.