Economic Development

A. The program intent is to stimulate growth and economic development through port infrastructure in the State. B. The amount of each grant awarded will be based on the applicant's ability to participate in the project, the degree of need for the improvements, the lack of availab…

A grant agreement will be executed between the Entity and MDA prior to disbursement of grant funds. Only project costs incurred after execution of the grant agreement will be eligible for reimbursement with grant funds. Notes 6 Miss. Code. R. 1-21.7 Miss. Code Ann. § 57-1-731. Ad…

A. MDA will release PORTS program funds on a reimbursement basis for approved eligible costs of the project as incurred. B. The Entity shall certify to MDA during construction that the expenses were incurred and were in accordance with the plans and application approved by MDA. C…

Grants made under the PORTS Grant Program are subject to audit by MDA and the Office of the State Auditor. Notes 6 Miss. Code. R. 1-21.9 Miss. Code Ann. § 57-1-731. Adopted 6/24/2022

The Mississippi Industry Incentive Financing Revolving Fund ("Industry Incentive Program") is administered by the Mississippi Development Authority ("MDA") and is designed to make grants or loans to local governments including, but not limited to, counties, municipalities, indust…

MDA will provide all documents needed to close the grant upon full approval and presentation of all required information. Notes 6 Miss. Code. R. 1-22.10 Miss. Code Ann. § 57-1-221. Adopted 10/26/2024

The MDA will release loan and grant funds on a reimbursement or services rendered basis for approved eligible costs of the Project as incurred. The Approved business enterprise and/or local government shall certify to MDA that the expenses were incurred and were in accordance wit…

All eligible businesses, required by State law, must be licensed to do business in the State by the Secretary of State's Office. Notes 6 Miss. Code. R. 1-22.12 Miss. Code Ann. § 79-4-15.02; Miss. Code Ann. § 57-1-221. Adopted 10/26/2024

A business is required to ensure compliance with the Mississippi Employment Protection Act ("MEPA"), Miss. Code. Ann. § 71-11-3 et seq., and must ensure that the entity registers and participates in the status verification system for all newly hired employees. Under MEPA, the ter…

Loans and grants made under the Industry Incentive Program are subject to audit by MDA or the Office of the State Auditor. MDA and/or the Office of the State Auditor shall have the right to inspect books, records, plans and other data related to the Project. Notes 6 Miss. Code. R…

The sale, merger, acquisition, reorganization, bankruptcy or relocation from one (1) county to another county within the state of any business enterprise may not create new eligibility in any succeeding business entity. Notes 6 Miss. Code. R. 1-22.15 Miss. Code Ann. § 57-1-221. A…

These Rules and Regulations may be amended by MDA at any time. MDA, in its discretion, may temporarily waive any requirement of these Rules and Regulations to the extent that the result of such waiver is to promote the public purpose of the Act and is not prohibited by State laws…

In applying to MDA, the business and/or local government certifies that all documents, instruments and information delivered to MDA by the business and/or local government does not contain any untrue statements of a material fact or omit to state a material fact in light of the c…

To protect the public trust and interest imposed upon the MDA, if it appears that the business and/or its agent's conduct, as determined by MDA, creates a reasonable belief that a particular act or omission that is covered by this policy has occurred, the MDA shall implement such…

(1) "Approved business enterprise" means any Project that: (a) Locates or expands in this state, including any federal Indian reservation located within the geographical boundary of this state, and creates a minimum of two hundred fifty (250) new, full-time jobs with a total capi…

To be eligible, a business must qualify as an approved business enterprise to receive assistance under the Industry Incentive Program. An Approved Business Enterprise means any Project that: (a) Locates or expands in this state, including any federal Indian reservation located wi…

Eligible companies may utilize the Industry Incentive Program for the following Projects: (a) Facilities to provide portable and industrial water supply systems, sewage and waste disposal systems and water, natural gas, and electric transmission systems to the site of the Project…

Contracts, by local governments, including, but not limited to, design and construction contracts, for the acquisition, purchase, construction or installation of a Project may be exempt from the bidding requirement provisions of Miss. Code Ann. § 31-7-13 and may entered into on t…

The timing of principal and interest payments will be determined by MDA through the application process, with a fixed amount to be paid over the life of the loan. Notes 6 Miss. Code. R. 1-22.6 Miss. Code Ann. § 57-1-221. Adopted 10/26/2024

At the discretion of MDA, a loan may need to be secured by a lien of such type that provides adequate security for MDA to recover its investment in case of default on the loan. Liens may be in the form of personal guarantees, liens on the equipment installed or security interest …

One copy of the application are to be submitted by a business and must include: (a) Documentation that the Entity is an Approved Business Enterprise; (b) Purpose of the proposed loan or grant including a list of eligible items and the estimated cost of each; (c) Documentation on …

Based upon the terms and conditions established by MDA, MDA will prepare all security and loan documents, including but not limited to, the Loan Agreement and Promissory Note, (collectively "Loan Documents"). Prior to disbursement of any funds, all Loan Documents must be fully ex…

The Mississippi Existing Industry Productivity Loan Program ("Existing Industry Loan Program"), administered by the Mississippi Development Authority ("MDA") is designed for making loans to existing industries or to local governmental entities to assist existing industries to dep…

Based upon the terms and conditions established by MDA, MDA will prepare all security and loan documents, including but not limited to, the Loan Agreement and Promissory Note, (collectively "Loan Documents"). Prior to disbursement of any funds, all Loan Documents must be fully ex…

The MDA will release loan funds on a reimbursement or services rendered basis for approved eligible costs of the project as incurred. The Borrower shall certify to MDA that the expenses were incurred and were in accordance with the project as approved by MDA. Funds will be releas…

Loans made under the Existing Industry Loan Program are subject to audit by the State Department of Audit. Notes 6 Miss. Code. R. 1-3.12 Miss. Code Ann. § 57-93-1 (Rev. 2008)

These guidelines may be amended by MDA at anytime. MDA, in its discretion, may temporarily waive any requirement of the guidelines to the extent that the result of such waiver is to promote the public purpose of the Act and is not prohibited by State Law. Notes 6 Miss. Code. R. 1…

Loan funds can be used to finance long-term fixed assets ("Fixed Assets") or refinance land, buildings and equipment, provided that the company can demonstrate that refinancing is necessary to maintain or expand the facility. This financing is for are assets which, through new te…

A. Companies - To obtain assistance under the Existing Industry Loan Program, the company must be a manufacturing enterprise that has operated in the State for not less than two (2) consecutive years. A manufacturing enterprise is one that is exclusively or predominately engaged …

An existing company that accepts a loan shall not reduce employment by more than twenty percent (20%) through the use of the long term fixed assets for which the loan is provided. The company must inject a minimum of up to ten percent (10%) equity into the project. Notes 6 Miss. …

The maximum amount of a loan shall not exceed $2,000,000 while the minimum amount is $250,000. The term of the loan shall be the determined useful life of the asset to be financed or twenty (20) years, whichever is less. The rate of interest on a loan will be at a fixed rate. The…

Principal and interest payments will be due on a monthly basis, with a fixed amount to be paid over the life of the loan. Notes 6 Miss. Code. R. 1-3.6 Miss. Code Ann. § 57-93-1 (Rev. 2008)

Each loan will be secured by a lien to provide adequate security for MDA to recover its investment in case of default on the loan. Liens may be in the form of personal guarantees, liens on the equipment installed or a security interest in other assets. It should be noted MDA will…

The application to be submitted by a company must include: A. The purpose of the proposed loan including a list of eligible items and the cost of each; B. Documentation on how the financing of the Fixed Assets will improve productivity and competitiveness; C. The estimated cost o…

The applications submitted by a local government entity must include the same information for the company that would be submitted if the company applied plus the following: A. Certified proof of publication of the Resolution of Intention of the government entity to apply for an E…

The Agribusiness Enterprise Loan Program (ABE), to be administered by the Mississippi Development Authority (MDA), is a loan program designed to encourage the extension of conventional financing and the issuance of letters of credit, by private institutions, to agribusiness enter…

No loan proceeds shall be used to pay off any existing debt for loan consolidation purposes; to finance acquisition, construction, improvement, or operation of real property which is primarily for sale or investment; to provide or free funds for speculation in any kind of propert…

The amount of a loan to any single agribusiness shall not exceed twenty percent (20%) of the total cost of the project or $200,000, whichever is less. Upgrades for the retrofitting of poultry houses shall not exceed thirty percent (30%) of the total cost of the project or $200,00…

No interest will be charged on an ABE Loan. Only the amount actually loaned to an agribusiness shall be required to be repaid to the State. Notes 6 Miss. Code. R. 1-4.12 Miss. Code Ann. § 69-2-13 (Rev. 2005) (as amended in HB 1148).

The term of the ABE Loan shall match the term of the Lender's loan, up to the maximum maturity of fifteen (15) years. Notes 6 Miss. Code. R. 1-4.13 Miss. Code Ann. § 69-2-13 (Rev. 2005) (as amended in HB 1148).

Disbursements of ABE funds will be made to Lenders on behalf of borrowers after project construction is completed. Requests for payment must be submitted on the MDA Request for Payment Form, which will be provided by MDA. Notes 6 Miss. Code. R. 1-4.14 Miss. Code Ann. § 69-2-13 (R…

All repayments of ABE funds to MD A shall match the repayments of the borrower to the Lender and shall be submitted upon the terms stated in the Lender's Authorization forms. A. If a Lender collects payments on more than one ABE Loan, MDA will allow a lump sum payment on all outs…

ABE Loans are subject to an agreement, providing that any and all outstanding obligations may be accelerated and payments called for if, during the term of the loan, any change of ownership or control of the agribusiness concern occurs without the prior written consent of MDA, or…

The Lender shall notify MDA in writing of any prepayments of the Lender's loan. If the Lender's loan is to be paid in full, the MDA portion of the loan must be paid off first. MDA and the Lender must determine the application of partial payments. Notes 6 Miss. Code. R. 1-4.17 Mis…

The Lender's Loan and Note is prohibited from being sold, assigned, conveyed, subparticipated, subdivided, encumbered or otherwise transferred. Notes 6 Miss. Code. R. 1-4.18 Miss. Code Ann. § 69-2-13 (Rev. 2005) (as amended in HB 1148).

MDA will consider any loan that has become delinquent, in amount equal to the required annual payment, to be in default. Notes 6 Miss. Code. R. 1-4.19 Miss. Code Ann. § 69-2-13 (Rev. 2005) (as amended in HB 1148).

A. Agribusiness means any aqua cultural, horticultural, greenhouse production or agricultural related industrial, manufacturing, research and development or processing enterprise located in the State and owned by a resident of the State. The agribusiness must be creditworthy and …