Economic Development

The Lender must provide, in writing, all required information for the preparation of ABE Loan closing documents. All closing documents must be properly executed and returned to MDA immediately. All exhibits to the closing documents must be filed and copies sent to MDA no later th…

The Lender may charge an agribusiness a servicing fee, which may not exceed one percent (1%) of the ABE Loan amount. The fee will be a one time charge collected when the ABE Loan is closed. The fee may be paid directly by the agribusiness, deducted from the ABE Loan proceeds, or …

ABE Loan proceeds may be used to finance buildings and equipment and for costs associated with the purchase of land (appraisals, title searches, etc.). However, proceeds cannot be used to purchase land. ABE funds to new or existing poultry farms for the construction of new or add…

The following terms, conditions and requirements must be satisfied by the terms of each poultry farm loan for the construction of new or additional poultry houses for said loan to be eligible for participation in this ABE program: A. All live birds must be weighted by a bonded we…

The Mississippi Development Authority (MDA) Workforce Training Fund was established by the State Legislature during the Second Extraordinary Session in 2010. The purpose of the MDA Workforce Training Funds is to provide workforce training through state institutions of higher lear…

A Grant Agreement will be executed between the Training Provider and MDA. The Grant Agreement cannot be executed until all required conditions in these guidelines of the application are met and all documentation is received. Notes 6 Miss. Code. R. 1-5.10 Miss. Code Ann. § 57-1-40…

MDA will release Workforce Training funds on a reimbursement basis for approved eligible costs of the project as incurred. Funds will be released upon receipt of the Workforce Training Reimbursement Requisition and supporting documentation from the Training Provider. Funds may no…

MDA may monitor all projects to ensure compliance with the original application and the Grant Agreement. Funds provided under MDA Workforce Training Funds are subject to audit by the State Department of Audit. Notes 6 Miss. Code. R. 1-5.12 Miss. Code Ann. § 57-1-401 (Rev. 2008)…

The State Workforce Investment Board (SWIB) has created a centralized location for workforce and economic information of the state. The SWIB Data Center provides access to high-quality, timely, and relevant information that supports everyday decision making and strategic planning…

These guidelines may be amended by MDA at any time. MDA, at its discretion, may 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. 1-5.14 Miss.…

Applications for assistance must be submitted by a state institution of higher learning, a public community or junior college, or the administrative entity for a Workforce Investment Area on behalf of a Workforce Investment Network (WIN) Job Center (Training Providers). Notes 6 M…

A. Existing - For-profit businesses that have been in operation for a minimum of one year prior to the application date, are current on all federal and state tax obligations, and are financially viable are eligible to apply. B. New - For-profit businesses that have been in operat…

Eligible projects must meet critical training needs of a specific business (Requesting Business) to train new or existing employees in skills necessary for the operation of the business. MDA Workforce Training funds should be used to maximize existing training resources available…

MDA Workforce Training Funds may not be used to provide the following: A. Proprietary management training packages such as DDI, VitalEdu, Achieveglobal, Plexus, ISO-9000, QS-9000, ISO-14000-01, Zig Ziglar, Phi Theat Kappa Leadership, and Stephen Covey; and B. Training to a gaming…

The following types of training may be funded: A. Occupational skills training designed to meet the special requirements of a business or a group of businesses and conducted with employer commitment to continue to retain all trained individuals upon successful completion of the t…

A. Any business or industry desiring additional training assistance from a state institution of higher learning, a public community or junior college, or the administrative entity for a Workforce Investment Area on behalf of a Workforce Investment Network (WIN) Job Center, hereaf…

The maximum amount for MDA Workforce Training Funds that may be provided for any one project is $100,000. Notes 6 Miss. Code. R. 1-5.8 Miss. Code Ann. § 57-1-401 (Rev. 2008)

A. Instructor or trainer salaries or tuition B. Curriculum development C. Textbooks/manuals D. Wage reimbursements: WIN Job Center, on-the-job training, and internships only. Notes 6 Miss. Code. R. 1-5.9 Miss. Code Ann. § 57-1-401 (Rev. 2008)

The Farish Street Historic District Loan Program ("FSLP"), administered by the Mississippi Development Authority ("MDA"), is designed to make grants available to the Central Mississippi Planning and Development District ("CMPDD") for the purpose of making low interest loans to pe…

After a loan closes, CMPDD shall provide evidence to MDA that all collateral and security documents have been filed and perfected, including, but not limited to, adequate hazard insurance, life insurance on the borrower(s) and other insurance such as general liability coverage. N…

CMPDD shall adopt and follow a prudent collection schedule. In the event of a default, CMPDD shall take all necessary and appropriate actions to recover the principal and interest due including enforcing personal guaranties. All defaulted loans shall be reported to appropriate cr…

CMPDD will be required to file a status report with MDA semiannually. These reports will reflect information as of the last day of each semiannual period and will be due by June 15 and December 15 of each year. Notes 6 Miss. Code. R. 1-6.12 Senate Bill 3194, 1999 Regular Session,…

These guidelines may be amended by MDA at any time. 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 c purpose of the Act and is not prohibited by State law. Notes 6 Miss. Code. R…

To be eligible for funding under the program, a person or entity must submit an application provided by the Mississippi Department of Archives and History ("MDAH") along with plans for the proposed project to MDAH for review. MDAH must determine that the proposed project conforms…

FSLP proceeds are limited to the development of commercial and culturally significant property located in the District, to include new building construction and/or the rehabilitation of historic buildings. The proceeds of the loan may be used to pay costs incurred by such person …

FSLP loans are not available under the following circumstances: A. To pay off existing debt 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. I…

An individual or business interested in applying for a loan should first contact the City of Jackson ("the City") Department of Planning and Development. The City will provide coordination between the applicant, MDAH, and the Foundation. An opinion regarding the Project shall be …

Upon notification of MDAH's approval, CMPDD shall meet with the prospective borrower to review the Project. If the Project meets the program guidelines and the proposal appears to be economically feasible, a Financial Application will be provided for completion. Notes 6 Miss. Cod…

A completed Financial Application, with the required attachments, must be submitted to CMPDD for consideration. The CMPDD Board of Directors will review and approve or reject the Project. For projects approved by CMPDD, the application and supporting documentation will be submitt…

The following information must be furnished with a completed Financial Application: A. Description of the proposed project to include its intended use after completion (i.e. lease, sublease or occupy);. B. Projected budget for rehabilitation or construction and cost estimates to …

CMPDD will close and service all loans. Borrowers will be required to make monthly payments of principal and interest, based upon an amortization schedule provided by CMPDD. On the 15th day of each month, CMPDD shall remit a check to MDA, for all principal loan payments made duri…

The Small Business and Existing Forestry Industry Loan Program (SBEFI), 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 institution…

Disbursements of SBEFI funds will be made to Financial Institutions on behalf of borrowers. Requests for payment must be submitted on the MDA Request for Payment Form (Exhibit B). Notes 6 Miss. Code. R. 1-7.10 Miss. Code Ann. § 57-111-1 (Supp. 2008)

All repayments of SBEFI funds to MDA shall match the repayments of the borrower to the Financial Institution and shall be submitted upon the terms stated in the Lender's Authorization forms. Notes 6 Miss. Code. R. 1-7.11 Miss. Code Ann. § 57-111-1 (Supp. 2008)

If a Financial Institution collects payments on more than one SBEFI Loan, MDA will allow a lump sum payment on all outstanding loans. An itemized list of the source of funds, including SBEFI Loan numbers, must accompany this payment. Financial Institutions must submit all collect…

SBEFI 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 business concern occurs without the prior written consent of MDA, or i…

The Financial Institution shall notify MDA in writing of any prepayments of the Financial Institution's loan. If the Financial Institution's loan is to be paid in full, the MDA portion of the loan must be paid off first. MDA and the Financial Institution shall receive partial pay…

The Financial Institution's Loan and Note is prohibited from being sold assigned, conveyed, subparticipated, subdivided, encumbered or otherwise transferred. Notes 6 Miss. Code. R. 1-7.15 Miss. Code Ann. § 57-111-1 (Supp. 2008)

MDA will consider any loan that has become delinquent, in amount equal to the required payment, to be in default. Notes 6 Miss. Code. R. 1-7.16 Miss. Code Ann. § 57-111-1 (Supp. 2008)

Loans made under the MSFI loan program are subject to audit by the State Department of Audit. Notes 6 Miss. Code. R. 1-7.17 Miss. Code Ann. § 57-111-1 (Supp. 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…

Small Business/Existing Forestry Industry Loans may be made to the following participants: A. Small Businesses: commercial enterprises with less than: (i) 100 full time employees; (ii) Seven Million dollars in gross revenues; or (iii) Seven hundred fifty thousand dollars in profi…

An eligible Financial Institution is any commercial bank, savings bank, federal land bank, farm credit bank, agricultural credit association or other farm credit agency, which is domiciled or qualified to do business in the State. Notes 6 Miss. Code. R. 1-7.3 Miss. Code Ann. § 57…

An eligible Financial Institution must originate the SBEFI Loan application for an eligible business on the form attached hereto as Exhibit C; along with a cover letter (Exhibit D). The Financial Institution must provide MDA with a Servicing Agreement Letter (Exhibit A) to be acc…

SBEFI Loan proceeds for Small Businesses may be used for buildings, provide working capital, acquire machinery and equipment. SBEFI Loan proceeds for Existing Forestry Industry Enterprises may be used to provide working capital, acquire machinery and equipment, make upgrades and …

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 SBEFI shall not exceed fifty percent (50%) of the total cost of the project or $1,000,000, whichever is less. The minimum amount for an SBEFI loan will not be less than $250,000. Notes 6 Miss. Code. R. 1-7.7 Miss. Code Ann. § 57-111-1 (Supp. 200…