Economic Development

Applications for funding under Section 8 of the Act will be accepted on a rolling basis; there is no application deadline to apply for Section 8 funding. Applications for funding under Section 8 must include a completed application form and all necessary supporting documentation.…

To apply for the Mississippi Gulf Coast Restoration Fund Grant Program, applicants for funding under Section 8 of the Act must submit a completed Project Information Packet (supplied by MDA) or an application that includes the following: A. The name, address, and contact informat…

MDA will review all Section 8 application submissions that are complete with all the required attachments. Following the review, the applicant will be contacted to provide any additional information MDA deems appropriate and required. Notes 6 Miss. Code. R. 11-2.13 Miss. Code Ann…

Once all requested information has been completed by the applicant and approved by MDA, a binding grant agreement will be executed between the Mississippi Development Authority and the recipient for the specific amount awarded and for the particular activity approved by the MDA. …

All contracts and purchases must be made in accordance with normal bid and purchase laws of a local unit of government or other public entity if the grant is for a public purpose. Notes 6 Miss. Code. R. 11-2.15 Miss. Code Ann. § 57-119-1, et seq. Adopted 2/24/2019 Amended 11/4/20…

MDA encourages the maximum opportunity for increased participation by minority and women-owned business enterprises in the procurement of goods and services. MDA's Minority Business Division and the Mississippi Procurement Technical Center can assist with minority and women-owned…

A. All funds awarded must be spent for improvements within the scope of the project description as stated in the project information packet. B. MDA will reimburse applicants for eligible costs incurred for the project. C. All funded projects are required to begin within 12 months…

A. MDA must approve any request for a grant agreement amendment, modification, or extension. GCRF grant recipients must submit correspondence and documentation associated with the request, signed under the original signature of the chief elected official, appointed executive offi…

To comply with the Act's reporting requirements, GCRF grant recipients must submit a Quarterly Report to MDA no later than January 15th, April 15th, July 15th and October 15th of every year. MDA will provide the Quarterly Report form. The failure to submit the Quarterly Report wi…

Eligible applicants include, but are not limited to, local units of government, nongovernmental organizations, institutions of higher learning, community colleges, public schools, ports, airports, public-private partnerships, private for-profit entities, private nonprofit entitie…

A. Funds provided under the GCRF are subject to audit by the Mississippi State Auditor's office. Additionally, MDA will also monitor all projects to ensure compliance with the original application submitted. All recipients must comply with requests from MDA regarding information …

A. The close-out process encompasses a series of activities to verify that GCRF funds have been properly spent and that all GCRF administrative actions and all required work on the project has been completed in a timely and acceptable manner. B. The close-out process should begin…

Maintaining an efficient filing system is critical to the administration and monitoring of a GCRF grant. A successful monitoring experience hinges on the quality with which the recipient maintains its filing system and the ease of obtaining information from those files. When esta…

These guidelines may be amended by MDA at any time. MDA, at 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. Program Contacts. With …

The intent of the Act is to stimulate growth and economic development in Pearl River, Stone, George, Jackson, Harrison, and Hancock counties. The GCRF Grant program is designed to support projects that will impact the competitiveness of these coastal counties and have a significa…

MDA shall review all applications received during the appropriated year for consideration under Section 8 of the Act and shall make a determination, based on the statutory priorities listed above, regarding which eligible projects are to be funded. The Legislature will provide MD…

GCRF assistance may not be used to finance one hundred percent (100%) of the cost of any project; however, this limitation shall not apply to projects for public schools. All applicants, excluding public schools must provide a match of at least twenty percent (20%) of the total p…

MDA reserves the right to recover from applicants and recipients of GCRF funds a portion of the costs associated with administering assistance provided under the Act. Notes 6 Miss. Code. R. 11-2.6 Miss. Code Ann. § 57-119-1, et seq. Adopted 2/24/2019 Amended 11/4/2022

GCRF funds may pay for professional services (architectural/engineering fees, feasibility studies, geotechnical, permitting), property acquisition services (appraisal fees, land surveys), legal fees, loan fees, project management, advertising, marketing and PR fees; however, the …

All business applicants must be licensed to do business in the State by the Secretary of State's Office, as required by state statute. Notes 6 Miss. Code. R. 11-2.8 Miss. Code Ann. § 57-119-1, et seq. Adopted 2/24/2019 Amended 11/4/2022

All grant recipients entering into grant agreements with the Mississippi Development Authority must represent and warrant that they will ensure compliance with the Mississippi Employment Protection Act and will register and participate in the E-Verify System, the federal employme…

A. The Mississippi Gulf Coast Restoration Fund (GCRF) Loan Program administered by the Mississippi Development Authority (MDA) is designed for making loans to finance projects to promote economic growth in the Gulf Coast region as defined in the federal RESTORE Act, or twenty-fiv…

All business applicants must be licensed to do business in the State by the Secretary of State's Office, as required by state statute. Notes 6 Miss. Code. R. 11-3.10 Miss. Code Ann. § 57-119-1, et seq. Adopted 2/24/2019 Amended 11/4/2022

All loan recipients entering into loan agreements with the Mississippi Development Authority must represent and warrant that they will ensure compliance with the Mississippi Employment Protection Act and will register and participate in the E-Verify System, the federal employment…

A. The borrower must inject a minimum of ten percent (10%) equity into the project. B. The minimum loan amount is $250,000. C. The term of the loan shall be the determined useful life of the asset to be financed or up to twenty (20) years, whichever is less. D. The rate of intere…

A. The amount of the loan guaranty will not exceed eighty percent (80%) of the loan amount or $500,000, whichever is less. The minimum amount will not be less than $50,000. B. The loan guaranty percentage will be determined by the type of loan and the risk profile of the loan. To…

Principal and interest payments will be due monthly, with a fixed amount to be paid over the life of the loan. Notes 6 Miss. Code. R. 11-3.14 Miss. Code Ann. § 57-119-1, et seq. Adopted 2/24/2019 Amended 11/4/2022

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, but are not limited to, personal guarantees, liens on equipment installed, or a security interest in other assets. Notes…

For business applicants, individuals or entities with twenty percent (20%) or more ownership in the company will be required to provide personal guaranties and life insurance. Notes 6 Miss. Code. R. 11-3.16 Miss. Code Ann. § 57-119-1, et seq. Adopted 2/24/2019 Amended 11/4/2022…

MDA shall review all GCRF loan/loan guaranty applications received during the appropriated year for consideration under the Act, and all completed loan applications will be presented for consideration to MDA's GCRF Loan Review Committee. If a loan has been applied for under Secti…

A. Based upon the terms and conditions established by MDA, MDA will have all security and loan documents, including but not limited to the loan agreement and promissory note, prepared by outside counsel. Prior to disbursement of any funds, all loan documents must be fully execute…

MDA reserves the right to recover from applicants and recipients of GCRF funds a portion of the costs associated with administering assistance provided under the Act. Notes 6 Miss. Code. R. 11-3.19 Miss. Code Ann. § 57-119-1, et seq. Adopted 2/24/2019 Amended 11/4/2022

The intent of the Act is to stimulate growth and economic development in Pearl River, Stone, George, Jackson, Harrison, and Hancock counties. The projects must have the potential to generate increased economic activity in the Gulf Coast region, and MDA will give priority to proje…

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 released p…

To comply with the Act's reporting requirements, borrowers must submit a Quarterly Report to MDA no later than January 15th, April 15th, July 15th and October 15th of every year. MDA will provide the Quarterly Report form. The failure to submit the Quarterly Report will result in…

Funds provided under the GCRF Loan program are subject to audit by the Mississippi State Auditor's office. Additionally, MDA will also monitor all projects to ensure compliance with the original application submitted. All borrowers must comply with requests from MDA regarding inf…

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 purpose of the Act and is not prohibited by State Law. Contact Information. Pr…

Under the program, loans made for the following uses or purposes are not eligible to apply: A. Refinancing existing debt B. Financing the acquisition, construction, improvement, or operation of real property, which is to be held primarily for sale or investment, such as commercia…

A. Mississippi new or existing small businesses with up to 250 employees and less than $7,000,000 in gross revenues or $1,000,000 in profit after taxes -The company must be financially sound, present evidence that it can repay the debt, and must not have defaulted on any previous…

All financial institutions must be preapproved by MDA before participating in the program. Eligible participating Financial Institutions must have operations in Mississippi and may include: A. Commercial banks B. Savings banks C. Federal land banks D. Farm credit banks, agricultu…

A. An eligible financial institution must be approved for participation in the GCRF Loan Guaranty Program by MDA. To be approved for participation in the program, an eligible financial institution must submit an Application for Participation to MDA. The application document and l…

A. The borrower may not be an executive officer, director, or principal shareholder of the partnering Financial Institution or a member of the immediate family of an executive officer, director, or principal shareholder of the partnering Financial Institution. Immediate family is…

A $5,000 application fee is due when an application is filed with MDA. Notes 6 Miss. Code. R. 11-3.8 Miss. Code Ann. § 57-119-1, et seq. Adopted 2/24/2019 Amended 11/4/2022

A. Applications for funding will be accepted on a rolling basis; there is no application deadline. All applicants requesting GCRF loan funding must submit a completed application form and all necessary supporting documentation. The application must include the following: (i.) A d…

The Program is designed to provide CARES Act funds to designated Mississippi Community Foundations and to the North Mississippi Education Consortium to award grants to Eligible Grantees as outlined in the Community Foundations Act to reimburse those entities for Eligible Expendit…

Should a Community Foundation or the Consortium desire to appeal any decision made by MDA concerning this Program, including any award of Program funds, it may do so by giving written notice within twenty (20) calendar days of the date of the MDA notice of decision. Appeals must …

In cases in which fraud is suspected or where false or materially misleading information or documentation has been provided by an entity, a written referral will be made to the Office of the Mississippi State Auditor, the Office of the United States Attorney, or other appropriate…